Five major takeaways from President Tinubu’s first independent day speech can be accessed below.
NewsOnline Nigeria reports that in his first independent day speech as the Nigerian leader, President Bola Tinubu paid glowing tributes to the Nigerian security forces and the resilience of the people, defended his administration’s sweeping reforms that have caused hardship to the people, and rolled out temporary measures to mitigate the impact of those hardships.
In this article, NewsOnline Nigeria outlines five key takeaways from President Tinubu’s first independent day speech
Measures to ease economic hardship
President Tinubu announced a provisional wage increment to enhance the federal minimum wage for junior federal government staff, providing relief against rising inflation and the effects of the removal of fuel subsidy. The workers in this category will get an additional N25,000 each every month for the next six months.
“Based on our talks with labour, business and other stakeholders, we are introducing a provisional wage increment to enhance the federal minimum wage without causing undue inflation,” Tinubu said. “For the next six months, the average low-grade worker shall receive an additional Twenty-Five Thousand naira per month.”
Tinubu also announced that the Nigerian government would soon roll out buses that run on compressed natural gas (CNG) as a more affordable and efficient mode of public transportation, reducing transport costs and positively affecting fares. “We are also setting up training facilities and workshops across the nation to train and provide new opportunities for transport operators and entrepreneurs,” he said.
Economic reforms
He pledged to reform the central bank, ensure monetary policy benefits all citizens, and improve tax administration to promote economic fairness and development. He insisted that the Nigerian central bank should formulate policies that benefit the people, not a select few. A “thorough house cleaning” to ensure that is already underway, he said.
The president appointed a special investigator to probe CBN’s finances in July. He said a report from the investigator would be presented “soon”.
“Henceforth, monetary policy shall be for the benefit of all and not the exclusive province of the powerful and wealthy,” Tinubu said.
Still, on the economy, he said the country may soon see a new tax regime that would enhance business growth and address problems in the country’s fiscal policies.
“Wise tax policy is essential to economic fairness and development,” the president said. “I have inaugurated a Committee on Tax Reforms to improve the efficiency of tax administration in the country and address fiscal policies that are unfair or hinder the business environment and slow our growth.”
Boosting employment rates
The National Bureau of Statistics recently said the new methodology used for calculating employment rates showed that Nigeria has 4.1% unemployment rate, one of the lowest in the world. The figure was 33.3% the last time it was released in March 2021.
While many people have criticised the new methodology, President Tinubu insisted that his government has plans to boost job figures in Africa’s biggest economy, with a focus on empowering small and medium-scale businesses.
“To boost employment and urban incomes, we are providing investment funding for enterprises with great potential. Similarly, we are increasing investment in micro, small and medium-sized enterprises,” said the Nigerian president.
Social investment plan
President Tinubu also announced the plan to expand the social register to include an additional 15 million people. The social register will be used in the coming weeks to transfer cash to vulnerable Nigerians as a part of the measures to mitigate the effects of rising inflation.
“Commencing this month, the social safety net is being extended through the expansion of cash transfer programs to an additional 15 million vulnerable households,” he said.
Equipping the security forces
Nigeria faces a myriad of security challenges: separatist movement in the southeast, kidnap-for-ransom and robbery gangs in the northwest and decade-long insurgency in the northeast. Tinubu said his administration would enhance the capacity of the security forces to combat these challenges and pay glowing tributes to those who have “paid the ultimate sacrifice” in the line of duty.
“I salute and commend our gallant security forces for keeping us safe and securing our territorial integrity,” he said, adding that “we shall equip our forces with the ways and means needed to perform their urgent task on behalf of the people.”
