My fellow citizens,
Today, I address the pressing economic challenges that our nation has been facing. I want to explain the reasons behind the policy measures I have taken and share my vision for a stronger and more prosperous economy.
I will speak plainly, avoiding economic jargon, to ensure you understand my stance and my aspirations for our beloved country.
For years, I have advocated for the removal of the fuel subsidy. This outdated measure cost our nation trillions of Naira annually. Instead of benefiting the majority, these funds were funneled into the pockets of a select few. This elite group wielded immense power, posing a threat to our democracy and fair economic practices.
In line with our democratic ideals, the people's welfare should always prevail over the interests of a privileged few. The preceding administration also recognized the need for change and did not allocate funds for the subsidy beyond June this year, making its removal inevitable.
Additionally, the multiple exchange rate system promoted currency speculation and favored a handful of individuals who accumulated immense wealth through unfair practices. This system also jeopardized the future of our democracy and economy.
To address these imbalances, I pledged to reform the economy for long-term growth. The removal of the subsidy and preferential exchange rate system were crucial steps in this endeavor.
I understand the hardship our citizens face due to the current economic challenges. The increase in fuel and food prices has put a strain on households and businesses. I wish there were alternative solutions, but the measures we have taken are necessary for our country's long-term benefit.
To alleviate immediate burdens, the Federal Government is working with states and local governments to implement interventions targeting different socio-economic brackets.
I recently signed Executive Orders to address unfriendly fiscal policies and multiple taxes stifling the business environment. These measures will provide businesses in the manufacturing sector with the support they need to thrive and expand.
To strengthen the manufacturing sector and promote job creation, we will invest N75 billion between July 2023 and March 2024 in 75 enterprises. These enterprises will receive credit at a low interest rate, helping them grow sustainably.
Recognizing the importance of micro, small, and medium-sized enterprises, we will energize this sector with N125 billion. Part of this fund will be directed to 1 million nano businesses in all 774 local governments, supporting them with conditional grants.
Moreover, to ensure affordable food prices, we have engaged with farmers' associations and agricultural stakeholders. We are releasing grains from strategic reserves and providing essential inputs to support food security.
Our commitment to agriculture remains steadfast, and we will cultivate 500,000 hectares of farmland, focusing on rice, maize, wheat, and cassava. This agricultural program targets smallholder farmers and leverages private sector players with a proven track record.
Furthermore, we have approved the Infrastructure Support Fund for states, enabling them to invest in critical areas and improve healthcare and educational infrastructure. This fund will also improve rural access roads and boost economic prosperity across the nation.
In collaboration with labor unions, we are working towards a new national minimum wage to benefit workers. I urge you to be patient as we implement these changes to improve your welfare.
Though we face challenges, we will emerge stronger. Our measures have already saved trillions of Naira, redirecting these funds to benefit you and your families directly.
Our commitment is to promote the greatest good for the greatest number of people. We are aware of the time lag between subsidy removal and full implementation of our plans, but we are swiftly closing that gap.
I implore you to have faith in our ability to deliver and in our genuine concern for your well-being. Together, we will overcome this turbulence and seize the opportunities that lie ahead.
A brighter future awaits Nigeria. Let us embrace this new dawn with hope and determination. I must now return to work, driven by my dedication to making this vision a reality.
Thank you for listening, and may God bless the Federal Republic of Nigeria.
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