Tinubu Announces N1tn Savings from Subsidy Removal, Proposes Salary Revision, N100bn CNG Buses, and More

aimed at small-holder farmers and leveraging large-scale private sector players in the agricultural business with strong performance records.

Cost-Efficient Mass Transit

Part of the Federal Government’s programme is to roll out buses across the states and local governments for mass transit at a much more affordable rate, Tinubu also stated. 

According to him, provision has been made “to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses”.

These buses, he said, would be shared to major transportation companies in the states, using what he referred to as the intensity of travel per capita.

“Participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period,” he said.

Salary Review

“In the same vein, we are also working in collaboration with the Labour unions to introduce a new national minimum wage for workers. I want to tell our workers this: your salary review is coming,” the President said.

“Once we agree on the new minimum wage and general upward review, we will make budget provision for it for immediate implementation.”

Tinubu took the opportunity to salute “many private employers” in the Organised Private Sector whom he said had already implemented general salary reviews for employees.

N1tn Saved

The 71-year-old leader told Nigerians that in a little over two months, the Federal Government had saved “over a trillion Naira which will have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters”. 

According to him, that money will now be used more directly and more beneficially “for you and your families”. And one of the targets for the savings is the education sector.

“We shall fulfill our promise to make education more affordable to all and provide loans to higher education students who may need them. No Nigerian student will have to abandon his or her education because of lack of money,” he said.

“Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter. We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene.”

Source channel tv

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