By Adedapo Adesanya
President Bola Tinubu has announced a set of new measures that will help Nigerians cushion against the hardships they are facing brought about by the removal of the fuel subsidy.
Some of the measures rolled out by the President include single-interest rate loans to manufacturers and farmers with an extended period as well as the acquisition of Compressed Natural Gas (CNG) buses to states, among others totalling N500 billion.
Speaking at his 7 pm national address on Monday, Mr Tinubu acknowledged that the times are difficult as food and fuel prices have soared due to recent measures but called on Nigerians to face the pain, which he promised is temporary.
“Our economy is going through a tough patch, and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not,” he said.
He announced the rollout of N200 billion for agriculture that will support the cultivation of 500,000 hectares of arable land to produce rice, maize, wheat, and cassava.
He also said that he has instructed that 200,000 tonnes of grains be released from the country’s strategic reserves as well as the provision of 225,000 tonnes of fertilisers, seedlings, and other farm inputs.
He added, “To strengthen the manufacturing sector, increase its capacity to expand, and create good paying jobs, we will spend N75 billion between July 2023 and March 2024.
“Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation and improve productivity.
“Each of the 75 manufacturing enterprises will be able to access N1 billion credit at 9 per cent per annum with a maximum of 60 months repayment for long-term loans and 12 months for working capital.”
Other measures include N125 billion in loans to micro, small, and medium-sized enterprises (MSMEs) as well as N50 billion in grants to 1 million nano businesses as well as N100 billion to purchase a fleet of 3,000 20-seater buses fuelled by CNG.
He pleaded with Nigerian to look beyond the present realities and have faith in his administration.
“I plead with you to please have faith in our ability to deliver and in our concern for your well-being. We will get out of this turbulence. And, due to the measures we have taken, Nigeria will be better equipped and able to take advantage of the future that awaits her,” he added.
Modupe Gbadeyanka
[…] president of the chamber, Mr Michael Olawale-Cole, said this in response to Mr Tinubu’s unveiling of a N75 billion credit facility between July 2023 and March 2024 to 75 enterprises to strengthen the manufacturing […]