BudgiT, a civic tech organization, is advocating for the implementation of a transparency and accountability plan to ensure the fulfillment of President Bola Ahmed Tinubu’s commitments.
This call follows President Tinubu’s national broadcast on July 31, 2023, addressing the prevailing economic challenges in the country.
During his speech, President Tinubu unveiled various measures to address the economic crisis.
Notably, he announced a budget allocation of N75 billion from July 2023 to March 2024 to support 75 promising manufacturing enterprises with N1 billion credit each.
These credits would carry a 9 percent interest rate for long-term loans spanning up to 60 months and 12 months for working capital.
BudgiT, in a statement signed by its Communications Associate, Nancy Odimegwu, emphasized the importance of transparent execution.
The organization highlighted President Tinubu’s commitment to stabilize staple food prices by releasing 200,000 metric tonnes of grains and 225,000 metric tonnes of fertilizer and inputs to farmers.
Moreover, President Tinubu outlined plans to bolster Micro, Small, and Medium Enterprises (MSMEs) through an N125 billion investment.
This initiative includes allocating N50 billion as a Conditional Grant to support 1 million nano businesses and dedicating N75 billion to assist 100,000 MSMEs and start-ups.
Additionally, the introduction of affordable Compressed Natural Gas (CNG)-fueled buses, backed by an N100 billion investment, and collaboration with labour unions to establish a new national minimum wage were outlined in the plan.
While acknowledging the substantial effort to navigate the intricacies of the economic crisis arising from fuel subsidy removal, BudgiT stressed that the successful execution of these commitments hinges on transparent planning and robust accountability mechanisms.
