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.
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