Economic experts have commended President Bola Ahmed Tinubu over the policies rolled out for the economy in Monday’s broadcast to Nigerians.
Tinubu in a nationwide broadcast on Monday announced several palliative programmes to cushion the effects of the removal of fuel subsidy.
Tinubu announced a N75 billion palliative for the manufacturing sector, saying 75 businesses would benefit within a nine-month period spanning the third quarter of 2023 to the first quarter of next year.
President also noted the administration’s recognition of micro, small and medium-sized enterprises and the informal sector as drivers of growth.
Tinubu went on to declare a N125 billion fund to energise “this very important sector”.
To boost the agricultural sector, Tinubu disclosed that N200 billion would be spent as part of its plans to support the cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course.
Part of the Federal Government’s programme is to roll out buses across the states and local governments for mass transit at a much more affordable rate, Tinubu also stated.
According to him, provision has been made “to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses”.
“In the same vein, we are also working in collaboration with the Labour unions to introduce a new national minimum wage for workers. I want to tell our workers this: your salary review is coming,” the President said.
The President also told Nigerians that in a little over two months, the Federal Government had saved “over a trillion Naira which will have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters”.
Analyzing these policies, some economic experts and public affairs critics have ratified the economic gumption that went into it for the amelioration of the current sufferings of Nigerians.
One of which is popular analyst, Joe Abah who took to his Twitter handle to pitch his tent with virtually all of Tinubu’s policies rolled out for economic survival of businesses in the country.
Here are my thoughts on President Tinubu’s speech on the economy. I will respond to each paragraph, so you would need to reference the full speech to follow my thoughts:
1. It is good that he came out to explain the reasons behind the policy measures.
2. It is good that he chose…
— Dr Joe Abah (@DrJoeAbah) July 31, 2023
He reckoned with the feasibilities of the policies in conjunction with appropriate execution, thereby spreading a wave of optimism and renewed hope among Nigerians for what is a better economic climate to come under Tinubu’s leadership.