Tinubu lists achievements, vows to transform economy

President Bola Tinubu, in a nationwide broadcast on Sunday, 4 August 2024, listed some of his administration’s achievements since assuming office as Nigeria’s Head of State on 29 May 2023.

The President also pledged to deliver on his promise to transform the nation’s economy.

Tinubu’s speech was necessitated by the planned 10-day protest across the country, tagged #EndBadGovernanceInNigeria, which has degenerated into looting, violence, and police brutality, among other issues.

Amid high inflation, which currently stands at 34.19 per cent for June 2024 according to the National Bureau of Statistics, skyrocketing food prices, and hikes in the cost of fuel, Nigerians have continued to express deep concerns over the economic hardship that has ravaged the nation.

However, while delivering his speech, Tinubu noted that his administration has recorded some notable achievements. Some of these achievements include:

1. Removal of Fuel Subsidies and Termination of Multiple Foreign Exchange Systems: This, Tinubu said, “had constituted a noose around the economic jugular of our nation and impeded our economic development and progress.”
2. Increased Government Revenues: Aggregate government revenues more than doubled, increasing by over N9.1 trillion in the first half of 2024 compared to the first half of 2023.
3. Ongoing Major Infrastructure Projects: These include roads, bridges, railways, power, and oil and gas developments, notably the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway projects.
4. Increased Oil Production: Oil production has increased to 1.61 million barrels per day, and two Foreign Direct Investments of over $500m have been signed.
5. Compressed Natural Gas Initiative: Launched to power the transportation sector and reduce costs. Tinubu said, “This will save over N2tn a month, being used to import PMS and AGO.”
6. Student Loan Scheme: Approval of over N95.6bn to Nigerian students through the Student Loan Scheme.
7. Consumer Credit Corporation: Established with over N200bn “to help Nigerians acquire essential products without the need for immediate cash payments, making life easier for millions of households.”
8. Digital and Creative Enterprises: Empowerment of young people, creating millions of IT and technical jobs.
9. Skill-Up Artisans Programme: Introduction of the Nigerian Youth Academy and the National Youth Talent Export Programme.
10. Livelihood Support: The release of over N570bn to the 36 states to expand livelihood support for their citizens, while 600,000 nano-businesses have benefitted from the administration’s nano-grants.
11. Reduction in Revenue to Debt Service Ratio: Reduced from 97% to 68% in the last 13 months.
12. Job Creation: Creation of 240,000 jobs through 10 Micro, Small and Medium Enterprises.
13. National Minimum Wage: Signing into law the new National Minimum Wage of N70,000 and the payments of N1bn each to large manufacturers.
14. Removal of Tariffs and Import Duties: On rice, wheat, maize, sorghum, drugs, and other pharmaceutical and medical supplies for the next six months.
15. Incentives to Farmers: To increase food production at affordable prices.
16. Procurement of Mechanised Farming Equipment: Provisions of equipment such as tractors and planters, worth billions of naira from the United States, Belarus, and Brazil.

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