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President Tinubu’s National Speech [FULL TEXT]

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My fellow citizens,

1. I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced.

 

2. am not going to talk in difficult terms by dwelling on economic jargon and concepts. I will speak in plain, clear language so that you know where I stand. More importantly, so that you see and hopefully will share my vision regarding the journey to a better, more productive economy for our beloved country.

 

3. For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its usefulness. The subsidy cost us trillions of Naira yearly. Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security. Instead, it was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals.

 

4. This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance. To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it.

 

5. The whims of the few should never hold dominant sway over the hopes and aspirations of the many. If we are to be a democracy, the people and not the power of money must be sovereign.

 

6. The preceding administration saw this looming danger as well. Indeed, it made no provision in the 2023 Appropriations for subsidy after June this year. Removal of this once helpful device that had transformed into a millstone around the country’s neck had become inevitable.

 

7. Also, the multiple exchange rate system that had been established became nothing but a highway of currency speculation. It diverted money that should have been used to create jobs, build factories and businesses for millions of people. Our national wealth was doled on favourable terms to a handful of people who have been made filthy rich simply by moving money from one hand to another. This too was extremely unfair.

 

8. It also compounded the threat that the illicit and mass accumulation of money posed to the future of our democratic system and its economy.

 

9. I had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy. Ending the subsidy and the preferential exchange rate system were key to this fight. This fight is to define the fate and future of our nation. Much is in the balance.

10. Thus, the defects in our economy immensely profited a tiny elite, the elite of the elite you might call them. As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary.

 

11. ur economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.

 

12. What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.

13. Already, the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of our people across socio-economic brackets.

 

14. Earlier this month, I signed four (4) Executive Orders in keeping with my electoral promise to address unfriendly fiscal policies and multiple taxes that are stifling the business environment. These Executive Orders on suspension and deferred commencement of some taxes will provide the necessary buffers and headroom to businesses in the manufacturing sector to continue to thrive and expand.

 

15. To strengthen the manufacturing sector, increase its capacity to expand and create good paying jobs, we are going to spend N75 billion between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start a sustainable economic growth, accelerate structural transformation and improve productivity. Each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9% per annum with maximum of 60 months repayment for long term loans and 12 months for working capital.

 

16. ur administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector with N125 billion.

 

17. Out of the sum, we will spend N50 billion on Conditional Grant to 1 million nano businesses between now and March 2024. Our target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.

 

18. Ultimately, this programme will further drive financial inclusion by onboarding beneficiaries into the formal banking system. In like manner, we will fund 100,000 MSMEs and start-ups with N75 billion. Under this scheme, each enterprise promoter will be able to get between N500,000 to N1million at 9% interest per annum and a repayment period of 36 months.

19. To further ensure that prices of food items remain affordable, we have had a multi-stakeholder engagement with various farmers’ associations and operators within the agricultural value chain.

 

20. In the short and immediate terms, we will ensure staple foods are available and affordable. To this end, I have ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices. We are also providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda.

 

21. Our plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course. To be specific, N200 billion out of the N500 billion approved by the National Assembly will be disbursed as follows:

 

-Our administration will invest N50 billion each to cultivate 150,000 hectares of rice and maize.

 

-N50 billion each will also be earmarked to cultivate 100,000 hectares of wheat and cassava.

 

22. This expansive agricultural programme will be implemented targeting small-holder farmers and leveraging large-scale private sector players in the agric business with strong performance record.

 

23. In this regard, the expertise of Development Finance Institutions, commercial banks and microfinance banks will be tapped into to develop a viable and an appropriate transaction structure for all stakeholders.

 

24. Fellow Nigerians, I made a solemn pledge to work for you. How to improve your welfare and living condition is of paramount importance to me and it’s the only thing that keeps me up day and night.

 

25. It is in the light of this that I approved the Infrastructure Support Fund for the States. This new Infrastructure Fund will enable States to intervene and invest in critical areas and bring relief to many of the pain points as well as revamp our decaying healthcare and educational Infrastructure.

 

26. The fund will also bring improvements to rural access roads to ease evacuation of farm produce to markets. With the fund, our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians.

 

27. Part of our programme is to roll out buses across the states and local governments for mass transit at a much more affordable rate. We have made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.

 

28. These buses will be shared to major transportation companies in the states, using the intensity of travel per capital. Participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period.

29. In the same vein, we are also working in collaboration with the Labour unions to introduce a new national minimum wage for workers. I want to tell our workers this: your salary review is coming.

 

30. Once we agree on the new minimum wage and general upward review, we will make budget provision for it for immediate implementation.

 

31. I want to use this opportunity to salute many private employers in the Organised Private Sector who have already implemented general salary review for employees.

 

32. Fellow Nigerians, this period may be hard on us and there is no doubt about it that it is tough on us. But I urge you all to look beyond the present temporary pains and aim at the larger picture. All of our good and helpful plans are in the works. More importantly, I know that they will work.

 

33. Sadly, there was an unavoidable lag between subsidy removal and these plans coming fully online. However, we are swiftly closing the time gap. I plead with you to please have faith in our ability to deliver and in our concern for your well-being.

 

34. We will get out of this turbulence. And, due to the measures we have taken, Nigeria will be better equipped and able to take advantage of the future that awaits her.

35. In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters. That money will now be used more directly and more beneficially for you and your families.

 

36. For example, we shall fulfill our promise to make education more affordable to all and provide loans to higher education students who may need them. No Nigerian student will have to abandon his or her education because of lack of money.

 

37. Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter.

 

38. We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene.

 

39. I assure you my fellow country men and women that we are exiting the darkness to enter a new and glorious dawn.

 

40. Now, I must get back to work in order to make this vision come true.

 

41. Thank you all for listening and may God bless the Federal Republic of Nigeria.

NEWS

BREAKING: Sen Kingibe Weeps Over Arraignment Of Minors In Adult Court

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The Senator representing the Federal Capital Territory, Abuja, Ireti Kingibe, has wept openly that Nigeria has ‘become a nation that turns against its own children’.

The senator was reacting to the “arraignment of over 100 young boys, aged between 10 and 16, who participated in the #EndBadGovernance protest,” in an adult court, against established legal standards.

She took to her verified handle on micro-blogging site, X, on Saturday, to shed tears and register her strong disappointment with all the parties involved in the shameful and illegal act.

ALSO READ: #EndBadGovernance2024: Atiku Decries Dehumanisation Of Minors

According to Sen Kingibe “How can a government tasked with protecting its citizens justify holding minors in correctional centers, treating their peaceful protest as a criminal offense?”

On the law enforcement agencies breaching the law, Sen Kingibe pointed out that, “According to Nigeria’s Criminal Procedure Act (CPA), minors between the ages of 1 and 17 should never be arraigned in adult criminal courts but instead in juvenile courts, which have exclusive jurisdiction over such cases. Yet, these minors were held in maximum correctional centers for over 85 days before being charged with treason.”

She expressed her firm position that all relevant stakeholders must “urgently unite to secure the immediate and unconditional release of these minors.”

Sen Kingibe wrote, “As the Senator representing the Federal Capital Territory, I condemn in the strongest terms the recent arraignment of over 100 young boys, aged between 10 and 16, who participated in the #EndBadGovernance protest. These minors, who bravely voiced their grievances against the unbearable hardship and hunger ravaging our land, are now being charged with treason — an offense that, if found guilty, carries the death penalty.

“When did we become a nation that turns against its own children — our very hope for tomorrow? When did we lose our compassion and humanity to the extent that we humiliate, arrest, and drag young children into court for the “crime” of speaking out? This shameful prosecution of our youth is not only unjust — it is a betrayal of our humanity and an assault on our future. How can we stand idly by as the dreams of our children are crushed under the weight of oppression? This must end.

“This is utterly disgraceful, and everyone involved should feel ashamed. We owe our citizens, particularly our children, not just protection from external threats but also from unjust treatment within. Children deserve quality education, better healthcare, and protection from domestic violence and abuse, not brutal treatment for exercising their constitutional rights. According to Nigeria’s Criminal Procedure Act (CPA), minors between the ages of 1 and 17 should never be arraigned in adult criminal courts but instead in juvenile courts, which have exclusive jurisdiction over such cases. Yet, these minors were held in maximum correctional centers for over 85 days before being charged with treason.

“How have we, as leaders, stooped so low? Instead of addressing the root causes of their protest, we prosecute those who cry out against them. How can a government tasked with protecting its citizens justify holding minors in correctional centers, treating their peaceful protest as a criminal offense? When did peaceful protest — a fundamental right of citizens — become a crime in Nigeria?

“Numerous videos circulating on social media and news platforms show malnourished children with visible collarbones, countable ribs, fainting, crying, hungry, sick, and, most horrifically, being manhandled. This has turned us into an international embarrassment. If we cannot protect our own citizens, how can we expect to safeguard foreign investors whom we are actively trying to attract to our country?

“This is not only condemnable but an absolute disgrace, and it cannot stand. I demand that every relevant authority — the Ministry of Women Affairs, the Ministry of Humanitarian Affairs, the Ministry of Justice, and the Chief Justice of the Federation — as well as the Human Rights Commission and all human rights lawyers, urgently unite to secure the immediate and unconditional release of these minors. I also call upon all mothers and women across the nation to rise in protest against this deplorable treatment of our children. This is not the Nigeria we dreamed of; we cannot allow our future to be sacrificed in silence.”

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Strike Relief: FG Releases Funds To NASU, Retirees

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In a significant development aimed at resolving the ongoing strike by non-academic university staff, the Federal Government has released funds to settle the long-overdue salaries owed to members of the Non-Academic Staff Union of Federal Universities (NASU).

The funds will also cover outstanding pension payments for retirees under the Nigerian Union of Pensioners Contributory Pension Scheme.

READ ALSO: Banky W, Adesua Etomi Welcome Second Child [VIDEO]

Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant-General of the Federation, confirmed the release in a statement on Saturday.

Mokwa stated that payments to NASU members have commenced, with numerous staff already confirming receipt of the funds.

The move comes after members of NASU and the Senior Staff Association of Nigerian Universities (SSANU), operating under a Joint Action Committee, began an indefinite strike last Monday in protest over the withheld salaries.

The strike brought federal universities across the country to a standstill, with various academic and administrative services halted.

Several other unions and universities expressed support for the protest, amplifying calls for the funds’ immediate release.

Tensions between the union leadership and the federal government had escalated in recent days, despite a directive from President Bola Tinubu for payments to be made.

On Wednesday, SSANU leaders expressed frustration, stating that many top university officials, including vice-chancellors, bursars, and registrars, had yet to receive the outstanding salaries, further straining relations.

SSANU leadership vowed to keep university facilities shut until all owed salaries are fully disbursed.

“We will not resume activities in our universities until every last outstanding payment has been made,” SSANU leaders warned in a statement.

In his official statement, Mokwa reassured all concerned parties that the government has fulfilled its commitment to fund these payments, which he called “a priority move to alleviate the financial strain on university staff and retirees.”

 

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#EndBadGovernance Protests: IGP Claims Suspects’ Collapse Staged To Sway Public Opinion

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The Inspector-General of Police (IGP), Kayode Egbetokun has alleged that the collapse of six suspects in court was a deliberate act intended to attract negative attention to law enforcement efforts.

The six individuals, part of a group of 76 mostly minor suspects facing charges related to the #EndBadGovernance protest, collapsed in the courtroom on Friday.

Related News: EndBadGovernance Protests: Court Sets N10m Bail Each For 67 Minors

Egbetokun, however, underscored that medical aid was promptly provided, highlighting the police’s commitment to the welfare of individuals in custody.

In a statement dated November 1 and signed by Force Spokesperson Muyiwa Adejobi, the IGP affirmed that under Nigerian law, individuals who reach the age of criminal responsibility are held accountable for their actions, irrespective of age.

“Today, an unexpected incident in court saw six of the suspects suddenly rush out and faint, drawing media attention in a deliberate and scripted manner to attract negative attention,” Egbetokun said.

“Medical aid was promptly provided to these individuals, demonstrating the Police Force’s commitment to the welfare of those in its custody, irrespective of the allegations they face.”

Recall that the court granted bail for each minor at N10 million, sparking criticism both domestically and internationally.

The arraigned individuals, many of whom appeared malnourished, are facing a series of grave charges including terrorism, arson, treasonable felony, and other allegations related to the destruction of public property and threats to national security.

The IGP emphasized that the Nigeria Police Force (NPF) remains committed to balancing justice with compassion, noting that the Force has adhered to legal procedures to ensure fairness.

“The NPF has rigorously adhered to legal provisions to ensure fairness and accountability under the rule of law,” he said.

“Throughout this process, the Police have worked to balance justice with compassion, ensuring that each suspect’s basic rights and privileges are respected, including access to medical care and other necessary provisions.”

In his statement, Egbetokun urged the public to avoid bias and pledged transparency throughout the legal proceedings.

“The NPF acknowledges public interest in this case and assures the public that our officers will maintain professionalism throughout the legal process.

“The public is encouraged to view this case without undue bias, as the Force remains focused on a transparent pursuit of justice.”

The police chief added that the Force is committed to aligning with international standards in justice, drawing comparisons to legal practices in countries like the United Kingdom, where young individuals facing serious charges are held accountable, though with empathy and respect for human rights.

 

 

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