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‘What I’m Doing To Address High Cost Of Living’ – Tinubu Unveils ‘Economic Measures’ To Mitigate Protest
President Bola Ahmed Tinubu has unveiled a series of economic measures aimed at mitigating the impact of the ongoing protests and improving the lives of Nigerians.
In a televised address, Tinubu reel out his administration’s efforts to rebuild the economy, including the removal of fuel subsidies and the abolition of multiple foreign exchange systems.
He noted that these decisions have blocked greed and profits made by smugglers and rent-seekers, and have also stopped undue subsidies to neighboring countries.
Tinubu also announced that aggregate government revenues have more than doubled, reaching over 9.1 trillion Naira in the first half of 2024, thanks to efforts to block leakages and introduce automation.
He added that productivity is increasing in the non-oil sector, and that the government has made significant strides in rebuilding the foundation of the economy.
To address the high cost of living, Tinubu announced the distribution of one million kits to commercial vehicles to convert to Compressed Natural Gas (CNG), which will reduce transportation costs by approximately 60% and help curb inflation.
He also mentioned the establishment of the Consumer Credit Corporation to help Nigerians acquire essential products without immediate cash payments.
Click here for his reproduced national broadcast address
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