No going back on fuel subsidy removal, others demanded by protesters, Tinubu insists, lists achievements

By KEMI KASUMU

Let nobody misinform and miseducate you about your country or tell you that your government does not care about you. Although there have been many dashed hopes in the past, we are in a new era of Renewed Hope.

President Bola Ahmed Tinubu has ruled out the idea of reversing his economic policies that Nigerians currently protest against as having devastating consequences in their living standard and personal economies.

This was as he read his broadcast address to the nation on Sunday August 4, 2024 wherein reiterated the importance of the painful yet necessary decision to remove fuel subsidies and abolish multiple foreign exchange systems which had constituted a noose around the economic jugular of the nation and impeded economic development and progress.

Although the policies and reforms have continued to show negative impacts on the living system of citizens with much talked-about extravagant spending political leaders, high cost of governance including ulthe paralleled legislators salaries and allowances, Tinubu insisted that his government policies are achieving desrired results.

He emphasised progress made so far on the fiscal side with aggregate government revenues more than doubling and hitting over N9.1 trillion in the first half of 2024 compared to the first half of 2023 due to his administration’s efforts at blocking leakages, introducing automation and mobilising funding creatively without additional burden on the people.

He stated that revenue spent on debt service reduced from 97 percent to 68 percent in the last 13 months and with legitimate outstanding foreign exchange obligations of about $5 billion cleared.

Over a week after his Minister of Information and National Oriebtation, Alhaji Mohammed Idris, announced government’s allocating trucks of bagged rice to the 36 states and Federal Capital Territory (FCT) to be sold to Nigerians at N40,000 per 50kg bag and many country men and women said they were yet to see where to buy, Tinubu confirmed the Minister’s information that import duties on rice, wheat and other foreign made food commodities as well as drugs and other pharmaceutical and medical supplies have been removed, for the next 6 months, in the first instance, to help drive down the prices.

To Tinubu, the #EndBadGovernance nationwide protests are an idea of some political elements and must stop.

”Our government will not stand idly and allow a few with clear political agendas to tear this nation apart. I therefore enjoin protesters and organisers to suspend any further protest and create room for dialogue,” President Bola Tinubu said.

He highlighted ongoing major infrastructure projects across the country, notably, the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway, as well as inherited projects.

Tinubu stated that oil production increased to 1.61million barrels per day, and that gas assets are receiving attention owing to recent reforms — with investments of over half a billion dollars signed.

He explained efforts on energy security and transportation cost reduction with the Compressed Natural Gas Initiative (CNG) to power the transportation economy and bring costs down, saving over two trillion naira a month being used to import PMS and AGO, and freeing up resources for more investment in healthcare and education, just as he disclosed that a million kits of extremely low or no cost would be distributed to commercial vehicles that transport people and goods and who currently consume 80 percent of the imported PMS and AGO.

Also, the President said that conversion kits were already being distributed and conversion centres being set up across the country in conjunction with the private sector.

On the Student Loan Scheme, President Tinubu said so far N45.6 billion had already been processed for payment to students and their respective institutions and disclosed that he had directed the release of an additional N50 billion naira each for NELFUND – the student loan, and Consumer Credit Corporation from the proceeds of crime recovered by the EFCC.

“N200billion to help Nigerians to acquire essential products without the need for immediate cash payments, making life easier for millions of households. This will consequently reduce corruption and eliminate cash and opaque transactions. This week, I ordered the release of an additional N50billion Naira each for NELFUND – the student loan, and Credit Corporation from the proceeds of crime recovered by the EFCC

“Additionally, we have secured $620million under the Digital and Creative Enterprises (IDiCE) – a programme to empower our young people, creating millions of IT and technical jobs that will make them globally competitive. These programmes include the 3Million Technical Talents scheme. Unfortunately, one of the digital centres was vandalised during the protests in Kano. What a shame!

“In addition, we have introduced the Skill-Up Artisans Programme (SUPA); the Nigerian Youth Academy (NIYA); and the National Youth Talent Export Programme (NATEP).

“Also, more than N570 billion has been released to the 36 states to expand livelihood support to their citizens, while 600,000 nano-businesses have benefitted from our nano-grants. An additional 400,000 more nano-businesses are expected to benefit.

“Furthermore, 75,000 beneficiaries have been processed to receive our N1million Micro and Small Business single-digit interest loans,  starting this month. We have also built 10 MSME hubs within the past year, created 240,000 jobs through them and 5 more hubs are in progress which will be ready by October this year.

“Payments of N1billion each are also being made to large manufacturers under our single-digit loans to boost manufacturing output and stimulate growth.

“I signed the National Minimum Wage into law last week, and the lowest-earning workers will now earn at least N70,000 a month.

“Six months ago in Karsana, Abuja, I inaugurated the first phase of our ambitious housing initiative, the Renewed Hope City and Estate. This project is the first of six we have planned across the nation’s geopolitical zones. Each of these cities will include a minimum of 1,000 housing units, with Karsana itself set to deliver 3,212 units

“In addition to these city projects, we are also launching the Renewed Hope Estates in every state, each comprising 500 housing units. Our goal is to complete a total of 100,000 housing units over the next three years. This initiative is not only about providing homes but also about creating thousands of jobs across the nation as well as stimulating economic growth.

“We are providing incentives to farmers to increase food production at affordable prices. I have directed that tariffs and other import duties should be removed on rice, wheat, maize, sorghum, drugs, and other pharmaceutical and medical supplies for the next 6 months, in the first instance, to help drive down the prices.

“I have been meeting with our Governors and key Ministers to accelerate food production. We have distributed fertilisers. Our target is to cultivate more than 10 million hectares of land to grow what we eat. The Federal Government will provide all necessary incentives for this initiative, whilst the states provide the land, which will put millions of our people to work and further increase food production. In the past few months, we have also ordered mechanized farming equipment such as tractors and planters, worth billions of Naira from the United States, Belarus, and Brazil. I can confirm to you that the equipment is on the way.”

Continuing President Bola Tinubu said, “My dear Nigerians, especially our youth, I have heard you loud and clear. I understand the pain and frustration that drive these protests, and I want to assure you that our government is committed to listening and addressing the concerns of our citizens.

“But we must not let violence and destruction tear our nation apart. We must work together to build a brighter future, where every Nigerian can live with dignity and prosperity.

“The task before us is a collective one, and I am leading the charge as your President. A lot of work has gone into stabilising our economy and I must stay focused on ensuring that the benefits reach every single Nigerian as promised.

“My administration is working very hard to improve and expand our national infrastructure and create more opportunities for our young people.

“Let nobody misinform and miseducate you about your country or tell you that your government does not care about you. Although there have been many dashed hopes in the past, we are in a new era of Renewed Hope. We are working hard for you, and the results will soon be visible and concrete for everyone to see, feel, and enjoy.

“Let us work together to build a brighter future for ourselves and for generations to come. Let us choose hope over fear, unity over division, and progress over stagnation. The economy is recovering; Please, don’t shut out its oxygen. Now that we have been enjoying democratic governance for 25 years, do not let the enemies of democracy use you to promote an unconstitutional agenda that will set us back on our democratic journey. FORWARD EVER, BACKWARD NEVER!

“In conclusion, security operatives should continue to maintain peace, law, and order in our country following the necessary conventions on human rights, to which Nigeria is a signatory. The safety and security of all Nigerians are paramount.”