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BREAKING: President Tinubu Addresses Nigerians (National Broadcastc Speech)

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THIS NATIONAL BROADCAST BY PRESIDENT BOLA TINUBU ON CURRENT ECONOMIC CHALLENGES IS RELEASED TO YOU STRICTLY UNDER EMBARGO UNTIL 7.30 PM, JULY 31 AFTER THE PRESIDENT HAS READ IT. KINDLY REFRAIN FROM USE ON YOUR ONLINE PLATFORMS OR ANY PLATFORM WHATSOEVER UNTIL THE AFOREMENTIONED TIME.

TEXT OF THE NATIONAL BROADCAST BY PRESIDENT BOLA TINUBU TO NIGERIANS ON CURRENT ECONOMIC CHALLENGES.

AFTER DARKNESS COMES THE GLORIOUS DAWN

My fellow citizens,

I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced.

2. I am not going to talk in difficult terms by dwelling on economic jargon and concepts. I will speak in plain, clear language so that you know where I stand. More importantly, so that you see and hopefully will share my vision regarding the journey to a better, more productive economy for our beloved country.

3. For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its usefulness. The subsidy cost us trillions of Naira yearly. Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security. Instead, it was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals.

4. This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance. To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it.

5. The whims of the few should never hold dominant sway over the hopes and aspirations of the many. If we are to be a democracy, the people and not the power of money must be sovereign.

6. The preceding administration saw this looming danger as well. Indeed, it made no provision in the 2023 Appropriations for subsidy after June this year.  Removal of this once helpful device that had transformed into a millstone around the country’s neck had become inevitable.

7. Also, the multiple exchange rate system that had been established became nothing but a highway of currency speculation. It diverted money that should have been used to create jobs, build factories and businesses for millions of people. Our national wealth was doled on favourable terms to a handful of people who have been made filthy rich simply by moving money from one hand to another. This too was extremely unfair.

8. It also compounded the threat that the illicit and mass accumulation of money posed to the future of our democratic system and its economy.

9. I had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy. 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.

10. Thus, 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.

11. 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.

12. What I can 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.

13. 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.

14. Earlier this month, I signed four (4) Executive Orders in keeping with my electoral promise to address unfriendly fiscal policies and multiple taxes that are stifling the business environment. These Executive Orders on suspension and deferred commencement of some taxes will provide the necessary buffers and headroom to businesses in the manufacturing sector to continue to thrive and expand.

15. To strengthen the manufacturing sector, increase its capacity to expand and create good paying jobs, we are going to spend N75 billion between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start a sustainable economic growth, accelerate structural transformation and improve productivity. Each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9% per annum with maximum of 60 months repayment for long term loans and 12 months for working capital.

16. Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector with N125 billion.

17. 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.

18. 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.

19. 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.

20. In the short and immediate terms, we will ensure staple foods are available and affordable. To this end, I have ordered the 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.

21. Our plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course. To be specific, N200 billion out of the N500 billion approved by the National Assembly will be disbursed as follows:

-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.

22. 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.

23. 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.

24. Fellow Nigerians, 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.

25. It is in the light of this that I approved the Infrastructure Support Fund for the States. This new Infrastructure Fund will enable States to intervene and invest in critical areas and bring relief to many of the pain points as well as revamp our decaying healthcare and educational Infrastructure.

26. The fund will also bring improvements to rural access roads to ease evacuation of farm produce to markets. With the fund, our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians.

27. Part of our programme is to roll out buses across the states and local governments for mass transit at a much more affordable rate. We have made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.

28. These buses will be shared to major transportation companies in the states, using the intensity of travel per capital. Participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period.

29. In the same vein, we are also working in collaboration with the Labour unions to introduce a new national minimum wage for workers. I want to tell our workers this: your salary review is coming.

30. Once we agree on the new minimum wage and general upward review, we will make budget provision for it for immediate implementation.

31. I want to use this opportunity to salute many private employers in the Organised Private Sector who have already implemented general salary review for employees.

32. Fellow Nigerians, this period may be hard on us and there is no doubt about it that it is tough on us. But I urge you all to look beyond the present temporary pains and aim at the larger picture. All of our good and helpful plans are in the works. More importantly, I know that they will work.

33. Sadly, there was an unavoidable lag between subsidy removal and these plans coming fully online. However, we are swiftly closing the time gap. I plead with you to please have faith in our ability to deliver and in our concern for your well-being.

34. We will get out of this turbulence. And, due to the measures we have taken, Nigeria will be better equipped and able to take advantage of the future that awaits her.

35. In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters. That money will now be used more directly and more beneficially for you and your families.

36. For example, we shall fulfill our promise to make education more affordable to all and provide loans to higher education students who may need them. No Nigerian student will have to abandon his or her education because of lack of money.

37. Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter.

38. We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene.

39. I assure you my fellow country men and women that we are exiting the darkness to enter a new and glorious dawn.

40. Now, I must get back to work in order to make this vision come true.

41. Thank you all for listening and may God bless the Federal Republic of Nigeria.

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Ekiti Airport targets 24-hour flight operation, says Gov Oyebanji

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….Says Ekiti economy has improved significantly under his watch

Ekiti State Governor, Mr Biodun Oyebanji has revealed that efforts are in place to ensure the Ekiti Agro-Allied International Cargo Airport runs 24-hour operation, in a bid to make the route competitive.

The Governor also expressed delight that the economy of the state has recorded significant improvement in the past two-and-a-half years, promising to do more in order to ensure a more sustainable development of the state and better living standard for the people.

Governor Oyebanji who stated these on Monday night during the March edition of his monthly media chat, “Meet Your Governor”, said his government intends to make the Ekiti Airport a major hub, as well as a major driver of the economy, attracting more investors to the state and boosting the economic capacities of the citizens.

He explained that his administration has entered into discussions with three major airlines in the country to commence commercial flights at the airport, facilitate air travel, tourism development, more investment and transportation of cargoes and export of farm produce to local and international destinations.

While expressing optimism that at least two of the airlines would operate flights to and from the airport, Oyebanji said his administration also hopes to make the route competitive by working hard to install Instrument Landing System (ILS) that will enable the operation of 24-hour flights in the airport.

The Governor said: “The issue is to make the route profitable and competitive for airlines and if the route is profitable, they will bring their planes. Part of what we are doing is to make it an airport of choice and by next year, they will be able to run Hajj and (Christian) pilgrimage.

“To make it an airport of choice, we must put a structure that guarantees 24-hour landing.

There is what we call Instrument Landing System (ILS) which enables night operations and also enables planes to land in extreme weather.

ILS as at today will cost close to N4.6 billion but we are determined to get it done.

“We are determined that before the end of this year, we will install ILS at the Ado Airport.

If we are able to do that, it will be the second airport in Southwest after Lagos Airport that has such a facility so that aircraft can land at night. We are also talking to a vendor that will provide a hangar for airport services, so it’s a whole gamut of transaction that is going on.

“The Governor also disclosed that a cargo shed is being constructed at the airport to serve as storage facility for farm produce and cash crops. He commended the Senate Leader, Senator Opeyemi Bamidele for facilitating its inclusion in the budget.

The Ekiti Agro-Allied International Cargo Airport was given approval for non-scheduled flight operation for six months last December. Governor Oyebanji who said expressed optimism that the airport would be one of the most competitive by the time it commences commercial operations.

Speaking further, Governor Oyebanji identified some indices of economic growth witnessed under his administration to include springing up of more businesses in the state made possible by an enabling environment for them to flourish, improved internally generated revenue and receipts from the Federation Account, as well as adequate protection of lives and property.

The Governor who disclosed that the state’s Internally Generated Revenue (IGR) have moved from about N600 million monthly to over N2 billion monthly, attributed the feat partly to the fact that more residents are now encouraged to pay their taxes, having seen evidence of the government’s effective utilization of proceeds of the taxes in every part of the state.

He explained that his administration has not restricted development strides to only Ado-Ekiti, the state capital, as it is being speculated in some quarters, noting that virtually all parts of the state including the rural areas have been touched.

He also expressed readiness to keep on working for the people of the state till his last day in office, stressing that he wont be distracted by on going politicking.

Speaking on the state of the treasury, Oyebanji said what the state government and local governments receive monthly are not hidden as they are published by the office of the Accountant General noting that they vary from one month to the other.

He emphasized that his administration does not tamper with the local government funds as the State House of Assembly has an enabling law with established the Joint Account Allocation Committee (JAAC) with the monies for the councils coming directly into the account from the Central Bank of Nigeria (CBN).

While noting that he does not get involved in how the funds are shared, the Governor pointed out that he only monitors the projects the council chairmen execute with the funds to ensure that they are in line with the needs of the people and they such projects are satisfactory.

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Kogi State enforces ban on rallies, public gatherings amidst riding security concerns

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In view of the growing security concerns in Kogi State, the government has announced a ban on all forms of rallies or public gatherings that have the potential to disrupt public peace.

According to a statement on Monday by the Kogi State Commissioner for information and Communication Kingsley Fanwo, the decision comes after reports of planned violent rallies disguised as political and religious agitations surfaced.

The Commissioner averred that the state government has taken proactive measures to prevent any form of security breach that could destabilize the peace and security of the state.

Explaining further, Fanwo said “With recent incidents in various local government areas, including clashes in communities and tensions rising due to planned rallies, the government has deemed it necessary to implement stricter security measures.

“The ban on public gatherings includes suspending all fishing activities in Kogi Local Government Area until peace is completely restored after recent clashes resulted in the loss of lives.

Additionally, security operatives have been deployed to affected areas to restore calm and implement the directive.

“Furthermore, in Ankpa Local Government Area, communal clashes between Ika-Odele and Ika Ochala are threatening the peace in Kogi East. Security personnel have been deployed to the area to calm the situation and avert further loss of lives and property.

“The ban on rallies and public gatherings applies to all individuals, groups, or organizations within the state until further notice. The government acknowledges citizens’ constitutional rights to express themselves but emphasizes that security considerations must take precedence for public safety.

“The state government has also directed that any individual or group entering Kogi State with a convoy of security personnel must obtain prior clearance from state commands to prevent unauthorized movements and ensure the presence of duly accredited security agents.

“To ensure strict enforcement of these measures, the State Security Adviser has been tasked to work closely with all security agencies and maintain high alertness to prevent any breakdown of law and order”.

Fanwo added that the government urged residents to remain law-abiding, vigilant, and cooperative with security agencies to guarantee the safety and well-being of all citizens.

“With the Chief Servant of Kogi State leading efforts to protect lives and property and maintain peace and stability in the state, residents are encouraged to report any suspicious activities or movements to the appropriate security authorities.

The government reassures the public that any attempt to undermine the peace and security of Kogi State will be met with the full force of the law.

“By implementing these measures and collaborating with security agencies and community leaders, the Kogi State Government is committed to safeguarding the state and providing a safe environment for all residents” the statement added.

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President Tinubu congratulates Jim Ovia on admission to the freedom of the city of London

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President Bola Tinubu has congratulated the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, on his admission to the prestigious Freedom of the City of London.

Admission to the Freedom of the City of London is an honour bestowed on individuals for their service to the city or for their achievements.

In a press statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, President Tinubu described the honour as a fitting recognition for Mr Ovia’s exceptional contributions to business, innovation, and technology, as well as for his role in shaping Nigeria’s financial landscape and strengthening economic ties between Africa and the rest of the world.

“This honour is a testament to your unwavering commitment to excellence, your pioneering role in the growth of the financial services sector in Nigeria, and your visionary leadership that continues to inspire generations.

As an accomplished entrepreneur and advocate of innovation-driven development, your recognition in the City of London affirms the global relevance of Nigerian excellence and enterprise”, the President stated.

President Tinubu commended Mr Ovia for being a distinguished ambassador of the nation’s private sector and wished him continued success in his endeavours.

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