Key Takeaways from President Tinubu’s Address

Suspension of Protests:
President Tinubu has urged the suspension of the “End Bad Governance” protests to prevent further violence and destruction. He stressed the importance of dialogue and collaboration to address the protesters’ grievances.

The President expressed deep sorrow over the loss of lives and property in states like Borno, Jigawa, Kano, and Kaduna. He condemned the violent nature of the protests, highlighting the setbacks caused by the destruction of public facilities and looting.

Commitment to Public Order:
Tinubu reiterated his commitment to maintaining public order and protecting citizens’ lives and properties. He warned that the government would not tolerate actions that threaten national unity and stability.

Economic Reforms:
The President discussed the removal of fuel subsidies and the abolition of multiple foreign exchange systems, describing these steps as necessary to correct economic misalignments and prevent exploitation by a powerful few.

Increased Government Revenues:
Due to these economic reforms, government revenues have more than doubled, providing greater financial capacity to invest in social services and infrastructure.

Debt Service Reduction:
Tinubu announced that the government has successfully reduced debt service expenditure from 97% to 68% of revenue, allowing more funds to be directed towards critical sectors like education and healthcare.

CNG Initiative:
To reduce transportation costs and reliance on petrol and diesel, the government has launched a Compressed Natural Gas (CNG) Initiative. This program aims to distribute a million conversion kits at low or no cost to commercial vehicles, potentially cutting transportation costs by 60%.

Support for Youth and Small Businesses:
Several programs have been introduced to support youth and small businesses, including the Skill-Up Artisans Programme (SUPA), Nigerian Youth Academy (NIYA), and National Youth Talent Export Programme (NATEP). Additionally, substantial funds have been allocated to expand livelihood support and provide micro and small business loans.

MSME Hubs:
The government has established 10 Micro, Small, and Medium Enterprises (MSME) hubs, creating 240,000 jobs. Five more hubs are under construction and are expected to be completed by October.

Manufacturing Support:
Large manufacturers are receiving single-digit interest loans to boost manufacturing output and stimulate economic growth. This initiative is part of a broader effort to enhance national infrastructure and create more opportunities for young people.

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