Nigerian President, Bola Tinubu in his address to the country on Monday at 7 p.m., promised a number of initiatives to carry out his campaign promises and lessen burdens for Nigerians following the removal of subsidy on petrol (PMS).

Here are 10 highlights of his palliative plans:

New Minimum Wage

The government is seeking to establish a new national minimum wage for workers in partnership with labor unions. Once the wage review has been agreed upon and funding has been allocated, it will be put into effect.

Strengthen the manufacturing sector

This is to increase its capacity to expand and create good-paying jobs ” we are going to spend N75 billion between July 2023 and March 2024”

N125 billion for MSMEs

Micro, Small, and Medium-Sized Enterprises (MSMEs) will receive N125 billion in finance, according to President Tinubu’s proposal. By March 2024, incentives of N50 billion would be given to 1 million nano enterprises. A minimum payment of N50,000 will be given to each of Nigeria’s 774 local governments, helping a total of 1,300 Nano company owners in each region.

9 percent interest for SMEs and Startups

Additionally, a program with a N75 billion budget will provide support to 100,000 SMEs and startups. Entrepreneurs have access to loans ranging from N500,000 to N1,000,000 with a 36-month repayment period and a maximum annual interest rate of 9%.

Food price stabilization

The government will distribute 2000 metric tons of grains from strategic stockpiles to homes in all 36 states and the Federal Capital Territory to ensure that food remains inexpensive. Furthermore, farmers who are devoted to the country’s food security strategy will get 225,000 metric tons of fertilizer, seedlings, and other inputs.

N200 billion for farming

The cultivation of 500,000 hectares of farmland will be supported by the disbursement of N200 billion. This program will concentrate on growing rice, maize, wheat, and cassava, helping both small farmers and major actors in the agricultural business sector.

Infrastructure support for states

States will have access to a new infrastructure fund to address key areas and better living conditions. The money will be used to upgrade the facilities for healthcare and education as well as to widen roads for the delivery of farm products to markets.

N100 billion for mass transit

Three thousand 20-seater buses running on compressed natural gas (CNG) will be purchased by the government with an investment of N100 billion. Depending on the states’ levels of travel, these buses will be dispersed to the major transportation organizations. Transport businesses who are involved have access to finance with a maximum interest rate of 9% and a 60-month repayment period.

Student Loans

The over N1 trillion saved from fuel subsidy payments would be used to fund higher education student loans, guaranteeing that no Nigerian student has to give up their studies because of financial difficulties.

Suspension and deferred commencement of some taxes

Tinubu stated the 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.

By gvoice

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