President Bola Ahmed Tinubu has unveiled part of his administration’s plans for the economic turnaround of the country.
Tinubu spoke in a nationwide broadcast on Monday and revealed some of the measures his administration has taken to cushion the effects and impact of fuel subsidy removal on the citizens.
The President disclosed that the federal government has saved over one trillion naira in two months after fuel subsidy removal.
TechnocratMedia Analytics has captured the data in the President’s speech to inform our audience and readers.
The President ordered the release of 200,000 metric tonnes (MT) of grains from strategic reserves to households across 36 states and the federal capital territory (FCT) to moderate prices—providing 225,000 MT of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda.
He said the cultivation of 500,000 hectares of farmland and all-year-round farming practice remain on course for the government to pursue.
“₦200bn of the ₦500bn approved by the National Assembly (NASS) will be disbursed as follows: ₦50bn each to cultivate 150,000 hectares of rice and maize and ₦50bn each to cultivate 100,000 hectares of wheat and cassava”.
According to the President, the federal government has resolved to spend ₦75bn between July 2023 and March 2024 to strengthen the manufacturing sector. He said this fund will increase the sector’s capacity to expand and create good-paying jobs. “Fund 75 enterprises with great potential to kickstart sustainable economic growth, accelerate structural transformation and improve productivity”, Tinubu said.
He added that each of the 75 manufacturing enterprises to access ₦1bn at 9 per cent per annum with a maximum of 60 months repayment plan for long-term loans and 12 months for working capital.
Micro, small and medium enterprises (MSMEs) sector
Tinubu said his administration will energize the micro, small, and medium enterprises (MSMEs) and the informal sector with ₦125bn.
“To spend ₦50bn on conditional grants to 1 million nano businesses between July 2023 and March 2024 and to give ₦50,000 each to 1,300 nano business owners in each 774 LGAs”, said the President.
He also added that the federal government will fund 100,000 MSMEs and startups with ₦75bn—each enterprise to get between ₦500K to ₦1m at 9 per cent interest per annum and a repayment period of 36 months.
According to President Tinubu, the federal government will invest ₦100bn between July 2023 and March 2024 to acquire 3,000 units of 20-seater compressed natural gas (CNG) fuelled buses.
Participating transport companies will be able to access credit under this facility at 9 per cent per annum with a 60-month repayment period.