Bear the temporary pains, have faith in us, Tinubu tells Nigerians

*Promises to review civil servants salaries *Says he’ll acquire 3000 CNG-fuelled buses for mass transit *To fund 75 manufacturers companies with N75bn President Bola Tinubu has acknowledged the challenges that Nigerians are facing due to the economic policies implemented by his government. However, he called upon them to have faith in the government’s ability to turn things around. Speaking via a nationwide broadcast on Monday night, Tinubu assured the citizens that he has devised palliative measures to alleviate the impact of removing fuel subsidies. He said that while he recognizes the immediate difficulties caused by the subsidy removal, Nigerians must focus on the bigger picture and the positive plans that are currently in progress. Tinubu admitted that there was a gap between the removal of subsidies and the implementation of these plans but assures the public that the government is actively working to close this gap. According to him, his genuine concern for the well-being of the people is evident in his appeal for their trust in the government’s capacity to deliver. Among the initiatives, Tinubu pledged to acquire 3000 Compressed Natural Gas (CNG)-fuelled buses for mass transit across the states and local governments. This move aims to make public transportation more accessible and affordable. To fund this project, the government has allocated N100 billion, earmarked for investment between now and March 2024. The CNG buses will be shared with major transportation companies, and these companies will have access to credit at 9% per annum with a 60-month repayment period. In addition to public transport improvements, Tinubu said he is actively collaborating with Labour unions to introduce a new national minimum wage for workers. He assured workers that their salary review is on the horizon, and once an agreement is reached, budget provisions will be made for immediate implementation. The President further commended private employers in the Organised Private Sector who have already taken the step to implement salary reviews for their employees. Furthermore, Tinubu said he aims to boost the manufacturing sector by allocating N75 billion between July 2023 and March 2024. The funds will support a minimum of 75 enterprises with great potential to stimulate sustainable economic growth, structural transformation, and improved productivity. Each of these manufacturing enterprises will have access to N1 billion credits at a maximum of nine per cent per annum for long-term loans and 12 months for working capital. The President emphasized that these actions align with the executive orders he signed earlier in the month, which aimed to address friendly fiscal policies and multiple taxes that have been stifling the business environment. By suspending and deferring certain taxes, the government aims to create a conducive environment for businesses to flourish and expand. In conclusion, President Bola Tinubu’s message to Nigerians is one of hope and perseverance. Despite the temporary pains caused by economic adjustments, he implored the nation to look ahead and trust in the government’s commitment to improving the overall welfare of its citizens. The plans to improve public transport, review civil servants’ salaries, and support the manufacturing sector demonstrate the government’s determination to create a brighter future for Nigeria. Full text of President Tinubu’s address to Nigerians My fellow citizens, I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced. I am not going to talk in difficult terms by dwelling on economic jargon and concepts. I will speak in plain, clear language so that you know where I stand. More importantly, so that you see and hopefully will share my vision regarding the journey to a better, more productive economy for our beloved country. For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its usefulness. The subsidy cost us trillions of Naira yearly. Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security. Instead, it was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals. This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance.  To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it. The whims of the few should never hold dominant sway over the hopes and aspirations of the many. If we are to be a democracy, the people and not the power of money must be sovereign. The preceding administration saw this looming danger as well. Indeed, it made no provision in the 2023 Appropriations for subsidy after June this year. Removal of this once helpful device that had transformed into a millstone around the country’s neck had become inevitable. Also, the multiple exchange rate system that had been established became nothing but a highway of currency speculation. It diverted money that should have been used to create jobs, build factories and businesses for millions of people. Our national wealth was doled on favourable terms to a handful of people who have been made filthy rich simply by moving money from one hand to another. This too was extremely unfair. It also compounded the threat that the illicit and mass accumulation of money posed to the future of our democratic system and its economy. I had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy. Ending the subsidy and the preferential exchange rate system were key to this fight. This fight is to define the fate and future of our nation. Much is in the balance. Thus, the defects in our economy immensely profited a tiny elite, the elite of the elite you might call

UBA increases staff salaries to address rising cost of Living

The United Bank for Africa (UBA) Plc, Africa’s global bank, has reaffirmed its dedication to the well-being of its staff and their families amid the current economic challenges impacting living conditions which is occasioned by the removal of fuel subsidy. In response to this rising cost of living, the bank’s Board of Directors has taken decisive action by implementing a cost of living adjustment for its employees, effective immediately. This marks the third time in three years that the bank has raised the salaries of its staff, underscoring its commitment to recognizing and valuing the contributions of its employees. Additionally, in line with its commitment to rewarding excellence, UBA announced the promotion of over 1,500 staff across Africa in March 2023, building on the elevation of close to 1,000 staff in the previous year. Oliver Alawuba, UBA’s Group Managing Director/Chief Executive Officer, stated, “We are aware of the impact of recent economic policy pronouncements on prices and your capacity to meet your financial commitments to family and personal needs. As an organization focused on the well-being of our people, I am pleased to inform you that the Board of UBA Plc has approved a Welfare Allowance for all employees.” This decision by UBA to adjust staff remuneration once again reflects the bank’s unwavering commitment to maintaining a standard of living for its employees that is in line with prevailing economic conditions. By prioritizing staff welfare, UBA aims to support its workforce in navigating the challenges posed by the changing economic landscape. Alawuba explained that the decision to adjust the staff’s remuneration package once again demonstrates UBA’s unwavering commitment to maintaining the standard of living for its employees at a level that is commensurate with prevailing economic conditions. “This move will serve to alleviate the financial burdens faced by our staff and their families, reinforcing the bank’s position as a responsible and caring employer,” he explained. United Bank for Africa is one of the largest employers in the financial sector on the African continent with 25,000 employees’ group wide and serving over 35 million customers globally.  Operating in 20 African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.