President Bola Ahmed Tinubu has revealed significant economic initiatives during his nationwide broadcast as part of Nigeria’s 63rd Independence anniversary celebration.
In his address, President Tinubu announced a provisional wage increment designed to enhance the federal minimum wage without causing undue inflation. Over the next six months, low-grade workers can expect an additional N25,000 per month, according to the president.
President Tinubu also outlined measures aimed at relieving economic stress on households following the removal of fuel subsidies and the unification of exchange rates. He stated that his administration is actively working to ease this burden by implementing public sector reforms, stabilizing the economy, addressing inflation, promoting production, ensuring security, and providing support to the vulnerable.
Additionally, President Tinubu shared that the government is expanding cash transfer programs to an additional 15 million vulnerable households as part of the social safety net. An Infrastructure Support Fund has been established to enable states to invest in critical areas for grassroots development, with funds already disbursed to provide relief packages against rising food and other prices.
The government is also revolutionizing public transportation by deploying more cost-effective and safer Compressed Natural Gas (CNG) buses across the country. These buses are expected to operate at a fraction of current fuel prices, positively impacting transport fares. Furthermore, plans are in motion to introduce new CNG conversion kits and establish training facilities and workshops for transport operators and entrepreneurs.
In concluding his address, President Tinubu emphasized that these measures represent a significant step towards powering the country’s economy more efficiently and embracing new opportunities for growth.