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NATIONWIDE BROADCAST BY PRESIDENT BOLA TINUBU TO NIGERIANS ON CURRENT ECONOMIC CHALLENGES AND PALLIATIVE MEASURES WITHOUT DWELLING INTO ECONOMIC JARGONS AND CONCEPTS BUT RATHER IN CLEAR PLAIN LANGUAGE – JULY 31, 2023

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President Tinubu’s Palliative measures centers around

(1) Financial assistance to businesses
(2) Food Security agenda
(3) Transportation
(4) Minimum wages

Going by the president’s speech, it suggest that the idea to give ₦8,000 per month for a period of six months to low-income earning household has been jettisoned. Probably replaced with FOOD SECURITY AGENDA. This was assumed since it was not mentioned in the nationwide address.

Find details of ALL the Palliatives proposed measures below:

FINANCIAL ASSISTANCE

MANUFACTURING BUSINESSES
Between Jul 2023 and Mar 2024 to 75 manufacturing enterprises will have access to N1Billion Loan at 9% per annum with a maximum of 60 months repayment for long term loan and 12 months for working capital in order to enhance their production capacity and in turn create good-paying jobs.

NON-MANUFACTURING BUSINESSES
Micro, Small, and Medium-sized Enterprises (MSME) will have ₦125bn funds to access.

  • INFORMAL SECTOR:
    • Out of the ₦125bn, ₦50bn will be available as Conditional Grant to 1 million Nano businesses between now and Mar 2024.
    • That is, ₦50,000 conditional grant each will be given to 1,300 Nano Business owners in each 774 LGAs.
  • FORMAL SECTOR:
    • The remaining ₦75bn (out of the ₦125bn) will be available to fund 100,000 MSME and startups. Each enterprise to get between ₦500K to ₦1m at 9% interest p.a. and a repayment period of 36 months.

FOOD SECURITY AGENDA

Multi-stakeholder engagement with various farmers’ associations and operators within the agricultural value chain that will ensure staple foods are available and affordable by embarking on the following plans:

(1) to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course.

(2) ₦200bn of the ₦500bn approved by the National Assembly will be disbursed as follows: 

  • ₦50bn each will be invested to cultivate 150,000 hectares of rice and maize.
  • ₦50bn each will be invested to cultivate 100,000 hectares of wheat & cassava.

(3) to release 200,000 MT of grains from to households across 36 States and FCT free of charge.

(4) to provide 225,000 MT of fertilizer, seedlings and other inputs to farmers who are committed to the food security agenda above

TRANSPORTATION

Provision to invest ₦100bn between now and Mar 2024 by acquiring 3,000 units of 20-seater buses in order to roll out buses across the states and local governments for mass transit at a much more affordable rate

These buses will be shared to major transportation companies in the states and the companies will be able to access loan under this facility at 9% per annum with 60 months repayment period in order to fund its repayment of the buses.

MINIMUM WAGE

“I want to tell our workers this: your salary review is coming.”

Already working in collaboration with the Labour unions to introduce a new national minimum wage for workers.

Budget provision will be made for the immediate implementation of the new minimum wage once it is agree and determine.

OTHER COMMITMENTS
(1) To fulfill the promise to make education more affordable to all and provide loans to higher education students who may need them.

(2) Currently monitoring the effects of the exchange rate and inflation on gasoline prices. To intervene If and when necessary.