Nigerian President Bola Tinubu pledged to reshape and modernize the country’s economy and to secure the lives, liberty and property of the people in a speech on the 63rd anniversary of Nigeria’s independence on Sunday.
Tinubu said that bold reforms were necessary to place Nigeria on the path of prosperity and growth.
He announced the end of the fuel subsidy, which he said was necessary to stabilize the economy and direct fiscal and monetary policy to fight inflation, encourage production, ensure the security of lives and property and lend more support to the poor and the vulnerable.
The President also announced a provisional wage increment to enhance the federal minimum wage without causing undue inflation. For the next six months, the average low-grade worker shall receive an additional Twenty-Five Thousand naira per month.
Tinubu said that his administration was also committed to improving the efficiency of tax administration in the country and addressing fiscal policies that are unfair or hinder the business environment and slow growth.
On security, Tinubu said that inter-Service collaboration and intelligence sharing have been enhanced. Our Service Chiefs have been tasked with the vital responsibility of rebuilding the capacities of our security services.
The President concluded by saying that the journey ahead will not be navigated by fear or hatred. We can only achieve our better Nigeria through courage, compassion and commitment as was setting up training facilities and workshops across the nation to train and provide new opportunities for transport operators and entrepreneurs.
The President said that making the economy more robust by lowering transport costs would be key and that embracing more efficient means to power the economy was a groundbreaking moment.
Tinubu said that his administration was committed to improving the lives of Nigerians and that the new CNG bus scheme was one way of doing this.