…promises cash transfers, empowering MSMEs, tax reforms, security
President Bola Tinubu in his first Independence Day Address, Sunday, October 1, has announced a provisional wage increase which adds N25,000 to the monthly pay of Nigeria’s average low-grade worker for the next six months.
The President also announced the establishment of an Infrastructure Support Fund for states to invest in critical areas to ensure better grassroots development.
He further said the states have already received funds to provide relief packages against the impact of rising food and other prices.
He said government was committed to making the economy more robust by lowering public transport costs through the deployment of cheaper, safer Compressed Natural Gas (CNG) buses across the nation.
The CNG buses, he said will operate at a fraction of current fuel prices, positively affecting transport fares.
He said to this end, CNG conversions kits will start coming in very soon and all hands are on deck to fast track the usually lengthy procurement process.
“We are also setting up training facilities and workshops across the nation to train and provide new opportunities for transport operators and entrepreneurs. This is a groundbreaking moment where, as a nation, we embrace more efficient means to power our economy.
“I pledged a thorough housecleaning of the den of malfeasance the CBN had become. That housecleaning is well underway. A new leadership for the Central Bank has been constituted.
“Also, my special investigator will soon present his findings on past lapses and how to prevent similar reoccurrences. Henceforth, monetary policy shall be for the benefit of all and not the exclusive province of the powerful and wealthy”, he added.
Wise tax policy is essential to economic fairness and development. I have inaugurated a Committee on Tax Reforms to improve the efficiency of tax administration in the country and address fiscal policies that are unfair or hinder the business environment and slow our growth.
To boost employment and urban incomes, we are providing investment funding for enterprises with great potential. Similarly, we are increasing investment in micro, small and medium-sized enterprises.
Commencing this month, the social safety net is being extended through the expansion of cash transfer programs to an additional 15 million vulnerable households.
My administration shall always accord the highest priority to the safety of the people. Inter-Service collaboration and intelligence sharing have been enhanced. Our Service Chiefs have been tasked with the vital responsibility of rebuilding the capacities of our security services.
Here, I salute and commend our gallant security forces for keeping us safe and securing our territorial integrity. Many have paid the ultimate sacrifice. We remember them today and their families. We shall equip our forces with the ways and means needed to perform their urgent task on behalf of the people.
We shall continue to make key appointments in line with the provisions of the Constitution and with fairness toward all. Women, Youth and the physically challenged shall continue to be given due regard in these appointments.
