IBADAN, Nigeria – BudgIT, a civic-tech organisation leading the advocacy for transparency, accountability and effective service delivery in Nigeria has called for the immediate release of a transparency and accountability plan “to ensure President Bola Ahmed Tinubu’s promises are fulfilled, following the president’s July 31st national broadcast concerning the nation’s current economic crisis.”
BudgIT, in a statement signed and released to journalists by its Communications Associate, Nancy Odimegwu, said: “On July 31, while addressing the nation, President Bola Ahmed Tinubu, among other key issues, said a budget of N75 billion would be allocated from July 2023 to March 2024 to support 75 promising manufacturing enterprises with N1 billion credit each at nine per cent interest for up to 60 months for long-term loans and 12 months for working capital.
“He also added that there were plans to stabilise staple food prices by releasing 200,000 metric tonnes of grains and 225,000 metric tonnes of fertilisers and inputs to farmers. While stressing that N125 billion would be invested in Micro, Small and Medium Enterprises (MSMEs), with N50 billion designated for a conditional grant to one million nano businesses and N75 billion for 100,000 MSMEs and start-ups, President Tinubu noted that the plan also included the introduction of affordable Compressed Natural Gas (CNG)-fueled buses through an N100 billion investment and collaboration with labor unions to establish a new national minimum wage.
“These promises indicate a significant effort to navigate the complexities of the economic crisis from the fuel subsidy removal and mitigate the impact on the Nigerian populace; however, their successful execution is contingent upon transparent planning and accountability mechanisms.”