In a nationwide broadcast marking Nigeria’s 63rd Independence anniversary, President Bola Ahmed Tinubu announced a provisional wage increment for low-grade workers, providing an additional N25,000 per month for the next six months. This measure is part of a comprehensive plan to mitigate the impact of economic reforms, including the removal of fuel subsidy and the unification of exchange rates.
President Tinubu outlined several initiatives aimed at supporting families and households during this transitional period. The social safety net is being expanded, with cash transfer programmes extended to an additional 15 million vulnerable households, effective from this month. Furthermore, an Infrastructure Support Fund has been established to enable states to invest in critical areas for grassroots development.
The president highlighted significant strides in public transportation, with the deployment of cheaper and safer Compressed Natural Gas (CNG) buses across the country. These buses, operating at a fraction of current fuel prices, are expected to positively impact transport fares. President Tinubu emphasized the ongoing efforts to introduce new CNG conversion kits and establish training facilities to empower transport operators and entrepreneurs.
Acknowledging the challenges posed by recent reforms, President Tinubu urged citizens to understand the necessity of bold changes for the nation’s prosperity and growth. He clarified the rationale behind ending the fuel subsidy and emphasized the importance of enduring short-term difficulties for a brighter future.
President Tinubu addressed ongoing reforms in the Central Bank of Nigeria (CBN), emphasizing a thorough housecleaning to ensure monetary policy benefits all citizens, not just the powerful and wealthy. He mentioned the constitution of a new leadership for the CBN and the imminent presentation of findings by a special investigator on past lapses.
The president affirmed a commitment to prioritize the safety of the people, enhance inter-service collaboration, and rebuild the capacities of security services. He praised the National Assembly, judiciary, civil society organizations, and labor unions for their roles in supporting democracy and providing valuable input.
President Tinubu concluded by expressing gratitude for the dedication of these entities and called for collective efforts to navigate the challenges and embrace a future where the nation’s abundance is shared equitably among all citizens.
