Tinubu Outlines Path to Relieve Stress On Nigerians

On the occasion of Nigeria’s 63^rd independence anniversary, President Bola Tinubu took time to address the nation. The President in his Independence Day speech acknowledged that he knows the pain and suffering many Nigerians are going through attributed to the reforms implemented by his government. Though tough, President Tinubu said the reforms are necessary as they will help the country recover from the economic and social doldrums of the last years.

“At my inauguration, I made important promises about how I would govern this great nation. Among those promises, were pledges to reshape and modernise our economy and to secure the lives, liberty and property of the people… I said that bold reforms were necessary to place our nation on the path of prosperity and growth. On that occasion, I announced the end of the fuel subsidy,” the President said.

The President informed the nation that the reforms his government is implementing are aimed at reversing unjust and exploitative policies that were in place. He said the policies that were in place were meant to benefit just a select few elites at the expense of the whole nation. “Those who sought to perpetuate the fuel subsidy and broken foreign exchange policies are people who would build their family mansion in the middle of a swamp. I am different,” he said.

Driven by the need to serve the people, the Nigerian President said he had to implement “painful” reforms. The suffering that the reforms have brought about is not something that he desires or wishes upon the people but it is something that has to be endured before the fruits of the reforms can be enjoyed.

To make life more bearable for Nigerians as the reforms take root, President Tinubu outlined a path that his government will embark on. The path is meant to “relieve the stress on our families and households.” The key pillars of the path are to “stabilise the economy, direct fiscal and monetary policy to fight inflation, encourage production, ensure the security of lives and property and lend more support to the poor and vulnerable”.

The first step in President Tinubu’s path to relieve the stress being endured by Nigerians entails negotiating with employers. To this end, the President said they have already registered success as “Based on our talks with labour, business and other stakeholders, we are introducing a provisional wage increment to enhance the federal minimum wage without causing undue inflation”. Thanks to the negotiations with employers, “for the next six months, the average low-grade worker shall receive an additional Twenty-Five thousand naira per month”.

Also, to relieve the burden on the general citizenry, the President said his administration has “opened a new chapter in public transportation through the deployment of cheaper, safer Compressed Natural Gas (CNG) buses across the nation. These buses will operate at a fraction of current fuel prices, positively affecting transport costs”.

Critical to relieve the burden being endured by Nigerians is to revise the country’s tax system. To this end, the President said his administration has “inaugurated a Committee on Tax Reforms to improve the efficiency of tax administration in the country and address fiscal policies that are unfair or hinder the business environment and slow our growth”. At the same time, President Tinubu said he has kickstarted a “thorough housecleaning of the den of malfeasance” at CBN. He said a “new leadership for the Central Bank has been constituted”. After the housecleaning, all shortcomings of the CBN will be corrected hence the “monetary policy shall be for the benefit of all and not the exclusive province of the powerful and wealthy”.

In the communities, The President said his administration will ensure better grassroots development by setting up “an Infrastructure Support Fund for states to invest in critical areas. States have already received funds to provide relief packages against the impact of rising food and other prices”. He also added saying “Commencing this month, the social safety net is being extended through the expansion of cash transfer programs to an additional 15 million vulnerable households”.

For those with an entrepreneurial drive, The President said his government will be “providing investment funding for enterprises with great potential. Similarly, we are increasing investment in micro, small and medium-sized enterprises”.

Looking ahead to the future, President Tinubu said he is confident Nigeria will sail through this tumultuous period into prosperity. The President praised the determination and perseverance that Nigerians have saying “The travails we have endured shall strengthen us”.