The Presidency announced that President Bola Tinubu has implemented crucial measures to reshape Nigeria’s economy, addressing challenges that previous administrations avoided. Ajuri Ngelale, Special Adviser to the President on Media and Publicity, highlighted these initiatives during a press briefing in Abuja on Tuesday, marking the anniversary of Tinubu’s administration.
Ngelale emphasized that Tinubu’s reforms, initiated since May 2023, are designed for long-term impact and continuity. Key actions include the overhaul of the fuel subsidy regime and the unification of foreign exchange rates, which aimed to curb rampant financial malpractices within the Central Bank of Nigeria.
“Stopping these issues is a significant achievement, even if it’s not immediately visible,” Ngelale said. “Past governments avoided these necessary reforms, but President Tinubu has been commended both locally and internationally for his decisive actions.”
Recognizing the reforms’ impact on citizens, Tinubu has launched extensive economic interventions. These include significant support for Medium, Small, and Micro Enterprises (MSMEs), with a notable N200 billion allocated to various business segments.
Ngelale detailed the specific measures: “We have N50 billion in grants, not loans, distributed to over one million Nano businesses across all local governments. Additionally, there are N150 billion in single-digit interest-rate loans for MSMEs and N75 billion loans for large-scale manufacturers employing up to 1,000 Nigerians per industry.”
Furthermore, the administration has focused on improving the country’s power sector. Through an agreement with Siemens Energy, there has been a concerted effort to modernize the national power transmission grid, ensuring consistent and reliable electricity. Tinubu has also dedicated one billion dollars to off-grid power solutions, targeting primary health facilities, rural communities, and farms to reduce post-harvest losses and enhance the quality of life for disadvantaged Nigerians.
Ngelale pointed out the practical benefits: “Quality power supply reduces appliance damage and financial losses for Nigerian families. The Siemens agreement aims to provide reliable electricity, ensuring that whether it’s 6 hours or 24 hours, it’s quality supply.”
These initiatives reflect President Tinubu’s commitment to creating sustainable economic growth and improving the lives of Nigerians.