THE CABLE
On Monday, President Bola Tinubu addressed Nigerians on the current economic challenges in the country and shared his plans to address them.
In the televised speech, he highlighted several palliatives measures to be implemented to cushion the impact of the removal of the subsidy on Nigerians.
Here are seven takeaways from his speech.
‘NEW MINIMUM WAGE FOR NIGERIAN WORKERS’
The president said the federal government and the labour unions are working to determine a new minimum wage threshold for Nigerian workers.
“I want to tell our workers this: your salary review is coming,” he said.
“Once we agree on the new minimum wage and general upward review, we will make budget provisions for it for immediate implementation.”
‘ABOUT N1 TRILLION SAVED FROM SUBSIDY REMOVAL’
Tinubu told Nigerians that the federal government has saved N1 trillion in two months in funds that would have been used for the payment of petrol subsidy.
“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,” the president said.
“That money will now be used more directly and more beneficially for you and your families.”
‘GRANTS FOR MSMEs IN THE 774 LGA’
Speaking on his plans for the informal economy, the president said his administration would power the sector with N125 billion.
Tinubu said his 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,” he said.
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