Protests Will Only Delay Economic Growth, FG Tells Nigerians
PEACE AND STABILITY: THE BEDROCK OF OUR ECONOMIC RECOVERY AND DRIVER FOR GOOD GOVERNANCE
We are gathered here today at An important moment in our nation’s history. A moment sign posted by a combination of challenges and opportunities. Challenges because Nigerians are passing through unintended economic challenges occasioned a few of the bold policy decisions taken by this administration. Opportunities because our economy is being refined and recalibrated for better future and when dialogue is a stronger pedestal for good governance.
Economic prosperity for the nation remains the ultimate goal of the administration of President Bola Ahmed Tinubu because it is the engine that drives progress, lifts families from poverty, and builds strong, resilient societies. To achieve this goal, we must enjoy peace and stability because it is the cornerstone upon which we build trust, cooperation, and shared purpose. When peace reigns, policies yield results, businesses thrive, investments flourish, and creativity is unleashed.
This administration at inception in May 2023 inherited an economy in need of urgent , bold and imaginative reforms. Policy measures including removal of an unsustainable fuel subsidy regime had to be taken. This, it must be admitted has resulted in unexpected adjustments that impacted all facets of the economy and our daily lives.
The administration similarly inherited a security situation that had existed for two decades and required greater attention in terms of upgrade of security architecture, infrastructure, systems, capability and capacity of personnel. This has compelled massive infusion of scarce resources from our already dwindling revenue. The objectives have been to secure lives and property, build foreign investors’ confidence, and increase food production by returning our communities to their homes and farm lands in safe and secure environment.
President Bola Ahmed Tinubu sought the mandate of Nigerians to lead the nation at this difficult time because he knew that effective leadership was required to address the challenges that had accumulated over several years. That was why he sought to renew the hope of Nigerians.
Within a space of fourteen months of purposeful leadership, the administration has recorded tremendous accomplishments that laid the foundation for immediate, medium and long term prosperity of Nigerians, in an inclusive manner.
Let me avail you a few concrete cross cutting examples of achievements. This is in addition to those specific accomplishments from twenty Ministries as contained in the annex to this briefing.
Labour Sector and the Masses:
(a). Consequent upon the impact of the removal of subsidy, the President, working with the Governors released the sum of five billion Naira to each State to cushion the impact in an inclusive manner that prioritised the poor, vulnerable and the elderly;
(b).Mr. President approved a Wage Award of Thirty-five Thousand Naira for a period of six months to cushion the effect on workers. This award was higher than the minimum wage
(c). Mr. President has just signed into law a new National Minimum Wage Act which prescribed N70,000:00. This represents more than 100% increase from the last minimum wage (30,000) and takes retroactive effect from April
(d). Currently, as we speak, States, through their Governors, are receiving twenty trailer loads of assorted grains per state, approved by the President for distribution to citizens. This is intended to cushion the high cost of foodstuff
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(e). Government has removed tariffs on imported food items to bring down the prices of food stuff
(g). Farm inputs including fertilisers, are also being made available to farmers at highly subsidised rates to boost food production and reduce cost. Mr President has also approved the release of sixty four trailer loads of fertizers to each state to boost agricultural production.
(h) The Agricultural land development Agency has also been repositioned to facilitate land preparation for farmers
(h). Recently the President established the Ministry for Livestock Development in order to address the challenges in the sector and facilitate access to affordable protein by Nigerians and boost export.
(ii). Infrastructure Development & Industries
Road and other critical infrastructure are being developed across the nation as part of long term measures to reposition the economy and ease movement on the roads and by rail.
The Bank of Industry is also being supported to fund the growth of MSMEs in the industrial sector
Recently, the Renewed Hope Infrastructure Plan was unveiled as a catalyst for economic boom.
Railways infrastructure is also being developed across the nation to facilitate affordable transportation by the citizens
(III). SOCIAL SAFETY NET PROGRAMS
Currently , over 15 million indigent, poor and highly vulnerable families are beneficiaries of the family support cash grants by the FG
(iv) LOCAL GOVERNMENT AUTONOMY
(a). As part of the efforts of the FG to take development to the grass roots, the government approached the Supreme Court for a decision on the funding of LGAs in Nigeria. The favourable judgement has now set the LGA on the path to their financial and development autonomy.
(v). Ministry of Livestock development :
(a). For the first time in our nation, the President created a stand alone Ministry for the Youth that account for a large percentage of our population
(vi) YOUTH DEVELOPMENT
(a). Under the N35 Billion Nigerian Education Loan Fund (NELFUND) approved beneficiaries have exceeded the 40 thousand mark, of the expected 70 thousand beneficiaries.
Ladies and gentlemen, it is in the light of these aforementioned situation and accomplishments that we wish to inform you that Nigeria is work in progress and in due course, we shall breath a sigh of relief. The on-going economic hardships would abate very soon and we shall all enjoy endless prosperity.
We therefore appeal to Nigerians of whatever persuation, belief, demography, gender and status to shun calls for protest against hunger by prioritising paece and progress.
For the avoidance of doubts, the government of President Tinubu recognises the right to peaceful protest but circumspection and vigilance should be our watch words. Government is weary of the dangers associated with protests that are vulnerable to being highjacked by bandits, insurgents and other criminals. Rather, we request that dialogue should be advanced and we remain open to such.
Our appeal is that Nigerians should please pursue the path of peace, dialogue and collaboration in addressing the challenges that collectively confront us. Please go about your legitimate businesses and avoid actions and/or association that are capable of disturbing the peace of th country. Remain vigilant as well.
Let me reassure you that together, we shall create a Nigeria where peace and stability are not merely aspirations but realities, where economic growth is not just a goal but a tangible outcome, and where the dreams of our people are transformed into a shared national destiny.
Thank you for listening
