Tinubu unveils ambitious plans for economy to halt nationwide protest but says no return of fuel subsidy

Nigeria’s President Bola Ahmed Tinubu has unveiled a comprehensive plan to boost economic growth, create jobs, and improve the standard of living for all citizens in response to the protests while acknowledging the pain and frustration of Nigerians.

In a state broadcast on Sunday, the President expressed sadness over the recent protests in some states of the federation but stressed the need for unity and collective action to build a brighter future.

But he dismissed the call to return fuel subsidy, stating that he is focused fully on delivering good governance to the people.

“these decisions I made were necessary if we must reverse the decades of economic mismanagement that didn’t serve us well. Yes, I agree, 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 said.

Defending his administration’s economic reforms, particularly the removal of fuel subsidies and the unification of foreign exchange systems was a core narrative in his address to the nation.

He acknowledged the pain these decisions have caused but emphasised their necessity for long-term economic stability and growth.

“For decades, our economy has remained anemic 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 said.

These reforms, according to the president, have curtailed the profits of smugglers and rent-seekers, and stopped the unintended subsidies extended to neighboring countries.

Also, he announced that the government has released over N570 billion to the 36 states to expand livelihood support to their citizens.

“Additionally, 600,000 nano-businesses have benefited from the nano-grants program, with an additional 400,000 expected to benefit soon.

“Furthermore, 75,000 beneficiaries have been processed to receive N1 million Micro and Small Business single-digit interest loans, starting this month. The government has also built 10 MSME hubs within the past year, creating 240,000 jobs, with five more hubs in progress.”

Tinubu noted that in a bid to boost manufacturing output and stimulate growth, payments of N1 billion each are being made to large manufacturers under the single-digit loans program.

He noted that he has also signed the National Minimum Wage into law last week, ensuring that the lowest-earning workers will now receive N70,000 per month.

The President as well reported a resurgence in the oil and gas industry, following reforms to address gaps in the Petroleum Industry Act.

Tinubu said oil production has increased to 1.61 million barrels per day, and significant foreign investments are flowing into the sector.

And while addressing the reliance on oil-based petrol, the president said his administration has launched the Compressed Natural Gas (CNG) Initiative aimed at reducing transportation costs and saving over two trillion Naira monthly used to import PMS and AGO.

This initiative, according to him, includes the distribution of one million low-cost conversion kits for commercial vehicles, with ongoing setup of conversion centers nationwide.

Recall Nigerians took to the streets on Thursday, protesting against the widespread hunger and suffering in the country. The protests, which have so far lasted four days, have seen citizens from various walks of life come together to express their frustration and discontent with the current state of affairs.

The protesters called on the government to take immediate action to address the rising cost of living, unemployment, and other socio-economic challenges facing the nation.