Measures to reduce subsidy effects

PRESIDENT Bola Tinubu yesterday, don reveal measures to reduce di effects of so economic downturn, wey fuel subsidy removal don cause for Naija. Hin tell Nigerians say hin understand say pipo dey suffer for dis hardship and na why hin come to help, no be to make pipo suffer more.

However hin approve N100 billion for di 3000 20-seater buses wey dey fueled by Compressed Natural Gas, CNG, to reduce di high cost of transportation wey did fuel subsidy removal matter cause.

Di President follow tok say hin administration go energise micro, small and medium-sized enterprises and di informal sector as drivers of growth with N125 billion.

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Also, hin tok about di sum, N50 billion ey dem go spend on conditional grants to one million nano businesses between now and March 2024.

In addition, hin explain say so government target na to give N50,000 each to 1,300 nano business owners for each of so 774 local governments across Naija.

As INEC swear di president in on May 29, President Tinubu implement full removal of fuel subsidy. Na dat removal lead to hike in fuel price from N200 to between N567 and N617 per litre across Naija.

Also, hin abolish multiple exchange rates, wey force dollar to exchange for over N850 for so black market.

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