President Bola Tinubu says he is aware of the severe impact the economic crisis in the country has on Nigerians.
According to presidential aide, Bayo Onanuga, the president said this in a short interview with The Nation, a text of which was shared on his Facebook page.
Asked if he was aware millions of Nigerians were battling a cost-of-living crisis, Tinubu said, “As your President, I am deeply aware of the economic crisis’s severe impact on Nigerians, and we are part of a global challenge with the rising costs of living.”
However, the president said his administration has put measures in place to cushion the effect of the present challenges and improve the economy.
“To help our people, my administra:on is taking proactive steps. We are focused on providing financial support to businesses and ensuring the availability and affordability of staple foods, which are essen:al for every Nigerian family.
“One of our key initiatives is the provision of N25,000 monthly to 15 million households, for a three-month period. To further support food security, we’re working with our partners, local and interna:onal, to improve agricultural prac:ces and provide essential resources to farmers.”
He added that the National Single Window Project is being implemented to enhance international trade efficiency.
“All these efforts are in line with our commitment to reducing the economic burden on our citizens, especially the working class and vulnerable groups.
“The reallocation of funds from the removal of the petrol subsidy is also a strategic move to bolster our government’s finances, contribu:ng to a stable economic environment for all.
“Furthermore, in our commitment to ease the economic strain on our citizens, particularly the working class and vulnerable groups, our administration is championing the shift to cleaner energy sources.
“We recognize the benefits of Compressed Natural Gas (CNG) in providing an affordable and cleaner mass transit system. To facilitate this, we have waived the Value Added Tax (VAT) on CNG purchases.
“Additionally, to reduce the costs in food transportation and manufacturing, we’ve also waived VAT on diesel for six months,” Tinubu stated.
The president said he fully appreciated that these “massively important reforms” have been hard, but the dividends are already manifesting, with even more in sight.
“We have already seen improvements in our economic outlook, as corroborated by the likes of Fitch and Moody’s. These may seem ‘academic’ to many but the impact on investor confidence is significant,” he stressed.