On Sunday, President Bola Tinubu outlined his administration's accomplishments and reiterated his commitment to transforming Nigeria's economy. This address came in response to growing unrest and a planned 10-day nationwide protest against perceived poor governance, tagged #EndBadGovernanceInNigeria. The protests have been marked by widespread looting, violence, and reports of police brutality.
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President Tinubu assumed office on May 29, 2023, and faces significant challenges, including an inflation rate that reached 34.19% in June 2024, according to the National Bureau of Statistics. As Nigerians grapple with skyrocketing food prices and rising fuel costs, the President's speech aimed to reassure the public and highlight his government's efforts to address these pressing issues.
Key Achievements Highlighted by President Tinubu are:
1. Removal of Fuel Subsidies and Foreign Exchange Reforms: Tinubu emphasized that the removal of fuel subsidies and the unification of foreign exchange systems were crucial steps in releasing the "economic noose" stifling the nation's progress.
2. Increase in Government Revenues: The administration reported a significant increase in government revenues, which more than doubled to over N9.1 trillion in the first half of 2024 compared to the same period in 2023.
3. Major Infrastructure Projects: Ongoing projects such as the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway are part of the administration's efforts to improve transportation infrastructure across the country.
4. Boost in Oil Production: Oil production has increased to 1.61 million barrels per day. Additionally, two Foreign Direct Investments (FDI) worth over $500 million have been secured.
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5. Compressed Natural Gas Initiative: This initiative aims to power the transportation sector with compressed natural gas, which Tinubu claims will save over N2 trillion monthly previously spent on importing petrol and diesel.
6. Student Loan Scheme: Over N95.6 billion has been allocated to support Nigerian students through a new loan scheme.
7. Consumer Credit Corporation: Established with a capital of over N200 billion, this corporation aims to facilitate the acquisition of essential goods for Nigerians without immediate cash payments.
8. Digital and Creative Industries Empowerment: Efforts to empower young people have reportedly led to the creation of millions of jobs in the IT and creative sectors.
9. Skill-Up Artisans Programme: The government launched the Nigerian Youth Academy and the National Youth Talent Export Programme to enhance youth skills and job opportunities.
10. Livelihood Support Expansion: N570 billion has been distributed to the 36 states to expand livelihood support, benefiting 600,000 nano-businesses through grants.
11. Debt Service Improvement: The revenue-to-debt service ratio has been reduced from 97% to 68% over the past 13 months, improving fiscal sustainability.
12. Job Creation through SMEs: The creation of 240,000 jobs has been reported through support for 10 micro, small, and medium enterprises.
13. New National Minimum Wage: A new minimum wage of N70,000 has been signed into law, with payments of N1 billion each to large manufacturers to boost productivity.
14. Tariff and Import Duty Removal: Tariffs and import duties on essential goods like rice, wheat, maize, sorghum, and medical supplies have been removed for the next six months to alleviate costs.
15. Support for Farmers: Incentives have been provided to farmers to boost food production and reduce prices.
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16. Mechanized Farming Equipment Procurement: the government has procured mechanized farming equipment from countries like the United States, Belarus, and Brazil to enhance agricultural productivity.
Despite these reported achievements, President Tinubu acknowledged the economic hardships many Nigerians are facing. He pledged to continue working towards a more stable and prosperous economy, promising that his administration is committed to creating a better future for all citizens.
As the nation grapples with ongoing challenges, the government's ability to deliver tangible improvements in the daily lives of Nigerians remains a critical concern.
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