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On the 31st of July, 2023, President Bola Ahmed Tinubu, in his capacity as Grand Commander of the Federal Republic, addressed the nation in a broadcast, providing an update on the state of the country.
- President Bola Tinubu addresses Nigerians on current economic challenges, emphasizing the need for policy measures to combat them.
- He explains the reasons for ending the fuel subsidy, which had become a burden on the economy and a source of enrichment for a select group of individuals.
- The removal of the multiple exchange rate system is also highlighted as a crucial step to prevent currency speculation and promote fair economic growth.
- To cushion the impact of the economic situation on the people, the government is implementing interventions to support businesses, the working class, and the most vulnerable citizens.
- Executive Orders have been signed to address unfriendly fiscal policies and multiple taxes that hinder the business environment, providing buffers and headroom for manufacturing enterprises.
- The government plans to invest in the manufacturing sector by funding 75 enterprises with great potential, aiming to kick-start sustainable economic growth and improve productivity.
- Emphasis is given to supporting micro, small, and medium-sized enterprises (MSMEs) and the informal sector, with funds allocated to nano businesses and start-ups.
- To ensure affordable food prices, strategic reserves of grains will be released to households, and support for agriculture, including farmland cultivation, will be a priority.
- The government is introducing an Infrastructure Support Fund for the states to invest in critical areas and revamp healthcare and educational infrastructure.
- Efforts to improve public transportation include the provision of CNG-fueled buses and collaboration with labor unions to introduce a new national minimum wage for workers.
