Key points to know from President Tinubu’s nationwide broadcast

Removal of Fuel Subsidy: Tinubu explains that the fuel subsidy had become an unsustainable burden on the economy, costing trillions of Naira annually. It was being misused by a select group of individuals and had to be removed.

Multiple Exchange Rate System: The previous exchange rate system had led to currency speculation, diverting funds from productive investments. Tinubu believes that such a system was unfair and threatened the future of the economy and democratic governance.

Economic Reforms: The President emphasizes his commitment to long-term economic reforms, focusing on ending the subsidy and preferential exchange rate systems to combat economic imbalances.

Immediate Interventions: To alleviate the immediate hardships faced by the people, Tinubu announced various interventions, including tax suspensions for the manufacturing sector, funding for enterprises, and support for micro, small, and medium-sized businesses.

Agricultural Initiatives: To boost food security, Tinubu announced the release of grains from strategic reserves, investment in cultivation of farmland, and support for farmers with fertilizer and seedlings.

Infrastructure Support Fund: The President approved an Infrastructure Support Fund for the states to address critical areas and improve healthcare and educational infrastructure.

Mass Transit and Minimum Wage: Tinubu plans to roll out affordable buses for mass transit and is working with labor unions to introduce a new national minimum wage.

Faith in the Future: Despite the current challenges, Tinubu asks citizens to have faith in the government’s plans, assuring them that Nigeria will overcome the turbulence and enter a new and brighter future.