Abdulhafiz Umar Barau has commended President Tinubu on the palliatives rolled out to cushion the effect of fuel subsidy removal, which is like cancer to the Nigerian economy.
Abdulhafiz Umar Barau, a Diaspora businessman, further says that the palliatives announced by the President are the best option for Nigeria’s economy to survive a complete collapse.
Recall that President Tinubu on Monday, July 31, 2023, in his speech to Nigerians, rolled out some measures to cushion the effect of fuel subsidy removals, such as the release of over 200,000 Metric Tonnes of grains to families in the 36 States and the Federal Capital Territory, Abuja; Vulnerable students benefit from Conditional Cash Transfers and food distribution; Provision of buses to students’ bodies in all Universities, Polytechnics, and Colleges of Education to ease transportation costs; The removal of all restrictions on the student loan makes it available to any student or household in need.
Among other announced measures are: Cultivation of 500,000 hectares of farmland and all-year-round farming practices remain on course; N200 billion out of the N500 billion approved by the National Assembly will be disbursed as follows: N50 billion for cultivating 150,000 hectares of rice, N50 billion for cultivating 150,000 hectares of maize, N50 billion for cultivating 100,000 hectares of wheat, and N50 billion for cultivating 100,000 hectares of cassava.
Also, the government will invest N75 billion to support the manufacturing sector and N125 billion to energize micro, small, and medium-sized enterprises; An Infrastructure Support Fund for the States will improve healthcare, education, and rural access roads; N100 billion will be invested in 3000 units of 20-seater CNG-fueled buses for mass transit at affordable rates; A new national minimum wage is being negotiated in collaboration with labor unions.
Also, the President said that over a trillion Naira has been saved by removing the fuel subsidy, which will now be used for more beneficial purposes, such as affordable education and student loans.
