President Bola Tinubu outlined key economic promises in his New Year address, shedding light on his administration’s priorities for 2024. Here are five notable takeaways:
1. Food Security and Affordability:
- President Tinubu highlighted the goal of ensuring food security and reducing food inflation, which currently stands at 32.84%.
- The administration aims to cultivate 500,000 hectares of farmland to grow staple crops like maize, rice, wheat, millet, and others.
- A National Wheat Development Programme, including dry-season farming initiatives, was mentioned as part of the strategy.
2. Tax and Fiscal Policy Reforms:
- The president emphasized plans to reform tax and fiscal policies to create a conducive business environment.
- Commitment to removing obstacles hindering local and foreign investments.
- An assurance that Nigeria is ready and open for business, with a determination to enhance competitiveness.
3. Implementation of New Living Wage:
- President Tinubu affirmed the commitment to implement a new national living wage for workers in 2024.
- Recognizes the economic, moral, and political significance of enhancing the material well-being of workers.
4. Refinery Operations:
- The quest to restart state-owned refineries, including the Port Harcourt refinery and the privately-owned Dangote refinery, is part of the agenda.
- Anticipation for the full operation of the Dangote refinery and the revival of local refining of petroleum products.
5. Steady Power Supply through Power Installation Projects:
- Assurance of reliable power supply through power installation projects across the country.
- Reference to the Siemens Energy power project and the commitment made during COP28 in Dubai.
- Recognition of the critical role of steady electricity supply in achieving meaningful economic transformation.
President Tinubu’s economic promises for 2024 encompass a range of sectors, including agriculture, taxation, workers’ welfare, energy, and refining. The emphasis on competitiveness, investment facilitation, and infrastructure development underscores the administration’s commitment to driving economic growth and development.
