President Bola Tinubu addressed the nation on Sunday, August 4, 2024, amidst a wave of #EndBadGovernance protests that have spread across Nigeria. The nationwide protests, which began on Thursday, August 1, were sparked by widespread hardship experienced by citizens.
The situation escalated on Saturday when images and videos emerged of protesters in Kano chanting in Hausa, “We don’t want bad government,” highlighting their discontent with the current administration.
President Tinubu’s address aimed to quell the unrest and address the grievances of the protesters, but the outcome of his speech remains to be seen as the nation watches closely for any sign of resolution.
Here are Eight highlights from Tinubu’s national broadcast
Loss and Destruction:
The President is pained by the loss of lives and offers condolences to families affected, as well as the destruction of public facilities and properties in several states, stressing the setback this causes for the nation.
‘’I am especially pained by the loss of lives in Borno, Jigawa, Kano, Kaduna and other states, the destruction of public facilities in some states, and the wanton looting of supermarkets and shops, contrary to the promise of protest organisers that the protest would be peaceful across the country. The destruction of properties sets us back as a nation, as scarce resources will be again used to restore them’’
Suspension of Protests:
Tinubu urged protesters and organizers to suspend further protests and engage in dialogue, emphasizing the need for unity and cooperation across all divides to reshape the nation’s destiny.‘
’I hereby enjoin protesters and the organisers to suspend any further protest and create room for dialogue, which I have always acceded to at the slightest opportunity. Nigeria requires all hands on deck and needs us all – regardless of age, party, tribe, religion or other divides, to work together in reshaping our destiny as a nation’’
Economic Reforms:
Tinubu defended his decision to remove fuel subsidies and abolition of multiple foreign exchange systems to address economic mismanagement.
’’For decades, our economy has remained anaemic our dear country, Nigeria, reached a point where we couldn’t afford to continue the use of temporary solutions to solve long-term problems for the sake of now and our unborn generations. I therefore took the painful yet necessary decision to remove fuel subsidies and abolish multiple foreign exchange systems which had constituted a noose around the economic jugular of our Nation and impeded our economic development and progress’’
Fiscal Improvements:
The government’s efforts have led to doubling aggregate revenues and increasing productivity in the non-oil sector, with significant strides made in rebuilding the economy.
‘’In the past 14 months government revenues have more than doubled, hitting over 9.1 trillion Naira in the first half of 2024 compared to the first half of 2023 due to our efforts at blocking leakages’’
Debt Reduction and Financial Freedom:
The administration has reduced the proportion of revenue spent on debt service from 97% to 68% and cleared outstanding foreign exchange obligations, gaining more financial freedom.
’’ My dear brothers and sisters, we have come this far. Coming from a place where our country spent 97% of all our revenue on debt service; we have been able to reduce that to 68% in the last 13 months. We have also cleared legitimate outstanding foreign exchange obligations of about $5billion without any adverse impact on our programmes.
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Major Infrastructure Projects:
Major infrastructure projects are underway, including the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway, expected to create jobs and boost economic output.
‘’We have also embarked on major infrastructure projects across the country. We are working to complete inherited projects critical to our economic prosperity, including roads, bridges, railways, power, and oil and gas developments. Notably, the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway projects will open up 16 connecting states, creating thousands of jobs and boosting economic output through trade, tourism and cultural integration’’
Oil / Compressed Natural Gas Initiative:
The President mentions reforms in the oil and gas industry, increasing oil production and attracting foreign investments at the same time launch of CNG initiative aims to power the transportation economy, reduce costs, and save resources, with plans to distribute low-cost conversion kits.
‘’Our once-declining oil and gas industry is experiencing a last month, we increased our oil production to 1.61million barrels per day, and our gas assets are receiving the attention they deserve our Compressed Natural Gas Initiative (CNG) was launched to power our transportation economy and bring costs down. This will save over two trillion Naira a month, being used to import PMS and AGO and free up our resources for more investment in healthcare and education’’
Youth Empowerment Programmes:
Tinubu outlined several initiatives for youths, including the student loan scheme, processed substantial payments, and established the Consumer Credit Corporation to make essential products more accessible.
‘’Our administration has shown its commitment to the youth by setting up the student loan scheme.,45.6billion Naira has already been processed, the Consumer Credit Corporation with over N200billion to help Nigerians to acquire essential products , we have secured $620million under the Digital and Creative Enterprises (IDiCE) to empower young people’’
