President Bola Tinubu yesterday, unveiled measures to cushion the effects of the economic downturn, caused by fuel subsidy removal, in the country, telling Nigerians he understood the hardship and came to help, not to hurt them.

He, however, approved N100 billion for the procurement of 3000 20-seater buses fueled by Compressed Natural Gas, CNG, to ease the high cost of transportation caused by fuel subsidy removal.

The President also said his administration would energize micro, small, and medium-sized enterprises and the informal sector as drivers of growth with N125 billion.

He said of the sum, N50 billion would be spent on conditional grants to one million nano businesses between now and March 2024, explaining that the government’s target was to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country

As he was being sworn in on May 29, President Tinubu implemented the full removal of fuel subsidies, leading to a hike in fuel prices from N200 to between N567 and N617 per liter across the country.

He also abolished multiple exchange rates, forcing the dollar to exchange for over N850 at the black market. It was less than N461 to a Dollar in May 2023.

The developments took inflation from 22.41 percent in May to 22.79 percent in June, with attendant gnashing of teeth among most Nigerians, especially the poor.

In a 41-point, 1794-word national broadcast on the current economic challenges, yesterday, Tinubu assured Nigerians that things would get better soon. Titled: “After Darkness Comes the Glorious Dawn,” Tinubu in the broadcast said to reform the economy for the long-term good, fuel subsidies, and multiple exchange rates had to go.

The National Security Adviser to President Bola Tinubu, Nuhu Ribadu, met with Governors from the five South-East states in Abuja behind closed doors on Monday. Although the agenda of the closed-door session was not made known, there are speculations that it might not be unconnected to the worsening security challenges in Anambra, Enugu, Abia, Imo, and Ebonyi States.

Last Wednesday, the Senate condemned the Monday sit-at-home in the South East geopolitical zone and asked the Federal Government to collaborate with the Finnish Government and extradite a pro-Biafran agitator, Simon Ekpa, for prosecution.

The upper chamber resolved to invite the Minister of Foreign Affairs (when appointed) and relevant stakeholders to conduct a thorough investigation and bring other sponsors of the act to book. The Senate also rejected a recommendation for IPOB leader Nnamdi Kanu’s release, saying it would amount to sub judice as his release was still in court.

The illegal sit-at-home order is said to be enforced by a faction of the proscribed Indigenous People of Biafra (IPOB) in five South-East states. The unconstitutional order was declared in 2021 to press home demands for the release of IPOB leader Nnamdi Kanu, who was detained by the Department of State Services (DSS) and prosecuted for terrorism-related charges.

Governor Bababjide Sanwo-Olu of Lagos State, yesterday, announced a reduction in transport fares on all Bus Rapid Transit, BRT, routes by 50 percent, beginning tomorrow. The governor also said commercial yellow buses, known as ‘Danfo’, will follow suit with a reduction of 25 percent in fare on all routes.

Sanwo-Olu said this while addressing journalists at the State House, Ikeja, at the end of a security meeting with security agencies such as the army, police, and the navy. He also said the number of Lagos State staff buses will be increased, adding that new buses have been purchased for distribution soon.

The governor also said the state will commence the distribution of food packs such as rice, beans and cassava flour, known as garri to the vulnerable people in the state. According to him, the distribution will be done through Community Development Associations, CDAs, churches, mosques, and local government.

These measures, Sanwo-Olu said, are to cushion the effects of the removal of fuel subsidies by the Federal Government as well as the harsh economic situation in the country. The 50 percent reduction will be reflected on the transportation fare charged by buses operated by BRT, under the supervision of the Lagos Metropolitan Area Transport Authority, LAMATA, and a 25 percent reduction by yellow buses.

He noted that the decision had since been communicated to LAMATA, adding that the authorities of Lagos Park and Garage were already deliberating on the modality to carry their members along on the way to ensure seamless implementation concerning yellow buses.

Sanwo-Olu further disclosed that food packs would be made available to the vulnerable people in the state daily, adding that the food packs would be available through various channels.

The organized labor on Monday insisted on going ahead with its planned protest over the removal of petroleum subsidy. Rising from another round of meetings of the Steering Committee on palliatives at the presidential villa, Abuja, they also expressed doubts about President Bola Tinubu’s ability to control inflation and gasoline prices due to the unification of the exchange rate.

Speaking to correspondents, the President of the Nigeria Labour Congress (NLC), Joe Ajaero, said the plan for workers to proceed on a peaceful protest from Wednesday has not changed. He dismissed fears that the peaceful protest could be hijacked by hoodlums, saying that such had never happened in the history of workers’ protest.

However, he said it is the responsibility of security agencies to provide security for the protest to protect the workers. He said the meeting of the Steering Committee adjourned till 12 noon on Tuesday to enable the labor leaders to listen to the president’s national broadcast on Monday.

However, reacting to Tinubu’s plan to intervene on the exchange rate of inflation and high cost of gasoline prices, Ajaero said: “By the time you have a single market and you are not having anything that has a comparative advantage, your energy is import driven, then how are you going to control it? How are you going to control somebody that exchanged dollars at about 900 (naira)? Are you going to tell him to sell below the price?

“How are you going to tell even NEPA today, with the cost of production not to increase tariff? Even corn in the villages that was sold at N18,000 by February, now it’s about 56,000. How are you going to control it?”

On his side, the Chief of Staff to the President said that issues were trashed at the closed-door meeting and that they adjourned to listen to the President’s broadcast. He also said that the government is dealing with the oil cabals that have brought the economy to its knees.