President Muhammadu Buhari has called on Nigerians and business owners to take advantage of the N1 trillion earmarked by the Federal Government to boost their socio-economic activities.
President Buhari gave the charge during the presentation of the N13.08 trillion budget proposal for the 2021 fiscal year, he explained that the intervention funds would be given at a low-interest rate of 5 per cent against 9 per cent.
President Buhari also unveiled the administration’s plan to leverage on technology and redirecting cash resource to the poor and vulnerable.
While acknowledging the impacts of the ongoing reforms initiated by the present administration on businesses and the citizens, President Buhari expressed optimism that the deregulation of petroleum price would free financial resources being expended on fuel subsidy while the removal of electricity tariff would help in resolving the liquidity crisis in the power sector.
He also noted that the ongoing IPPIS verification has helped in closing the gap and the menace of ghost workers in the civil service.
According to him, the main focus of the 2021 budget will be on completion of as many ongoing projects across the country for benefit Nigerians.
He also applauded the determination of the 9th Assembly towards the timely passage of the petroleum industry bill (PIB), which he observed will help in rejuvenating the oil and gas industry and the economy at large.
While acknowledging the hard times posed by ongoing reforms, he pledged the implementation of social safety nets, including N420 billion proposed for a social investment programme, N75 billion to support businesses, N100 billion household intervention fund and N100 billion healthcare intervention fund.
In his remarks, the Speaker of the House of Representatives, Hon. Femi Gbajabiamila who announced a new security arrangement in the Lower Chamber disclosed that security aides attached to Ministers and Heads of Ministries, Departments and Agencies (MDAs) would not be allowed to carry arms going forward.