On July 23, 2024, President Tinubu signed into law a new minimum wage of 70,000 NGN, which took effect immediately. This landmark decision is expected to boost the purchasing power of Nigerian workers and improve their standard of living. By increasing the minimum wage, the government aims to address the challenges of inflation and rising living costs, providing relief to millions of Nigerian families.
Recognizing the potential of the Nigerian youth, President Tinubu announced the provision of grants and funding for the National Youth Talent Expo Program and Skillup. These initiatives are designed to harness the talents of young Nigerians, equipping them with the necessary skills to thrive in various industries. By investing in youth empowerment, the government seeks to foster innovation and drive economic growth.
In a bid to provide comprehensive support to citizens across the country, President Tinubu unveiled a substantial funding package of $570 billion Naira for all 36 states. This funding aims to deliver livelihood support to Nigerians, ensuring that they have access to basic necessities and opportunities for economic advancement. The initiative reflects the administration's commitment to promoting inclusive growth and reducing poverty nationwide.
To stimulate entrepreneurship and support small-scale enterprises, President Tinubu announced the introduction of nano grants for nano businesses. These grants will provide crucial financial assistance to micro-enterprises, enabling them to expand their operations and contribute to local economies. By fostering a culture of entrepreneurship, the government aims to create job opportunities and drive economic development at the grassroots level.
Starting this August, President Tinubu's administration will award 75,000 businesses with 1 million Naira business loans. This initiative is part of a broader strategy to support small and medium-sized enterprises (SMEs), which are the backbone of Nigeria's economy. By providing accessible financing options, the government seeks to empower entrepreneurs and facilitate the growth of businesses across various sectors.
Addressing the pressing need for affordable housing, President Tinubu announced plans to build a minimum of 500 government houses in every state within the next three years. The first of these developments has already been opened in Abuja, setting the stage for nationwide expansion. This ambitious housing project aims to tackle the housing deficit, providing Nigerians with access to quality and affordable homes.
In a move to alleviate the burden of rising costs on essential goods, President Tinubu ordered the removal of tariff fees on food and medication for the next six months. This temporary measure is intended to provide immediate relief to Nigerians, ensuring that they can access vital resources without financial strain. By reducing the cost of living, the government aims to enhance the well-being of citizens and promote economic stability.
Despite the government's efforts, the address received mixed reactions, with ongoing protests in some parts of the country indicating public dissatisfaction with current economic conditions. The administration continues to face challenges in addressing these issues amid rising inflation and exchange rate fluctuations.
Source: Punch Newspaper| TVC News Nigeria| Adeola Fayehun
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