June 11, 2024

Central News

at the center of it

Tinubu rejigs ‘palliatives’ economy

Tinubu rejigs ‘palliatives’ economy

Says N1trn from subsidy removal in 2 months

Apparently in anticipation of organised labour’s insistence on downing tools starting tomorrow August 2, 2023, the Federal Government has rolled out a fresh economic-recovery blueprint anchored on fuel subsidy removal.

On Monday night, President Bola Ahmed Tinubu, in a nation-wide marshalled a 45-paragraph speech in which he said at least N250bn would be mobilised within the next eight months beginning immediately to revitalise the manufacturing sector, with emphasis on small and medium-scale entrepreneurs.

Already,, he also said, at least 200,000 metric tonnes of grains had been ordered released to all 36 states and the Federal Capital Territory, for distribution as palliatives to citizens.

The president said the harsh economic circumstances in the country, now compounded by the sudden removal of subsidy on petroleum products were worrisome, even though he stated that about N1trn had been saved within only two months.

“Ending the subsidy and the preferential exchange rate system were key to this fight. This fight is to define the fate and future of our nation. Much is in the balance,” he said

The defects in our economy immensely profited a tiny elite, the elite of the elite you might call them. As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary.

The president admitted that,  “our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. 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 that what he could offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us. Already, the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of our people across socio-economic brackets. (Full text of the broadcast tomorrow):