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We’ve Saved N1trn from Fuel Subsidy Removal, to Invest N100bn on CNG Buses, Says Tinubu (See Full Text of Speech)

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TEXT OF THE NATIONAL BROADCAST BY PRESIDENT BOLA TINUBU TO NIGERIANS ON CURRENT ECONOMIC CHALLENGES.

AFTER DARKNESS COMES THE GLORIOUS DAWN

I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced.

2. I am not going to talk in difficult terms by dwelling on economic jargon and concepts. I will speak in plain, clear language so that you know where I stand. More importantly, so that you see and hopefully will share my vision regarding the journey to a better, more productive economy for our beloved country.

3. For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its usefulness. The subsidy cost us trillions of Naira yearly. Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security. Instead, it was being funneled into the deep pockets and lavish bank accounts of a select group of individuals.

4. This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance. To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it.

5. The whims of the few should never hold dominant sway over the hopes and aspirations of the many. If we are to be a democracy, the people and not the power of money must be sovereign.

6. The preceding administration saw this looming danger as well. Indeed, it made no provision in the 2023 Appropriations for subsidy after June this year.  Removal of this once helpful device that had transformed into a millstone around the country’s neck had become inevitable.

7. Also, the multiple exchange rate system that had been established became nothing but a highway of currency speculation. It diverted money that should have been used to create jobs, build factories and businesses for millions of people. Our national wealth was doled on favourable terms to a handful of people who have been made filthy rich simply by moving money from one hand to another. This too was extremely unfair.

8. It also compounded the threat that the illicit and mass accumulation of money posed to the future of our democratic system and its economy.

9. I had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy.  Ending the subsidy and the preferential exchange rate system were key to this fight. This fight is to define the fate and future of our nation. Much is in the balance.

10. Thus, the defects in our economy immensely profited a tiny elite, the elite of the elite you might call them. As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary.

11. Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.

12. What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.

13. Already, the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of our people across socio-economic brackets.

14. Earlier this month, I signed four (4) Executive Orders in keeping with my electoral promise to address unfriendly fiscal policies and multiple taxes that are stifling the business environment. These Executive Orders on suspension and deferred commencement of some taxes will provide the necessary buffers and headroom to businesses in the manufacturing sector to continue to thrive and expand.

15. To strengthen the manufacturing sector, increase its capacity to expand and create good-paying jobs, we are going to spend N75 billion between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation and improve productivity. Each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9% per annum with a maximum of 60 months repayment for long term loans and 12 months for working capital.

16. Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector with N125 billion.

17. Out of the sum, we will spend N50 billion on a Conditional Grant to 1 million nano businesses between now and March 2024. Our target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.

18. Ultimately, this programme will further drive financial inclusion by onboarding beneficiaries into the formal banking system. In like manner, we will fund 100,000 MSMEs and start-ups with N75 billion. Under this scheme, each enterprise promoter will be able to get between N500,000 to N1million at 9% interest per annum and a repayment period of 36 months.

19. To further ensure that prices of food items remain affordable, we have had a multi-stakeholder engagement with various farmers’ associations and operators within the agricultural value chain.

20. In the short and immediate terms, we will ensure staple foods are available and affordable. To this end, I have ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices. We are also providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda.

21. Our plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course. To be specific, N200 billion out of the N500 billion approved by the National Assembly will be disbursed as follows:

-Our administration will invest N50 billion each to cultivate 150,000 hectares of rice and maize.

-N50 billion each will also be earmarked to cultivate 100,000 hectares of wheat and cassava.

22. This expansive agricultural programme will be implemented targeting small-holder farmers and leveraging large-scale private sector players in the agric business with strong performance record.

23. In this regard, the expertise of Development Finance Institutions, commercial banks and microfinance banks will be tapped into to develop a viable and an appropriate transaction structure for all stakeholders.

24. Fellow Nigerians, I made a solemn pledge to work for you. How to improve your welfare and living condition is of paramount importance to me and it’s the only thing that keeps me up day and night.

25. It is in the light of this that I approved the Infrastructure Support Fund for the States. This new Infrastructure Fund will enable States to intervene and invest in critical areas and bring relief to many of the pain points as well as revamp our decaying healthcare and educational Infrastructure.

26. The fund will also bring improvements to rural access roads to ease evacuation of farm produce to markets. With the fund, our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians.

27. Part of our programme is to roll out buses across the states and local governments for mass transit at a much more affordable rate. We have made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.

28. These buses will be shared to major transportation companies in the states, using the intensity of travel per capital. Participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period.

29. 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.

30. Once we agree on the new minimum wage and general upward review, we will make budget provision for it for immediate implementation.

31. I want to use this opportunity to salute many private employers in the Organised Private Sector who have already implemented general salary review for employees.

32. Fellow Nigerians, this period may be hard on us and there is no doubt about it that it is tough on us. But I urge you all to look beyond the present temporary pains and aim at the larger picture. All of our good and helpful plans are in the works. More importantly, I know that they will work.

33. Sadly, there was an unavoidable lag between subsidy removal and these plans coming fully online. However, we are swiftly closing the time gap. I plead with you to please have faith in our ability to deliver and in our concern for your well-being.

34. We will get out of this turbulence. And, due to the measures we have taken, Nigeria will be better equipped and able to take advantage of the future that awaits her.

35. In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters. That money will now be used more directly and more beneficially for you and your families.

36. For example, we shall fulfill our promise to make education more affordable to all and provide loans to higher education students who may need them. No Nigerian student will have to abandon his or her education because of lack of money.

37. Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter.

38. We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene.

39. I assure you my fellow country men and women that we are exiting the darkness to enter a new and glorious dawn.

40. Now, I must get back to work in order to make this vision come true.

41. Thank you all for listening and may God bless the Federal Republic of Nigeria.

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Tinubu Extends Europe Vacation, Due Back at Weekend

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President Bola Tinubu has extended his “working vacation” in Europe by a few days and is expected to return to Nigeria at the weekend, the Presidency said on Monday.

The announcement came as Vice President Kashim Shettima represents the President at the 81st United Nations General Assembly in New York, where he is scheduled to deliver Nigeria’s national statement.

Tinubu departed Nigeria on August 30 to begin his working vacation in London. After spending one week in the United Kingdom, he proceeded to Paris, France, where he held meetings with French President Emmanuel Macron and businessman Vincent Bolloré.

Bolloré’s media interests include Canal+, MultiChoice and Universal Music Group.

A statement signed on Monday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, said Tinubu has remains in touch with developments at home and continued to direct the affairs of government despite being away from Nigeria.

One of the major decisions taken by the President during the period was his directive for an independent investigation into the deaths of 37 suspected illegal miners in Minna following their detention by the Nigeria Security and Civil Defence Corps.

The deaths had raised concerns over the circumstances surrounding the detention and treatment of the miners, prompting the President to order an independent probe.

Tinubu’s decision to extend his stay abroad means he will not personally attend the opening of the high-level segment of the UN General Assembly in New York. Shettima, who departed Abuja on September 20, is representing the President at the global gathering and will present Nigeria’s national statement.

The Presidency said the Vice President’s representation was part of the arrangements for Tinubu’s absence from the country.

With Shettima now in New York, the Secretary to the Government of the Federation, Senator George Akume, will continue to represent the President at some official functions.

The Presidency said Tinubu had also delegated the Vice President to represent him at official functions while he was away, while Akume had similarly stepped in at other engagements.

The President’s extended stay in Europe also comes amid increased political activities at home ahead of the 2027 general elections.

According to the Presidency, the Director-General of the Presidential Campaign Council, Senator Abubakar Yari, has been leading notable leaders of the ruling party in consultations with prominent traditional rulers across the country.

The consultations form part of ongoing political engagements as the administration moves towards the next electoral cycle.

The Presidency also reacted strongly to criticism over Tinubu’s decision not to attend the UN General Assembly personally.

It described as irresponsible what it called a “baseless insinuation” by former Vice President Atiku Abubakar and a United States-based lobbying firm headed by an ex-convict regarding the President’s non-attendance at the global gathering.

The Presidency maintained that Nigeria would be adequately represented by Shettima, who will deliver the country’s national statement.

Tinubu’s latest trip began as an official working vacation, during which the President combined his leave with selected diplomatic, business and governmental engagements.

His meeting with Macron in Paris provided an opportunity for discussions on bilateral relations, while his engagement with Bolloré focused on business and investment interests involving Nigeria.

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Let Nigerians Breathe, Reduce Fuel Price, Atiku Tells Tinubu

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Former Vice President Atiku Abubakar has urged President Bola Tinubu to take immediate steps to reduce the cost of petrol, saying Nigerians are struggling with the combined impact of high energy, transportation and food prices.

Atiku made the call on Friday in Abuja during a press briefing on fuel prices, palliatives and the rising cost of living. His comments came amid renewed concerns over the effect of higher petrol prices on households and businesses.

The African Democratic Congress (ADC) presidential candidate said the removal of petrol subsidy in May 2023 placed additional pressure on families, workers, farmers and businesses.

He said the effect of higher petrol prices was not limited to motorists, as increased transportation and logistics costs had also pushed up the prices of food and other essential goods.

“When government makes energy expensive, it makes life expensive,” Atiku said.

The former vice president recalled that he had previously called for government intervention to reduce petrol prices, but said Tinubu had dismissed the proposal as showing “serious ignorance” of governance and the economy.

Atiku questioned whether the Nigeria Labour Congress (NLC), petroleum marketers, manufacturers and ordinary Nigerians who had raised concerns about rising costs could all be described as ignorant.

“When workers, producers, marketers and ordinary families are all raising the alarm, government must listen,” he said.

He said the government should be prepared to review its policies when their consequences become difficult for citizens to bear, adding that rising production costs were putting further pressure on manufacturers while families were finding it harder to afford basic goods.

Atiku also argued that government revenue and GDP figures did not necessarily reflect the economic reality facing ordinary Nigerians.

“If government receives more Naira while the citizen’s naira buys less food, less fuel, less electricity and less transportation, then bigger government revenues mean little to the family struggling to survive,” he said.

The ADC candidate urged Tinubu to use the remaining eight months of his first term to reduce the burden on Nigerians and consider any measure capable of lowering petrol prices, even if the proposal came from a political opponent.

“What matters to me is that Nigerians pay less,” Atiku said. “A sensible idea does not become a bad idea because it came from your opponent.”

He also offered to make his policy framework available to the Tinubu administration, saying Nigerians should not have to wait for a new government before benefiting from policies that could provide relief.

“If you need the framework, I will provide it. Implement it under your government. Give it whatever name you choose. Take the credit,” he said.

“I ask for only one thing: Let Nigerians breathe.”

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Food for Living: Pursue Passion More Than Profit (Pt. 1)

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By Henry Ukazu

Dear Destiny Friends,

Passion and purpose are among the most debated topics in the human development space. It’s a grey area that has attracted a lot of attention. While some schools of thought believe it’s better to focus on passion, other schools of thought believe that it’s profitable for one to focus on a job that pays the bills.

According to the latter school of thought, passion doesn’t pay the bills. Well, depending on the schools of thought one subscribes to, I personally believe it pays more for one to pursue passion than profit, and I will explain in a minute.

I strongly believe passion is stronger than power because when one loves what one is doing, there’s an inherent strength that comes with it, but if one doesn’t like what they are doing, they’ll lack the moral strength to forge on.

Let me share a practical example with you. My late dad encouraged me to study Taxation Law at New York Law School, a major I didn’t like. He had the mindset that money rules the world, which I tend to believe because when money talks, the world “generally” seems to move around. That mindset and principle is relatable; however, it’s not applicable in other cases because there are some people or situations where money doesn’t move around.

My late dad believed it makes no sense for me to read a major and remain unemployable or poor. So, when I arrived in the United States, the economy was experiencing a recession, and there were no jobs at the time. So, while I was passionate about studying International Relations, Energy Law, or Communications Law, my late dad sat me down and said, based on the information he was receiving from his friends, these are great courses, but when I graduate, it will be hard to find a job because most people in those firms are laying off employees.

According to my late dad, his friends suggested that since I have a legal background, tax law is the only major I can study and be guaranteed a job because people and corporations will always file their tax returns. I initially objected to this advice because my brain is not wired for numbers. I really struggled to accept this advice because I hated numbers with passion.

My late dad would later tell me, you know we are from a humble background, and so we need money.  My late dad would always say, “You wouldn’t want to study international law or communication, and the only thing you can do very well is speak English while remaining poor. One fact about my late dad was that he liked money to a stupor. According to him, after God, the most important thing in the world is money.

After much hesitation, I decided to study the major to make my late dad happy because I saw how happy he would be when I studied tax law. If truth be told, I wasn’t happy studying the major. I really struggled with the major. I managed to get a scholarship and graduated with a decent grade, but getting a job was challenging because employers could see that I didn’t like the major each time I went for an interview.

At the end of the day, I managed to get a job as a Case Manager for a private organization and later as the Legal Coordinator for the New York City Department of Correction. An important point to note here is that, after I left the tax firm, I was intentional about applying for jobs I was passionate about. Money to me was a secondary concern because I strongly believe that when you love what you do and you are good at it, money will surely find you.

I had to share this practical experience to give an insight into the importance of focusing on passion. Don’t get me wrong, money is good, but I personally feel there are more valuable things than money, and a perfect example is marrying a kind man as opposed to marrying a man with money, or marrying a lady with good character as opposed to marrying a lady with a good physique.

It’s instructive to note that when I began to focus on what I love to do, I had to spend time on honing my skills, developing myself by attending relevant training sessions and taking courses that would distinguish me from my contemporaries. It didn’t take long for me to receive recognition for my work. I was celebrated for being a trailblazing author of three books on television; I was interviewed by The New York Times in addition to meeting resourceful global leaders. In all sincerity, I doubt if I would have received accolades assuming I focused on taxation or doing what would give me money.

The moral of this analysis is that while profit is good, passion is much better because it will give one the necessary satisfaction and fulfilment they deserve. To understand how this works, one might make good money in a job but won’t be happy, but someone else might make little money and be happy in what they are doing. If research is done on what makes one happy, most people will likely say it is their passion or what they love to do that makes them happy as opposed to the job they do. It’s only a fragment of people who will attribute their happiness to the job they do, and that’s simply because they have truly figured out who they are or are probably happy and passionate about the work they do.

Let me explain a little: your profession is what you are trained to do as a doctor, lawyer, accountant, or engineer. Your vocation is what you are trained to do as a skilled worker or one with a 9-to-5 job, but your ministry is your calling, and that’s why you find your talent or gift and passion. So, one’s passion can be found in what they love to do.

When one’s profession is aligned with one’s vocation and ministry, then success is bound to be present because passion is at play.

It’s instructive to note that most of the great people I know in the world have become famous because they were doing what they love to do. I recently attended an award ceremony where my alma mater, Baruch College, celebrated alumni who have distinguished themselves. One of the award recipients, Ms. Doris Gonzalez, stated in her speech, “Of all the jobs I have had in my life, this is my best job. I really love my job”.  I strongly believe there is a form of spiritual blessing and success that comes when one is happy doing what one is passionate about.

In conclusion, if one is desirous of succeeding in life, please endeavor to focus on your passion; if you can’t find it, explore what makes you happy. When you find what makes you happy, develop and monetize it, and in no distant time, opportunities and recognition will begin to triple in.

Henry Ukazu writes from New York. He works with the New York City Department of Correction as the Legal Coordinator. He’s the founder of Gloemi. He’s a Transformative Human Capacity and Mindset coach. He is also a public speaker, youth advocate, creative writer, and author of Design Your Destiny- Actualizing Your Birthright to SuccessUnleash Your Destiny and The Six Pillars of Success. He can be reached via info@gloemi.com

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