LP faction vows to back Tinubu’s economic policies

Some factional members of the Labour Party (LP) have expressed support for the economic policies of President Bola Tinubu as the petrol subsidy removal bites harder.

The decision was contained in a press statement signed by the factional Publicity Secretary, Dr Abayomi Arabambi, on Tuesday, which was titled: “Beyond partisanship, applauds for good governance and citizen-centered leadership programme of the federal government”.

The faction called on Nigerians to join hands with Tinubu to boost the economy with the packages he outlined in his maiden broadcast.

Dr Ararambi said the president’s announcement of saving N1trn from the subsidy removal to be deployed in key areas aligned with LP’s welfare and vision for national policy.

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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.”