Emmanuel Thomas I Monday, July 31, 2023
LAGOS, Nigeria – President Bola Ahmed Tinubu has no plan to refine petroleum products locally to reverse the continued rise in the prices of petrol, diesel and kerosine.
In his major broadcast to Nigerians Monday evening, President Tinubu did not touch on this crucial area of refining petroleum products locally, making it very clear that Nigerians will continue to stick to imports of petrol, with prices measured against the US dollars, now standing at about N900.
The only allusion he made to petrol is that the government will from time to time intervene in the continuous rise in the prices of petrol.
It appears, President Tinubu, just like former President Buhari, has placed local production of petrol and other products driving inflation in the country into the hands of Dangote and others that are yet to commence production.
President Tinubu however spoke about efforts he is making to kick start the economy, forgetting that his efforts may hit the brick wall without local production of petroleum products.
He however said that he knows that Nigerians are suffering as a result of his decision to remove petrol subsidy and begged for patience. He said he is working with the state governments to implement interventions and that he has signed four executive orders in the last one week to remove obstacles that stifle businesses.
He said in the coming days, he will spend N75 billion to fund 75 enterprises who will all have access to N1 billion each at 9 percent interest per annum and to fund nano businesses to the tune of N50,000 each in each t0 1,300 such businesses in the 774 local governments across the federation.
He said about 100,000 SMEs will also have access to N125 billion, with each able to access N500,000 to N1 million at 9 percent interest per annum payable in 36 months.
In terms of food prices, he said he has ordered the release of 200,000 metric tonnes of grains from the strategic grain reserve, 225,000 metric tones of fertilizers and seedlings for farmers.
He said N50 billion will be invested in production of wheat and cassava and that the target is small farmers. He also spoke about infrastructural support for states and that N100 billion will be invested between now and March 2024 on procurement of 3000 units of CNG mass transit buses for transportation at moderate rate to the masses.
He said government has saved about N1 trillion since the removal of subsidy and that the money will be invested to make education affordable so that the Nigerians can have education loans to further their eduction. He said there was not better way than the removal of fuel subsidy.
He said he said that Nigeria is on the verge of exiting darkness to enter a new and glorious dawn and that he came to serve and not to inflict pains on Nigerians.
