Removing Subsidies And Multiple Exchange Systems Painful But Necessary -Tinubu 

-Warns Ethnic Bigots, Political Mischief Makers

Nigeria’s President, Bola Tinubu acquiescing to calls by Nigerians to address the nation in the wave of widespread hunger protests rocking the country, has said via a nationwide broadcast on Sunday August 4, that his decision to remove fuel subsidy and abolish multiple exchange systems has set Nigeria on the path of economic recovery, Warri Sentinel understands. 

Tinubu, who also said he acknowledges the agitations of young Nigerians warned ethnic bigots to desist from fomenting ethnic crises under the guise of protest, threatening that the law will catch up with anyone found wanting.

The President also spared a warning for political mischief makers. “our government will not stand idly by and allow a few with a clear political agenda to tear this nation apart.”

While enjoining Nigerians youth to avail themselves of the numerous economic opportunities in his government, President Tinubu frowned at the loss of lives and destruction of properties during the widespread protest. He urged his compatriots to discontinue the protest, embrace dialogue and “stop further bloodshed, violence and destruction.”

Parts of the address read;

“For decades, our economy has remained anaemic and taken a dip because of many misalignments that have stunted our growth. Just over a year ago, our dear country, Nigeria, reached a point where we couldn’t afford to continue the use of temporary solutions to solve long-term problems for the sake of now and our unborn generations. I therefore took 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 our Nation and impeded our economic development and progress.”

He highlighted policies targeted at the Nigerian youths through which their dreams, hopes, and personal aspirations would be fulfilled.

“Our administration has shown its commitment to the youth by setting up the student loan scheme. To date, 45.6billion Naira has already been processed for payment to students and their respective institutions

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.

We have introduced the Skill-Up Artisans Programme (SUPA); the Nigerian Youth Academy (NIYA); and the National Youth Talent Export Programme (NATEP).”

The President also used the opportunity to reel out his other administration’s scorecard.

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

“We immediately launched our Compressed Natural Gas Initiative (CNG) to power our transportation economy and bring costs down. This will save over two trillion Naira a month, being used to import PMS and AGO and free up our resources for more investment in healthcare and education.

To this end, we will be distributing a million kits of extremely low or no cost to commercial vehicles that transport people and goods and who currently consume 80% of the imported PMS and AGO.”

“On the fiscal side, aggregate government revenues have more than doubled, hitting over 9.1 trillion Naira in the first half of 2024 compared to the first half of 2023 due to our efforts at blocking leakages, introducing automation and mobilising funding creatively without additional burden on the people. Productivity is gradually increasing in the non-oil sector, reaching new levels and taking advantage of the opportunities in the current economic ambience.”