12 Major ECONOMIC POINTS from the Speech of President Bola Tinubu on Nationwide Protest
Based on the speech of President Bola Ahmed Tinubu on the nationwide protest, here are the 12 major economic-related measures highlighted
1. Removal of fuel subsidies and abolition of multiple foreign exchange systems to block economic leakages and mismanagement.
2. Significant increase in government revenue collection, reaching over ₦9.1 trillion in the first half of 2024.
3. Reduction in debt service from 97% to 68% of government revenue in the last 13 months.
4. Clearing of $5 billion in outstanding foreign exchange obligations.
5. Embarking on major infrastructure projects across the country, including the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway.
6. Reforms in the oil and gas industry, leading to increased oil production and attracting over $500 million in foreign direct investments.
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7. Launching the Compressed Natural Gas (CNG) Initiative to power the transportation sector and reduce costs.
8. Establishing the Student Loan Scheme (₦45.6 billion processed) and the Consumer Credit Corporation (₦200 billion) to support youth and households.
9. Securing $620 million for the Digital and Creative Enterprises (IDiCE) program to empower young people and create millions of IT and technical jobs.
10. Introducing various skills development and job creation programs, such as the Skill-Up Artisans Programme (SUPA), Nigerian Youth Academy (NIYA), and National Youth Talent Export Programme (NATEP).
11. Providing ₦570 billion to states for livelihood support and granting ₦1 million micro and small business loans to 75,000 beneficiaries.
12. Launching the Renewed Hope City and Estate projects to build 100,000 housing units across the country, creating jobs and stimulating economic growth.
By PRNigeria
