Amidst a looming nationwide strike by the Nigeria Labour Congress (NLC), President Bola Tinubu last night, announced the release of N500 billion palliative and provision of 3,000 compressed natural gas-fuelled buses to address the exorbitant fares occasioned by the withdrawal of petrol subsidy he announced at his inauguration on May 29.
The president disclosed this in a nationwide broadcast entitled ‘After darkness comes the glorious dawn’.
He said he had earlier approved the Infrastructure Support Fund for the States explaining that the Fund will enable states to intervene and invest in critical areas and bring aid to many of the pain points as well as revamp our decaying healthcare and educational Infrastructure.
“With the fund, our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians.
“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,” he said.
Tinubu said the buses will be shared to major transportation companies in the states, using the intensity of travel per capital adding that “participating transport companies will be able to access credit under this facility at 9 per cent per annum with 60 months repayment period.”
To ensure prices of food items remain affordable, the president said he had 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.
“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.
“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,” he added.
Tinubu also said the government would strengthen the manufacturing sector to create “good paying” jobs within eight months.
To strengthen the manufacturing sector, increase its capacity to expand and create good paying jobs, President Tinubu said “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 cent per annum with maximum of 60 months repayment for long term loans and 12 months for working capital,” he said.
The president also stated that his administration would energise micro, small and medium-sized enterprises and the informal sector with N125 billion.
“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.
“Ultimately, this programme will further drive financial inclusion by on boarding 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 N1 million at nine per cent interest per annum and a repayment period of 36 months,” he said.
