'Cash transfer to 15m poor households' -- 5 highlights of Tinubu's Independence Day speech

‘Cash transfer to 15m poor households’ — 5 highlights of Tinubu’s Independence Day speech

October 01

10:41 2023

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On Sunday, President Bola Tinubu joined Nigerians to celebrate the country’s 63rd Independence Day anniversary — his first as the nation’s leader since he assumed office.

Here are four highlights from the president’s first Independence Day speech.

NEW MINIMUM WAGE

In his speech, the president announced a N25,000 increment in the federal minimum wage for low-grade workers for six months.

Tinubu said the increment was based on talks with stakeholders including labour unions.

“For the next six months, the average low-grade worker shall receive an additional twenty-five thousand naira per month,” Tinubu said.

The announcement comes two months after Tinubu said the federal government and the labour unions were working to determine a new minimum wage threshold for Nigerian workers.

He added that the federal government would make budgetary provisions for the implementation of the new minimum wage as soon as an agreement is reached by the parties involved.

CBN INVESTIGATOR TO REVEAL FINDINGS ‘SOON’

A few days after he assumed office, Tinubu suspended Godwin Emefiele as the governor of the Central Bank of Nigeria (CBN).

Tinubu also appointed Jim Obazee, former chief executive officer of the Financial Reporting Council of Nigeria, as a special investigator to probe the CBN and related entities.

The president asked Obazee to report directly to his office with a comprehensive report on public wealth currently in the hands of corrupt individuals and establishments.

While delivering his speech, Tinubu said the investigation was in line with his pledge to sweep through the CBN, adding that his investigator would soon present his findings.

“I pledged a thorough housecleaning of the den of malfeasance the CBN had become. That housecleaning is well underway. A new leadership for the Central Bank has been constituted,” Tinubu said.

“Also, my special investigator will soon present his findings on past lapses and how to prevent similar reoccurrences. Henceforth, monetary policy shall be for the benefit of all and not the exclusive province of the powerful and wealthy.”

CHEAPER TRANSPORTATION FARES

Following the removal of the petrol subsidy, transportation costs have soared by over 100%, leading to protests by citizens and labour unions.

In his speech, Tinubu said the government had deployed compressed natural gas (CNG) consumption buses which would operate at lesser rates and in turn, slash transport fares.

He also said training opportunities would be provided for transport operators to enable them acquaint themselves with the new system and provide better services.

“Making the economy more robust by lowering transport costs will be key. In this regard, we have opened a new chapter in public transportation through the deployment of cheaper, safer compressed natural gas (CNG) buses across the nation,” he said.

“These buses will operate at a fraction of current fuel prices, positively affecting transport fares.

“New CNG conversions kits will start coming in very soon as all hands are on deck to fast track the usually lengthy procurement process. We are also setting up training facilities and workshops across the nation to train and provide new opportunities for transport operators and entrepreneurs.”

FRESH CASH TRANSFER TO POOR HOUSEHOLDS, INVESTMENTS IN SMES TO CHECK POVERTY

As part of efforts to fight poverty in the country, Tinubu also announced the rollout of fresh cash transfers to poor households.

The announcement comes two months after the president ordered the immediate review of the proposed N8,000 conditional cash transfer to Nigerians, meant to cushion the effect of the petrol subsidy removal.

The president had asked the national assembly to approve an $800 million loan to ameliorate the hardship induced by the removal of subsidy on petrol.

“Commencing this month, the social safety net is being extended through the expansion of cash transfer programs to an additional 15 million vulnerable households,” Tinubu said.

“To boost employment and urban incomes, we are providing investment funding for enterprises with great potential. Similarly, we are increasing investment in micro, small and medium-sized enterprises.

“To ensure better grassroots development, we set up an Infrastructure Support Fund for states to invest in critical areas. States have already received funds to provide relief packages against the impact of rising food and other prices.”

‘NIGERIA WON’T BE TORN APART’

Tinubu further said the country will remain united and not torn apart as predicted by some people.

“Forging a nation based on the fair application of these noble principles to a diverse population has been a task of significant blessing but also a serial challenge. Some people have said an independent Nigeria should never have come into existence. Some have said that our country would be torn apart. They are forever mistaken. Here, our nation stands and here we shall remain,” the president said.

“This year, we passed a significant milestone in our journey to a better Nigeria. By democratically electing a 7th consecutive civilian government, Nigeria has proven that commitment to democracy and the rule of law remains our guiding light.”