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During his inauguration, President Tinubu declared the discontinuation of the petroleum subsidy regime, as it was absent from the 2023 budget he reviewed. He also mentioned plans to redirect the subsidy funds towards other priorities, including public infrastructure, education, healthcare, and job creation. President Bola Tinubu’s Independence Day address encompassed 15 major points that outlined his vision for Nigeria’s future:
- Provisional Wage Increment: President Tinubu announced a temporary wage increase of N25,000 for low-grade workers for the next six months to enhance the federal minimum wage.
- Economic Reforms: He stressed the need for bold economic reforms, including ending the fuel subsidy, to set Nigeria on a path of prosperity and equitable wealth distribution.
- Shared Costs for Equitable Wealth: The President acknowledged the challenges of these reforms but emphasized their necessity to ensure shared prosperity among all citizens.
- Relief Measures: President Tinubu detailed various relief measures, including public sector reforms, fiscal and monetary policies to combat inflation, and support for the poor.
- Infrastructure Support Fund: An Infrastructure Support Fund was established to assist states in critical investments and provide relief against rising food prices.
- Transportation Revolution: Plans were unveiled for a transportation revolution involving the deployment of cost-effective compressed natural gas (CNG) buses to reduce transport costs.
- CNG Conversions and Training: Efforts were initiated to expedite CNG conversion kits and create training facilities for transport operators and entrepreneurs.
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- Central Bank Reforms: Reforms within the Central Bank were outlined to ensure monetary policies benefit all citizens and not just the wealthy.
- Tax Reforms: A Committee on Tax Reforms was inaugurated to enhance tax administration efficiency and address fiscal policies hindering the business environment.
- Support for Enterprises: Investment funding was promised for promising enterprises, with a focus on micro, small, and medium-sized businesses.
- Expanded Social Safety Net: The President announced the expansion of cash transfer programs to an additional 15 million vulnerable households, starting immediately.
- Enhanced Security: Ensuring the safety of citizens remained a top priority, with a focus on inter-service collaboration, intelligence sharing, and capacity building for security services.
- Inclusive Appointments: President Tinubu committed to inclusive appointments, considering women, youth, and the physically challenged while adhering to constitutional provisions.
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- Acknowledging Contributions: He expressed gratitude to the National Assembly, judiciary, civil society organizations, and labour unions for their contributions to Nigerian democracy.
- Dedication to Democracy: President Tinubu emphasized Nigeria’s commitment to democracy, the rule of law, and the nation’s history of electing consecutive civilian governments.
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