BudgIT, a civic-tech organization leading the advocacy for transparency, accountability, and effective service delivery in Nigeria, calls 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.

On July 31, 2023, while addressing the nation, President Bola Ahmed Tinubu, among other key issues, said a budget of N75 billion will be allocated from July 2023 to March 2024 to support 75 promising manufacturing enterprises with N1 billion credit each at 9% interest for up to 60 months for long-term loans and 12 months for working capital. He also added that there are plans to stabilize staple food prices by releasing 200,000 metric tonnes of grains and 225,000 metric tonnes of fertilizer and inputs to farmers. While stressing that N125 billion will be invested in MSMEs, with N50 billion designated for a Conditional Grant to 1 million nano businesses and N75 billion for 100,000 MSMEs and start-ups, President Bola Ahmed Tinubu noted that the plan also includes the introduction of affordable 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.