By Williams Amofokhai
President Bola Tinubu on Monday rolled out massive action plans to stop the hardship Nigerians are currently facing due to the removal of fuel subsidy.
The president, in a nationwide broadcast said he felt the pains Nigerians are going through, but said the turbulence would soon be over.
He admitted that the nation’s economy is going through a tough patch and and that Nigerians were being hurt by it, as the cost of fuel has gone up, food and other prices following it, with households and businesses struggling.
“Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love,’ he said.
Tinubu stated that his administration recognised the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth, saying that his government was going to energise this very important sector with N125 billion.
“Out of the sum, we will spend N50 billion on Conditional Grant to 1 million nano businesses between now and March 2024. Our target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.
“Ultimately, this programme will further drive financial inclusion by onboarding beneficiaries into the formal banking system. In like manner, we will fund 100,000 MSMEs and start-ups with N75 billion. Under this scheme, each enterprise promoter will be able to get between N500,000 to N1million at 9% interest per annum and a repayment period of 36 months.
“To further ensure that prices of food items remain affordable, we have had a multi-stakeholder engagement with various farmers’ associations and operators within the agricultural value chain.
“In the short and immediate terms, we will ensure staple foods are available and affordable. To this end, I have ordered release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices. We are also providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda,” he explained.
He said his government’s plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course.
Tinubu rolled out how N200 billion out of the N500 billion approved by the National Assembly would be disbursed.
“Our administration will invest N50 billion each to cultivate 150,000 hectares of rice and maize.
-N50 billion each will also be earmarked to cultivate 100,000 hectares of wheat and cassava.
“This expansive agricultural programme will be implemented targeting small-holder farmers and leveraging large-scale private sector players in the agric business with strong performance record.
“In this regard, the expertise of Development Finance Institutions, commercial banks and microfinance banks will be tapped into to develop a viable and an appropriate transaction structure for all stakeholders.
“I made a solemn pledge to work for you. How to improve your welfare and living condition is of paramount importance to me and it’s the only thing that keeps me up day and night,” he said.
