Nigeria : Plan To Ease Living Cost

Nigerian President Bola Tinubu has made public sweeping measures to ease the declining cost of living in the country. Speaking during a nationwide address on Monday, July 31, 2023, the President ordered for the implementation of the following measures; the release of 200,000 tonnes of grain from strategic reserves; provision of 200 billion naira for agriculture to support the cultivation of 500,000 hectares of land to produce rice, corn, wheat and cassava; the provision of 225,000 tons of fertilizer, seedlings and other farm inputs by administration; 75 billion naira of concessional lending to fund 75 manufacturers to “kickstart” growth. 100 billion naira to purchase a fleet of 3,000-20-seater buses fueled by natural gas and 125 billion naira for micro, small and medium-sized enterprises, including 50 billion naira of conditional grants to one million nano businesses. In addition to the above measures, the Nigerian Head of State said, the administration is working with labour unions to introduce a new minimum wage. 
During the highly awaited address, Mr Tinubu urged all Nigerians to look beyond the present temporary pains and aim at the larger picture because all the good and helpful plans are in the works. Mr Tinubu who has declared a state of emergency to tackle food security and supply, asked for patience. “Sadly, there was an unavoidable lag between subsidy remova...