Dear compatriots,

Today, I want to engage in a conversation about our nation’s economy. I’ll strive to shed light on the economic policies we’ve set in motion to tackle the longstanding challenges our country has been grappling with.

1. In this discussion, I will avoid confusing economic terms. Instead, I aim to speak transparently and clearly, presenting my vision for a prosperous economy that I hope you will join me in aspiring towards.

2. Over the years, my stance on the need to eradicate fuel subsidies has been unwavering. This previously advantageous measure has outlived its purpose. The trillions of Naira spent annually could be redirected towards sectors such as public transportation, healthcare, education, housing, and national security. But instead, it enriched a select few.

3. This group has accumulated enough wealth and influence to potentially distort our economic and democratic systems. Put simply, Nigeria cannot reach its full potential while such unelected, powerful groups hold sway over our political economy and institutions.

4. Democracy should be about the many, not the few. The people, rather than wealth, must be at the helm of our nation.

5. The previous administration also recognized this issue, failing to provide for subsidies in the 2023 Appropriations beyond June. The removal of this fiscal burden has become necessary.

6. Furthermore, the multiple exchange rate system mutated into a freeway for currency speculation, allowing wealth to be siphoned off by a handful of people merely transferring money. This, too, is a gross injustice.

7. This system has intensified the threat posed by illicit money accumulation to our democracy and economy.

8. I made a commitment to reform the economy by addressing significant imbalances, and terminating subsidies and the preferential exchange rate system are integral to this process. This battle is crucial to our nation’s future.

9. These economic flaws have largely benefited an exclusive elite group. As we strive to correct these defects, those who profit from them will inevitably resist.

10. Our economy is in a tough spot, and this hardship impacts you directly. The rising costs of fuel and food, struggling households and businesses, create an atmosphere of uncertainty. I empathize with you and wish there were easier solutions, but unfortunately, there aren’t. My intent is to support, not harm, the nation I hold dear.

11. What I can pledge immediately is efforts to alleviate the burden our current economic climate imposes, particularly on businesses, workers, and the most vulnerable.

12. The Federal Government is collaborating with state and local governments to implement measures that will alleviate the hardships experienced across socio-economic classes.

13. In line with my campaign promises, I recently signed four Executive Orders to tackle fiscal policies and redundant taxes hampering business growth. These orders, suspending and deferring some taxes, will provide necessary support for the manufacturing sector to flourish and expand.

14. To bolster the manufacturing sector and promote job creation, we will invest N75 billion between July 2023 and March 2024. The goal is to fund 75 promising enterprises, catalyzing economic growth, fostering structural transformation, and enhancing productivity. Each enterprise will have access to N1 Billion credit at 9% per annum, with a 60 months repayment plan for long-term loans and 12 months for working capital.

15. Our administration understands the significant role of micro, small, and medium-sized enterprises and the informal sector in driving economic growth. To that end, we plan to infuse this sector with N125 billion.

17. Out of this budget, we will direct N50 billion as Conditional Grants to one million nano businesses between now and March 2024. We aim to distribute N50,000 each to 1,300 nano business owners in each of the 774 local governments nationwide.

18. The objective is to enhance financial inclusion by integrating beneficiaries into the formal banking system. Similarly, we plan to fund 100,000 MSMEs and start-ups with N75 billion, with each enterprise promoter eligible for between N500,000 to N1million at 9% interest per annum, repayable over 36 months.

19. In our mission to maintain affordability of food items, we have collaborated with various farmer associations and players in the agricultural value chain.

20. In the short term, our priority is to ensure the availability and affordability of staple foods. I’ve ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the country to moderate prices. We’re also providing 225,000 metric tonnes of fertilizer, seedlings, and other inputs to farmers dedicated to our food security agenda.

21. Our commitment to support the cultivation of 500,000 hectares of farmland and promote year-round farming is on track. Specifically, N200 billion of the N500 billion approved by the National Assembly will be allocated as follows:

– N50 billion each to cultivate 150,000 hectares of rice and maize.

– N50 billion each will also be allocated for the cultivation of 100,000 hectares of wheat and cassava.

22. This comprehensive agricultural program is designed for small-holder farmers and will leverage private sector players with a proven track record in agribusiness.

23. We’ll harness the expertise of Development Finance Institutions, commercial banks, and microfinance banks to create a viable and appropriate transaction structure for all stakeholders.

24. As your leader, I pledged to serve you. Your welfare and living conditions are my utmost priority, and they keep me focused day and night.

25. With this in mind, I approved the Infrastructure Support Fund for the States, enabling them to invest in critical sectors, relieve pain points, and overhaul our declining healthcare and educational infrastructure.

26. The fund will also improve rural access roads, facilitating the transportation of farm produce to markets, making our states more competitive, and solidifying their financial capacity to deliver economic prosperity.

27. We are also rolling out buses across the states for affordable mass transit. We have allocated N100 billion for the acquisition of 3000 units of 20-seater CNG-fuelled buses between now and March 2024.

28. The buses will be allocated to major transportation companies in each state, based on the intensity of travel per capita. These companies can access credit under this facility at 9% per annum, repayable over 60 months.

29. Concurrently, we are working with labour unions to introduce a new national minimum wage. To our workers, I assure you, a salary review is on the horizon.

30. Once we agree on the new minimum wage and general pay rise, we will make budget provisions for immediate implementation.

31. I want to commend private employers in the Organised Private Sector who have already implemented general salary reviews for their employees.

32. My fellow Nigerians, this period is tough, but I urge us to look beyond the present hardships and focus on the larger picture. We have good plans in progress, and I am confident in their success.

33. There was an inevitable delay between the removal of subsidy and the full implementation of these plans. But rest assured, we are swiftly bridging that gap. I ask for your faith in our capacity to deliver and your trust in our concern for your well-being.

34. We will overcome this rough patch, and the steps we have taken will position Nigeria to seize future opportunities.

35. In just over two months, we have saved over a trillion Naira that would have been wasted on an unproductive fuel subsidy. This money will now be utilized more directly for the welfare of you and your families.

36. We will fulfill our promise of making education more affordable, providing loans to higher education students in need. No Nigerian student should have to forfeit their education due to financial constraints.

37. Our guiding principle is promoting the greatest good for the greatest number of our people, and we won’t deviate from this.

38. We are also tracking the impact of the exchange rate and inflation on fuel prices, ready to intervene if necessary.

39. My fellow Nigerians, rest assured that we are transitioning from a period of darkness to a glorious dawn.

40. Now, it’s time for me to return to my duties to ensure this vision becomes a reality.

41. Thank you all for your attention, and may God bless the Federal Republic of Nigeria.