Protest: Tinubu releases N560bn to states, suspends import tariffs on drugs, rice, others, to ease imports, reduce prices
…Says 1m CNG kits to be distributed
…N1b each to large manufacturers
By Seun Ibiyemi
President Bola Tinubu has appealed to Nigerians for an understanding, over the current economic situation in the country that led to the ongoing nationwide protest.
The President, in a nationwide broadcast on Sunday, assured that his administration is doing everything necessary to ease the hardships.
He listed the release of 20 trucks of rice, made up of 1200 bags of 25kg to each state of the federation including the federal capital Territory FCT.
Release of fertilizer to farmers, the establishment of CNG conversion centers across the country, the students loan scheme, as well as release of funds to support the Micro, Small and Medium scale Enterprises MSMEs,
The President made the broadcast, amidst revelations that Nigeria lost over N700b to the #EndBadGovernance protests, during the first two days.
Amidst growing tension, the Nigerian Army has also threatened to move their men to the streets, should the protests persist
Well meaning Nigerians, including organisations, such as the main opposition Peoples Democratic Party (PDP) had called on the President to address the nation to douse tension, as the protest entered its 3rd day on Saturday.
But the President, in his nationwide broadcast aimed at dousing tension across the country, said the reforms, though painful, were necessary to save the country from total bankruptcy.
He announced that the government is providing incentives to farmers to increase food production at affordable prices, amongst others
“ 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.
“ Yes, the buck stops on my table. But I can assure you that I am focused fully on delivering the governance to the people – good governance for that matter”
Tinubu reiterated that the nation’s economy was “anaemic” for over a decade 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.
“These actions blocked the greed and the profits that smugglers and rent-seekers made. They also blocked the undue subsidies we had extended to our neighbouring countries to the detriment of our people, rendering our economy prostrate. These decisions I made were necessary if we must reverse the decades of economic mismanagement that didn’t serve us well.
“In the past 14 months, our government has made significant strides in rebuilding the foundation of our economy to carry us into a future of plenty and abundance.
“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”.
