By Pascal Ibe
A short video of President Bola Tinubu stating that there’s no other way he can assist Nigerians, has gone viral in some WhatsApp groups since Monday.
In an address, the president noted that as result of hike in price of petrol, the cost of food has gone up, businesses and household struggles.
In the 30 second video, president Tinubu said he understands the hardship Nigerians are facing. “I wish there’s another way, but there’s none “, Tinubu noted.
However WhatsApp users claimed that the video was recent.
The claim attached to the video reads, “Breaking News: The cost of food has gone up, fuel has increased, living situation worsen… I’m sorry there is no other way to help Nigerians- Says TINUBU.
“If a leader says this, what does this mean and what should the masses do?
Verifying Why Tinubu Said This
First, crimefacts.news found out that the video was an address to Nigerians by president Tinubu in July 2023.
In the video Tinubu addressed Nigerians on the nation’s economy challenges.
Te President announced that Nigeria has saved trillions of Naira since the removal of fuel subsidies and stoppage of the preferential exchange rate system, which previously benefited a small group of elites at the expense of the wider population.
Why Tinubu Said That Part In The Video
Citing Nairametrics report, during the speech, he empathized with Nigerians for the hardships being faced as result of the fuel subsidy removal. He went further to outline bold measures to revitalize the economy and ensure that the impact of these measures is far-reaching.
“The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face,” he said while acknowledging the current economic challenges.
Measures Provided
According to a press release made available to Nairametrics by the Office of Digital Engagement of The Presidency, the President announced measures – some of which are being implemented, to cushion the effect of these necessary changes
The key measures:
1) Reinvesting Trillions already saved from Fuel Subsidy Removal: Since the removal of the fuel subsidy, trillions have already been saved. These funds were previously funnelled into selected pockets, but will now be utilized in public services.
2) Exchange Rate System Reform: The government has dismantled the multiple exchange rate system to curb currency speculation and create more equitable wealth distribution.
3) Business Tax Relief: Recall that earlier this month, President Tinubu signed four Executive Orders suspending and deferring specific taxes, aiming to boost the manufacturing sector.
4) Manufacturing Sector Investment: Between now and March 2024, the administration will invest N75 billion in the manufacturing sector. This initiative will fund 75 enterprises, each with access to N1 billion credit at 9% per annum, repayable over a maximum of 60 months.
5) MSMEs and Nano Business Investments: N125 billion will be injected into Micro, Small and Medium-sized Enterprises (MSMEs) and nano businesses.
This sum includes an N50 billion Conditional Grant for 1 million nano businesses and N75 billion for 100,000 MSMEs and start-ups.
The administration’s target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country
6) Affordable Food Initiatives: President Tinubu has also ordered the release of 200,000 Metric Tonnes of grains and will provide 225,000 metric tonnes of farming inputs to ensure that food prices remain affordable.
7) Agricultural Land Investment: N200 billion will be invested into cultivating 500,000 hectares of farmland. N50 billion will be allocated to each rice, maize, wheat, and cassava cultivation.
8) Infrastructure Support Fund: A new Infrastructure Support Fund is being established, allowing States to invest in critical infrastructure areas.
9) Affordable Mass Transit: N100 billion will be invested from July 2023 to March 2024 to acquire 3,000 units of 20-seater CNG-fuelled buses for affordable mass transit across Nigeria. These will be provided to major transportation companies in the states.
10) National Minimum Wage Review: A new national minimum wage is being introduced in collaboration with Labour unions, providing a salary boost to Nigerian workers.
11) Exchange Rate and Inflation Monitoring: The government will monitor the effects of exchange rates and inflation on fuel prices and intervene if necessary.
In addition, President Bola Tinubu revealed that his administration is working with Labour unions to introduce a new national minimum wage, assuring workers that a salary review is imminent.
“All of our good and helpful plans are in the works. More importantly, I know that they will work,” affirmed President Tinubu. “We are exiting the darkness to enter a new and glorious dawn.”
President Bola Tinubu remains steadfast in his mission to transform the economy, with the ultimate aim of delivering the greatest good for the greatest number of Nigerians.
Fuel Subsidy Removal
The removal of fuel subsidy which brought increased Hardship to Nigerians, was announced by President Bola Tinubu on May 29,2023, according to Premium Times
He declared that there would no longer be a petroleum subsidy regime as the current 2023 budget he glimpsed does not contain it.
Verdict
The claim attached to the viral video in WhatsApp groups which stated that Tinubu said there’s no other way he can help Nigerians is Misleading and Old
Tinubu made the comment in July 2023, when he addressed Nigerians over economic challenges as result of fuel subsidy removal in the country on May 2023.
