A Synopsis Of President Bola Tinubu’s Speech On The Nationwide Protest

The President:

1. Acknowledged young Nigerians among the protesters who really desired a better and more progressive country where their dreams, hopes, and personal aspirations would be fulfilled.

2. Expressed profound sadnesss over the loss of lives in Borno, Jigawa, Kano, Kaduna and other states, the destruction of public facilities in some states, and the wanton looting of supermarkets and shops.

3. Commiserated with the families and relations of those who have died in the protests and called for immediate cessation of further bloodshed, violence, and destruction, as well as a suspension of the protest.

4. Warned against divisive rhetoric, declaring: “There is no place for ethnic bigotry or such threats in the Nigeria we seek to build.”

5. Reiterated the importance of the painful yet necessary decision to remove fuel subsidies and abolish multiple foreign exchange systems which had constituted a noose around the economic jugular of the nation and impeded economic development and progress.

6. Emphasized progress made so far on the fiscal side with aggregate government revenues more than doubling and hitting over 9.1 trillion naira in the first half of 2024 compared to the first half of 2023 due to his administration’s efforts at blocking leakages, introducing automation, and mobilising funding creatively without additional burden on the people.

7. Stated that revenue spent on debt service reduced from 97 percent to 68 percent in the last 13 months and with legitimate outstanding foreign exchange obligations of about $5 billion cleared.

8. Highlighted ongoing major infrastructure projects across the country, notably, the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway, as well as inherited projects.

9. Stated that oil production increased to 1.61million barrels per day, and that gas assets are receiving attention owing to recent reforms — with investments of over half a billion dollars signed.

10. Explained efforts on energy security and transportation cost reduction with the Compressed Natural Gas Initiative (CNG) to power the transportation economy and bring costs down, saving over two trillion naira a month being used to import PMS and AGO, and freeing up resources for more investment in healthcare and education.

11. Disclosed that a million kits of extremely low or no cost would be distributed to commercial vehicles that transport people and goods and who currently consume 80 percent of the imported PMS and AGO.

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12. Also, said that conversion kits were already being distributed and conversion centres being set up across the country in conjunction with the private sector.

13. On the Student Loan Scheme, the President said so far 45.6 billion naira has already been processed for payment to students and their respective institutions.

14. Disclosed he had directed the release of an additional N50 billion naira each for NELFUND – the student loan, and Consumer Credit Corporation from the proceeds of crime recovered by the EFCC.

15. Said $620 million secured under the Digital and Creative Enterprises (IDiCE) – a programme to empower our young people, creating millions of IT and technical jobs that will make them globally competitive.

16. Highlighted the introduction of the Skill-Up Artisans Programme (SUPA); the Nigerian Youth Academy (NIYA); and the National Youth Talent Export Programme (NATEP).

17. Stated that more than N570 billion had been released to the 36 states to expand livelihood support to their citizens, while 600,000 nano-businesses have benefitted from our nano-grants. An additional 400,000 more nano-businesses are expected to benefit.

18. Said 75,000 beneficiaries have been processed to receive N1 million Micro and Small Business single-digit interest loans, starting this month. 10 MSME hubs built within the past year, created 240,000 jobs through them, and 5 more hubs are in progress, which will be ready by October this year.

19. Stated that payments of N1 billion each are also being made to large manufacturers under our single-digit loans to boost manufacturing output and stimulate growth.

20. Mentioned the signing of the National Minimum Wage into law last week, with the lowest-earning workers to now earn at least N70,000 a month.

21. Said he had directed that tariffs and other import duties should be removed on rice, wheat, maize, sorghum, drugs, and other pharmaceutical and medical supplies for the next 6 months, in the first instance, to help drive down the prices.

22. On food security, he said fertilizers are being distributed with a plan to cultivate more than 10 million hectares of land, and that mechanized farming equipment, such as tractors and planters, worth billions of naira have been ordered from the United States, Belarus, and Brazil.

23. Emphasized that his government remains committed to listening and addressing the concerns of citizens.