ABEOKUTA– The Olu of Imasayi-Yewa, HRM Alayeluwa Olalekan Adeleke Kuoye, Fcim has hailed President Bola Ahmed Tinubu on his address to the nation amid the prevailing economic hardship occasioned by the fuel subsidy remover.
The monarch, in a press statement made available to newsmen through his media aide, Hakeem Adegbenro, stated that the proactive address has helped to douse some tension in the land.
Recall that President Tinubu in a nationwide addressed on Monday, pleaded with Nigerians to bear the temporary pains as the sacrifice needed by all, for a prosperous future.
Tinubu noted that he understands the current economic challenges but assured that, “After darkness comes the glorious dawn.
“I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced.
“For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its usefulness.
“The subsidy cost us trillions of Naira yearly. Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security. Instead, it was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals.
“This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance. To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it”
The president also alluded that the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of the people across socio-economic brackets.
He noted that earlier this month, he signed four (4) Executive Orders in keeping with his electoral promise to address unfriendly fiscal policies and multiple taxes that are stifling the business environment.
“These Executive Orders on 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.
“To strengthen the manufacturing sector, increase its capacity to expand and create good paying jobs, 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 annum with maximum of 60 months repayment for long term loans and 12 months for working capital.
“Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important 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”, the president had said
Oba Kuoye, a former Chairman of ASCSN NIMC Unit in Ogun State, however called on the Nigeria Labour Congress (NLC) to halt its proposed strike slated to begin on August 2nd, saying that “it is better to allow the proposed policies of the Tinubu-led administration to succeed”.
