President Bola Tinubu says the Nigerian government under his leadership will remain focused on promoting the livelihood of all citizens of the country.
He made the declaration on Monday, in a nationwide broadcast to the nation, regarding the current economic challenges the nation is facing as a result of the removal of subsidy on Premium Motor Spirit (PMS) also known as petrol.
The Nigerian leader said the government is also monitoring the fluctuations in foreign exchange rates and would soon address the problem.
He said: “Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter. We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene.
“I assure you my fellow countrymen and women that we are exiting the darkness to enter a new and glorious dawn. Now, I must get back to work in order to make this vision come true.”
President Tinubu, who was addressing the nation for the second time since he assumed office on May 29, 2023, expressed optimism that Nigeria will soon surmount the challenges facing the nation.
He said already, money is being saved as a result of the removal of subsidy and such funds would be ploughed back into various sectors.
“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.
“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.
“For example, we shall fulfil 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,” he added.
On agriculture, President Tinubu said government intends to inject about N500 billion into the sector and cultivate over 500, 000 hectares of land so as to boost food production across the country.
“Our plan to support the 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 a strong performance record.
“In this regard, the expertise of Development Finance Institutions, commercial banks and microfinance banks will be tapped into to develop a viable and appropriate transaction structure for all stakeholders,” President Tinubu explained.
