Nigeria’s President, Bola Tinubu, has unveiled a series of measures to address the surging cost of living that has sparked civil unrest and looting in the country. In a televised address, Mr. Tinubu announced the release of 200,000 tonnes of grain from strategic reserves to alleviate food scarcity.
Moreover, he pledged to increase the minimum wage and create more well-paying jobs, while providing financial assistance to support the farming, manufacturing, and smaller business sectors. The President acknowledged the challenges faced by the people and defended the recent removal of fuel subsidies, citing savings of $1.3 billion for the nation.
Nevertheless, the elimination of the fuel subsidy has triggered protests across the country. Despite the hardships, Mr. Tinubu urged citizens to trust in the government’s ability to deliver and assured them that the nation would overcome the current turbulence.
Additionally, he unveiled a $129 million fund to procure approximately 3,000 commercial buses to be distributed nationwide, aiming to tackle the rising transportation costs.
As the President implements his economic plans, he appealed for patience and support from the public. His address aimed to address the immediate concerns of citizens while demonstrating a commitment to long-term solutions to the economic challenges facing Nigeria.
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