Former Delta Commissioner of Finance and prominent leader of the APC in Delta State, Olorogun Bernard Okumagba has commended President Bola Tinubu for his timely national broadcast in which he not only allayed the fears of Nigerians but also laid out a robust plan of actions to re-boot the economy and make lives more meaningful for the majority of Nigerians.
In his first national broadcast to address the current economic challenges titled: “After darkness comes the glorious dawn,” Tinubu highlighted the reasons for the policy measures his government has taken so far to combat the economic challenges the nation has long faced, which according to him is to “reform the economy for the long-term good by fighting the major imbalances that had plagued our economy” by ending fuel subsidy and the preferential exchange rate system.
In a statement, Olorogun Okumagba applauded President Tinubu for re-affirming his commitment to “help and not hurt the people and nation,” by rolling out measures like utilising N75 billion between July 2023 and March 2024 to fund 75 enterprises at 9% per annum; a commitment to spend N125 billion to energise micro, small and medium enterprises, out of which N50 billion will be given to one million nano businesses between July 2023 and march 2024 as conditional grants, and firm commitment for an upward review of salaries of workers, amongst other far-reaching measures.
According to Okumagba, by keeping true to his promise to address the nation’s economic problems, Tinubu is well on the path to “remodel our economy to bring about growth and development through job creation, food security and an end of extreme poverty.
“His well-thought out national broadcast also reinforces the President’s remarkable focus on growing the economy and tackling multi-dimensional poverty which would boost Micro, Small and Medium Enterprises (MSMEs), and thereby create a robust middle class that will drive our country’s economic rebound.”
These will be achieved through additional measures announced by President Tinubu which include his directive for the release of over 200,000 metric tonnes of grains to families in the 36 States and the Federal Capital Territory, Abuja; and the President’s approval to remove all restrictions on the Students’ Loan, making it available to any student or household in need.
Part of the programme is also to roll out buses across the states and local governments for mass transit at a much more affordable rate with a provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses. According to the President 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.
Other commendable initiatives as announced by President Tinubu in his national broadcast include the plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice. The President further specified that N200 billion out of the N500 billion approved by the National Assembly will be disbursed as follows – N50 billion for cultivating 150,000 hectares of rice; N50 billion for cultivating 150,000 hectares of maize; N50 billion for cultivating 100,000 hectares of wheat; and N50 billion for cultivating 100,000 hectares of cassava
The former Commissioner of Finance recalled that earlier in the month of July, President Tinubu also took the bold initiative to fast track the re-boot of the nation’s economy for the benefit of all Nigerians by reducing the tax burden on Nigerians and businesses effected through the signing of four Executive Orders deferring and suspending the commencement of certain taxes paid by individuals and companies in the country to ensure the achievement of the desired tax law reforms, harmonization of taxes and revenue administration, all of which will boost investor confidence.
Okumagba applauded President Tinubu for his resolve to steer the economy in the right direction, stating further that the work is just beginning and all stakeholders within the private and public sectors must be ready to support the administration’s effort through effective collaboration, hard work and sacrifice. According to Olorogun Okumagba, “we must all stand ready to make our dear nation great again to enable it occupy its justified place amongst its peers in the comity of nations in the coming years.”
