INDEPEDENCE DAY SPEECH: PRESIDENT TINUBU'S FIRST INDEPENDENT DAY SPEECH HAS FIVE MAJOR MESSAGES.

IINDEPEDENCE DAY SPEECH: PRESIDENT TINUBU'S FIRST INDEPENDENT DAY SPEECHES HAS FIVE MAJOR MESSAGES.

By, Adedayo Fowowe

President Bola Tinubu paid glowing tributes to the Nigerian security forces and the people's resilience in his first independent day speech as Nigerian leader, defended his administration's sweeping reforms that have caused hardship to the people, and rolled out temporary measures to mitigate the impact of those hardships.

In this post, we will discuss five major lessons from Tinubu's Independence Day speech.

ECONOMIC ASSISTANCE MEASURES

President Tinubu ordered an interim wage increase for junior federal government employees, giving relief from rising inflation and the effects of the elimination of fuel subsidies.

Workers in this group will receive an additional N25,000 each for the next 6 month.

"Based on our talks with labour, business and other stakeholders, we are introducing a provisional wage increment to enhance the federal minimum wage without causing undue inflation," Tinubu stated.

"For the next six months, the average low-grade worker shall receive an additional Twenty-Five Thousand naira per month."

Tinubu also stated that the Nigerian government would soon begin using compressed natural gas (CNG) buses as a more inexpensive and efficient means of public transportation, lowering transportation costs and positively impacting rates. "We are also setting up training facilities and workshops across the nation to train and provide new opportunities for transport operators and entrepreneurs," he stated.

ECONOMIC CHANGES
TO PROMOTE ECONOMIC FAIRNESS AND PROGRESS

He promised to restructure the central bank, ensuring that monetary policy benefits all citizens, and enhance tax administration.

He advocated that the Nigerian central bank develop policies that benefit the public rather than a privileged few.

He stated that a "thorough house cleaning" is already in progress.

In July, the president appointed a special investigator to look into the CBN's finances. 

He stated that the investigator's report would be presented "soon."
"Henceforth, monetary policy shall be for the benefit of all and not the exclusive province of the powerful and wealthy," Tinubu stated.

Still, on the economy, he stated that the country may soon witness a new tax regime that will boost corporate growth and address issues in the economy.

"An intelligent tax policy is critical to economic fairness and development," the president stated.

 "I have inaugurated a Committee on Tax Reforms to improve the efficiency of tax administration in the country and address fiscal policies that are unfair or hinder the business environment and slow our growth."

Increasing employment rates
According to the National Bureau of Statistics, the new approach for calculating unemployment rates revealed that Nigeria had one of the lowest jobless rates in the world, at 4.1%. When it was last released in March 2021, the figure was 33.3%.

While many have criticized the new methodology, President Tinubu has stated that his administration has plans to increase job creation in Africa's largest economy, with a focus on supporting small and medium-sized firms.

PLAN FOR SOCIAL INVESTMENTS

President Tinubu also announced plans to add an extra 15 million people to the social register. 

In the next weeks, the social register will be used to send cash to disadvantaged Nigerians as part of attempts to ameliorate the consequences of growing prices.

"Commencing this month, the social safety net is being extended through the expansion of cash transfer programs to an additional 15 million vulnerable households," he stated.

Providing security forces with equipment
Nigeria is confronted with a slew of security issues, including a separatist movement in the southeast, kidnap-for-ransom and robbery groups in the northwest, and a decade-long insurgency in the Northeast.

Tinubu stated that his administration would strengthen the security forces' ability to confront these threats and pay shining tributes to those who had "paid the ultimate sacrifice" in the line of duty.

"I salute and commend our gallant security forces for keeping us safe and securing our territorial integrity," he added, adding that "we will equip our forces with the ways and means necessary to perform their urgent task on behalf of the people."