President Bola Tinubu on Sunday detailed various initiatives implemented by his administration to alleviate economic hardship in Nigeria. Speaking during a national broadcast, he highlighted the resurgence of the oil and gas industry following reforms announced in May 2024 to address gaps in the Petroleum Industry Act.
“Last month, we increased our oil production to 1.61 million barrels per day, and our gas assets are receiving the attention they deserve. Investors are coming back, and we have already seen two Foreign Direct Investments signed, totaling over half a billion dollars,” Tinubu said.
He emphasized the country’s rich oil and gas resources, pointing out past dependence solely on oil-based petrol while neglecting gas resources. “To address this, we launched the Compressed Natural Gas (CNG) Initiative to power our transportation economy and reduce costs. This initiative will save over N2 trillion a month, previously used to import PMS and AGO, and free up resources for healthcare and education investment,” he explained.
The president announced the distribution of one million low or no-cost kits to commercial vehicles, which consume 80% of imported PMS and AGO. “We have started distributing conversion kits and setting up conversion centers nationwide in collaboration with the private sector. This CNG initiative is expected to reduce transportation costs by approximately 60% and help curb inflation,” he added.
Highlighting the administration’s commitment to youth, Tinubu mentioned the establishment of a student loan scheme, with N45.6 billion already processed for payment to students and their institutions. He encouraged the youth to take advantage of this opportunity.
“We also established the Consumer Credit Corporation with over N200 billion to help Nigerians acquire essential products without immediate cash payments, reducing corruption and eliminating cash transactions. This week, I ordered the release of an additional N50 billion each for NELFUND and the Credit Corporation from proceeds recovered by the EFCC,” he announced.
Tinubu also secured $620 million under the Digital and Creative Enterprises (IDiCE) program to empower young people, creating millions of IT and technical jobs. “These programs include the 3 Million Technical Talents scheme. Unfortunately, one of the digital centers was vandalized during the protests in Kano,” he lamented.
The president introduced several other youth-oriented programs, including the Skill-Up Artisans Programme (SUPA), the Nigerian Youth Academy (NIYA), and the National Youth Talent Export Programme (NATEP). He reported that more than N570 billion has been released to the 36 states to expand livelihood support, benefiting 600,000 nano-businesses, with an additional 400,000 expected to benefit.
“We have processed 75,000 beneficiaries to receive N1 million Micro and Small Business single-digit interest loans starting this month. Additionally, we have built 10 MSME hubs within the past year, creating 240,000 jobs, with five more hubs to be ready by October,” Tinubu added.
He also announced payments of N1 billion each to large manufacturers under single-digit loans to boost manufacturing output and stimulate growth.
“Last week, I signed the National Minimum Wage into law, and the lowest-earning workers will now earn at least N70,000 a month,” the president declared.
He also inaugurated the first phase of the ambitious housing initiative, the Renewed Hope City and Estate, in Karsana, Abuja. This project is the first of six planned across the nation’s geopolitical zones, each with a minimum of 1,000 housing units, while Karsana will deliver 3,212 units. Renewed Hope Estates, comprising 500 housing units each, will also be launched in every state, aiming to complete 100,000 housing units over the next three years.
“Our goal is to provide homes, create thousands of jobs, and stimulate economic growth,” he said.
President Tinubu also highlighted efforts to boost food production. He directed the removal of tariffs and import duties on rice, wheat, maize, sorghum, drugs, and other pharmaceutical and medical supplies for six months to reduce prices.
“We have distributed fertilizers and aim to cultivate over 10 million hectares of land. The Federal Government will provide necessary incentives, while states will provide land, creating jobs and increasing food production. We have also ordered mechanized farming equipment worth billions of Naira from the United States, Belarus, and Brazil, which is on the way,” Tinubu stated.
He concluded by urging security agencies to continue maintaining peace.
