Snappy highlights of Tinubu’s national broadcast on addressing current economic challenges

*President Bola Ahmed Tinubu, GCFR, among other plans in his recent nationwide broadcast, pledges his administration will spend ₦75billion between July 2023 and March 2024 to strengthen the manufacturing sector of the Nigerian economy

Isola Moses | ConsumerConnect

President Bola Ahmed Tinubu, GCFR, has assured Nigerians that his administration will spend ₦75billion between July 2023 and March 2024 to strengthen the manufacturing sector of the economy.

ConsumerConnect reports President Tinubu, who stated this in a his nationwide broadcast Monday, July 31, 2023, said the effort would be geared towards increasing the capacity of the real sector to expand and create good paying jobs for millions of Nigerians.

Tinubu also noted the government would fund 75 enterprises with great potential to kickstart a sustainable economic growth, accelerate structural transformation and improve productivity in the economy.

Besides, the President disclosed in his broadcast that each of the 75 manufacturing enterprises to access ₦1billion at 9% par annum with maximum of 60 months’ repayment period for long-term loans and 12 months for working capital.

The Federal Government further said the administration would energise the Micro, Small, and Medium-sized Enterprises (MSMEs) and the informal sector with ₦125billion aside from spending ₦50billion on Conditional Grant to 1 million Nano businesses between August and March next year.

Tinubu announced thevl current administration would give ₦50,000 each to 1,300 Nano Business owners in each 774 Local Government Areas (LGAs) in Nigeria.

In order to offer additional support businesses, the government also disclosed the funding of  100,000 MSMEs and startups with ₦75billion in a move to re-energise the country’s economy and create jobs.

Each enterprise is as well to get between ₦500,000 and ₦1million at 9% interest per annum and a repayment period of 36 months.

Meanwhile, President Tinubu has announced the release of 200,000 metric tonnes (MT) of grains from strategic reserves to households across 36 States and the Federal Capital Territory (FCT) to moderate market prices.

As part of the government’s support to the agricultural sector, the President noted in his broadcast the administration would provide 225,000 MT of fertilizer, seedlings and other inputs to farmers that are committed to the food security agenda of the West African country.

According to him, the cultivation of 500,000 hectares of farmland and all-year-round farming practice remain on course.

Tinubu also stated the ₦200billion of the ₦500billion approved by the National Assembly (NASS) would also be disbursed to prospective  beneficiaries as follows:

– ₦50bn each to cultivate 150,000 hectares of rice & maize

– ₦50bn each to cultivate 100,000 hectares of wheat & cassava.

The Federal Government is set to invest ₦100billion between August and March 2024 to acquire 3,000 units of 20-seater CNG-fuelled buses to ease off mass transportation challenges in Nigeria.

Meanwhile, the participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period, said the President.

In regard to the amount the country has kept aside since President Tinubu announced discontinuation of the controversial subsidy regime during his inaugural speech in Abuja, he disclosed the Federal Government has saved over N1trillion in the last two months.

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