- Factional LP members support Tinubu’s economic policies amid petrol subsidy removal, aiming to boost economy as outlined in his plans
- LP faction appreciates saving N1 trillion from subsidy removal, emphasizes manufacturing sector empowerment and labor-friendly loan approach
As the removal of petrol subsidies bites harder, some factional Labour Party (LP) members have expressed support for President Bola Tinubu’s economic policies.
The decision was announced in a press statement issued on Tuesday by the factional Publicity Secretary, Dr Abayomi Arabambi, and titled “Beyond partisanship, applauds the federal government’s good governance and citizen-centred leadership programme.”
The faction urged Nigerians to work with Tinubu to boost the economy through the packages outlined in his first broadcast.
Dr. Ararambi stated that the president’s announcement of saving N1 trillion from subsidy removal to be deployed in key areas aligned with LP’s welfare and national policy vision.
He further said;
The president said the manufacturing sector would be further empowered to deliver goods and services to the country with an expansive view, and to this end, N75bn would be deployed to that sector between now and March next year. This is an 11-month timeline for implementation, assessment and results, from which a review would be done.
More rewarding and labour-friendly approach is the loan at a single-digit interest rate of nine per cent per annum. In spite of this, the policy extends the repayment period to 60 months.
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