8 significant takeaways from president Tinubu’s address to Nigerians

President Bola Ahmed Tinubu reiterated his commitment to fulfilling his mandate and promise to Nigerians during his live address on Monday, July 31.

The President highlighted a series of planned reforms that his administration will embark upon to make sure they tick the boxes of the needs of the citizens.

This short piece highlighted ten significant takeaways from President Tinubu's address in achieving his "Renewed Hope" mantra.

1. Clamdown of subsidy saboteurs

In his address, he disclosed that many people had amassed wealth, power and influence during the subsidy era, describing them as a threat to Nigeria's economy and democracy.

He reiterated that the trillions of naira spent on subsidies could be used to foster development in other sectors of the economy like public transportation, schools, housing schemes, national security and schools.

He said using this money to carry out all these development would help Nigeria actualise the dreams of her founding fathers.

2. Exchange Rate

He noted that the multiple exchange rate system that had been established became nothing but a highway of currency speculation. President Tinubu highlighted that these monies from multiple exchange rates could help create jobs, an industrial revolution and a business boom.

He stated that ending the subsidy and the exchange rate system was necessary to restructure Nigeria's economic landscape.

3. Palliatives/intervention In his address, President Tinubu disclosed a collaborative effort with the State governments is underway to help curb the effect of subsidy removal across all socio-economic classes.

He revealed that N75 billion had been earmarked to boost the manufacturing sector between July 2023 and March 2024.

The government will fund 100,000 MSMEs and start-ups with N75 billion, with each enterprise promoter getting between N500,000 to N1 million at 9% interest per annum and a repayment period of 36 months.

4. Empowerment of farmers President Bola Tinubu did not leave out the agricultural sector as he promised to empower farmers with 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT for moderate prices.

As contained in the speech, President Tinubu disclosed that 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers would be released to cushion the food security agenda.

He stated that an investment of N50 billion each to cultivate 150,000 hectares of rice and maize is in the works, and N50 billion each is to be earmarked to cultivate 100,000 hectares of wheat and cassava.

5. Reform of financial institutions

Government to tap into the expertise of Development Finance Institutions, commercial banks and microfinance banks to develop a viable and appropriate transaction structure for all stakeholders. Government approves Infrastructure Support Funds for the States to enable States to intervene and invest in critical areas, bring relief to many of the pain points, and revamp decaying healthcare and educational Infrastructure.

6. Free buses for students

Government to roll out buses nationwide for mass transit at a much more affordable rate. President Tinubu also promised that the federal government will make available N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.

7. New minimum wage

He also addressed the issue of minimum wage, noting that the administration is planning to announce a new minimum wage. He urged Nigerians to look beyond the present temporary pains, aim at the larger picture, and have faith in the government’s ability to deliver dividends.

8. Educational reform

President Tinubu says his administration had saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy, which only benefitted smugglers and fraudsters in over two months. He said no Nigerian student will have to abandon their education because of lack of money.