In a recent address to the nation, President Bola Tinubu announced significant economic reforms and support for citizens amid widespread protests against hunger and hardship
The President stated that the Federal Government has released ₦570 billion to the 36 states to expand livelihood support to their citizens.
Additionally, ₦9.1 trillion was accumulated as total fiscal revenue to the Federal Government’s coffers during the first half of 2024, marking a significant increase from what was earned by the previous administration.
President Tinubu also disclosed that there had been a reduction in Nigeria’s debt burden, with revenue on debt service declining from 97% in 2023 to 68% in 2024. The country has cleared legitimate outstanding foreign exchange obligations of about $5 billion without any adverse impact on its programs. This debt reduction has provided the country with greater financial freedom, allowing for increased spending on essential social services such as education and healthcare.
The President noted that his administration met a country that was not only dependent on oil but also neglected its gas resources while subsidizing the cost of fuel. To address this, the administration invested in Compressed Natural Gas (CNG) to power the transportation economy and bring costs down. This initiative is expected to save over ₦2 trillion a month, previously used to import PMS and AGO, and free up resources for more investment in healthcare and education.
President Tinubu also announced that his administration would distribute one million kits of extremely low or no cost to commercial vehicles that transport people and goods, and who currently consume 80% of the imported petrol and diesel. The distribution of conversion kits and setting up of conversion centers across the country, in conjunction with the private sector, has already begun. This CNG initiative is expected to reduce transportation costs by approximately 60% and help curb inflation.
Furthermore, the President expressed willingness to listen to and address the concerns of protesters involved in the nationwide protest that started on August 1, 2024. He acknowledged the country’s challenges and committed to reforms, stating that his administration has made significant strides in rebuilding the foundation of the economy to carry Nigeria into a future of plenty and abundance.
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