By Abdul Kareem
In a pivotal nationwide address on Sunday, President Bola Ahmed Tinubu presented an extensive plan designed to rejuvenate Nigeria’s ailing economy. This comes against the backdrop of widespread protests and social unrest, underscoring the urgency of the government’s initiatives.
“**Our democracy progresses when the constitutional rights of every Nigerian are respected and protected,**” President Tinubu remarked, expressing his sorrow over the violence and loss of life that have accompanied recent demonstrations. “We must stop further bloodshed, violence, and destruction.”
**Economic Milestones and Future Prospects**
President Tinubu emphasized that his administration has made significant progress over the past year, including the removal of fuel subsidies and the abolition of multiple foreign exchange systems. These measures aim to “reverse decades of economic mismanagement,” as Tinubu put it.
Government revenues have doubled, reaching over 9.1 trillion Naira in the first half of 2024 compared to the same period in 2023. This growth is credited to efforts in blocking financial leakages, automation, and innovative funding strategies that do not burden the populace. “We have come this far, reducing our debt service from 97% to 68% in the last 13 months,” Tinubu noted, highlighting the administration’s focus on fiscal responsibility.
**Ambitious Housing Projects**
The President announced the launch of the Renewed Hope Estates in every state, each comprising 500 housing units. “Our goal is to complete a total of 100,000 housing units over the next three years,” Tinubu revealed. This initiative aims to provide homes, create thousands of jobs, and stimulate economic growth nationwide.
**Agricultural and Food Security Initiatives**
In response to rising food prices, Tinubu disclosed that tariffs and import duties on essential food items and medical supplies will be removed for the next six months. “We are providing incentives to farmers to increase food production at affordable prices,” he stated. The government aims to cultivate over 10 million hectares of land, with states providing the land and the federal government offering necessary incentives.
To support this initiative, the government has ordered mechanized farming equipment worth billions of Naira from the United States, Belarus, and Brazil. “I can confirm to you that the equipment is on the way,” the President assured.
**Infrastructure and Industry Resurgence**
Key infrastructure projects, such as the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway, are underway and expected to boost economic output through improved connectivity and job creation. The oil and gas sector is also seeing a resurgence, with oil production up to 1.61 million barrels per day and increased foreign direct investments.
“**Our once-declining oil and gas industry is experiencing a resurgence,**” Tinubu asserted, highlighting reforms to the Petroleum Industry Act and initiatives to harness the country’s gas resources. The recently launched Compressed Natural Gas Initiative aims to reduce transportation costs by approximately 60%, saving over two trillion Naira monthly.
**Youth and Social Programs**
Recognizing the importance of youth empowerment, Tinubu mentioned the student loan scheme, which has disbursed 45.6 billion Naira, and the Digital and Creative Enterprises program, securing $620 million to create millions of IT and technical jobs.
“**We established the Consumer Credit Corporation with over N200 billion to help Nigerians acquire essential products without immediate cash payments,**” Tinubu announced, aiming to reduce corruption and promote transparency.
**Commitment to Good Governance**
In concluding his address, President Tinubu reaffirmed his vision for a just and prosperous Nigeria, driven by democratic good governance that is open, transparent, and accountable.
“**I can assure you that I am focused fully on delivering good governance to the people,**” he promised, urging all Nigerians to join hands in reshaping the nation’s destiny.
**Call for Unity and Dialogue**
President Tinubu concluded his address with a call for unity and dialogue, urging all Nigerians to put aside their differences and work together for the common good. “Nigeria requires all hands on deck, and we need every one of us—regardless of age, party, tribe, religion, or other divides—to work together in reshaping our destiny as a nation,” he implored.
“**Let us choose hope over fear, unity over division, and progress over stagnation,**” he continued, stressing the importance of maintaining democratic governance. “The economy is recovering; please, don’t shut out its oxygen. Now that we have been enjoying democratic governance for 25 years, do not let the enemies of democracy use you to promote an unconstitutional agenda that will set us back on our democratic journey. Forward ever, backward never!”
**Looking Ahead**
As Nigeria faces the dual challenges of economic revitalization and social unrest, the federal government’s comprehensive reforms and initiatives offer a beaconof hope. President Tinubu’s address underscores a commitment to not only restoring economic stability but also ensuring that the benefits of growth are broadly shared across all segments of society.
Social Safety Nets and Support for Micro-Businesses
The President highlighted measures aimed at supporting micro and small businesses, which form the backbone of Nigeria’s economy. “Over 600,000 nano-businesses have benefitted from our nano-grants, and we expect an additional 400,000 to benefit soon,” he stated, underscoring the administration’s commitment to fostering entrepreneurship at the grassroots level.
Furthermore, 75,000 beneficiaries have been processed to receive N1 million Micro and Small Business single-digit interest loans, with disbursements starting this month. “We have built 10 MSME hubs within the past year, creating 240,000 jobs, and five more hubs are in progress, set to be ready by October this year,” Tinubu added.
In a bid to stimulate growth in the manufacturing sector, payments of N1 billion each are being made to large manufacturers under the single-digit loan scheme. This intervention is expected to boost manufacturing output and create a ripple effect of economic benefits.
Wage Reforms and Housing Initiatives
Recognizing the need to improve the living standards of workers, President Tinubu recently signed the National Minimum Wage into law, raising the minimum wage to N70,000 per month. “This marks a significant step towards ensuring that the lowest-earning workers can live with dignity and meet their basic needs,” he emphasized.
Addressing the housing deficit, Tinubu highlighted the ambitious Renewed Hope City and Estate project, inaugurated six months ago in Karsana, Abuja. This initiative, which includes the construction of 3,212 housing units in Karsana alone, is the first of six planned across the nation’s geopolitical zones. “Each of these cities will include a minimum of 1,000 housing units, contributing to our goal of providing affordable housing for all Nigerians,” he explained.
Additionally, the launch of the Renewed Hope Estates in every state, comprising 500 housing units each, aims to complete a total of 100,000 housing units over the next three years. “This initiative is not only about providing homes but also about creating thousands of jobs across the nation as well as stimulating economic growth,” Tinubu noted.
Call for Unity and Dialogue
President Tinubu reiterated his commitment to engaging with protest organizers and other stakeholders in meaningful dialogue to address their concerns and chart a path forward. “I hereby enjoin protesters and the organizers to suspend any further protest and create room for dialogue, which I have always acceded to at the slightest opportunity,” Tinubu urged.
He emphasized the importance of unity and collaboration in achieving the country’s goals. “Let us work together to build a brighter future for ourselves and for generations to come. Let us choose hope over fear, unity over division, and progress over stagnation,” he implored.
Looking Ahead
As Nigeria navigates these turbulent times, the federal government’s robust economic agenda seeks to lay a foundation for sustainable growth and development, promising a future of plenty and abundance for all its citizens. President Tinubu’s address underscores a commitment to not only restoring economic stability but also ensuring that the benefits of growth are broadly shared across all segments of society.
“Our vision for Nigeria is one of a just and prosperous nation where each person may enjoy peace, freedom, and a meaningful livelihood,” Tinubu concluded, reaffirming his administration’s dedication to building a better future for all Nigerians.
As the nation moves forward, the success of these reforms will hinge on continued cooperation between the government, the private sector, and the Nigerian people. The journey may be challenging, but with collective effort and determination, a brighter and more prosperous Nigeria is within reach.
The Humanitarian Times 