Tinubu Highlights Achievements and Promises Economic Transformation

In a nationwide broadcast on Sunday, August 4, 2024, President Bola Tinubu highlighted key achievements of his administration since he took office on May 29, 2023, and reaffirmed his commitment to transforming Nigeria’s economy.

The President’s address was prompted by the ongoing #EndBadGovernanceInNigeria protests, which have escalated into incidents of looting, violence, and police brutality.

Amid rising inflation, which stood at 34.19% for June 2024 according to the National Bureau of Statistics, along with soaring food prices and fuel costs, Nigerians have voiced significant concerns about the country’s economic difficulties.

In his speech, Tinubu detailed several notable accomplishments of his administration, including:

– Removal of Fuel Subsidies and Abolition of Multiple Foreign Exchange Systems: Tinubu described these actions as crucial steps to unclog the nation’s economic arteries and enhance development.
– Increase in Government Revenues: Government revenues surged by over N9.1 trillion in the first half of 2024, more than doubling compared to the same period in 2023.
– Major Infrastructure Projects: Ongoing projects include the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway, alongside developments in roads, bridges, railways, power, and oil and gas sectors.
– Boost in Oil Production: Oil output rose to 1.61 million barrels per day, and over $500 million in Foreign Direct Investments were secured.
– Compressed Natural Gas Initiative: Launched to reduce transportation costs, this initiative is expected to save over N2 trillion monthly on imported fuels.
– Student Loan Scheme: Approved funding of over N95.6 billion for Nigerian students.
– Consumer Credit Corporation: Established with over N200 billion to facilitate essential product purchases without immediate cash payments.
– Digital and Creative Enterprises: Empowerment of youth through job creation in IT and technical fields.
– Skill-Up Artisans Programme: Introduction of the Nigerian Youth Academy and National Youth Talent Export Programme.
– Livelihood Support: Allocation of over N570 billion to the 36 states to expand support for citizens and nano-grants benefiting 600,000 small businesses.
– Reduction in Revenue-to-Debt Service Ratio: Decreased from 97% to 68% in the past 13 months.
– Job Creation: Creation of 240,000 jobs through 10 Micro, Small, and Medium Enterprises.
– New National Minimum Wage: Enactment of a new minimum wage of N70,000 and N1 billion payments to large manufacturers.
– Removal of Tariffs and Import Duties: On rice, wheat, maize, sorghum, drugs, and medical supplies for six months.
– Incentives for Farmers: To boost food production at affordable prices.
– Procurement of Mechanised Farming Equipment: Acquisition of tractors and planters worth billions from the United States, Belarus, and Brazil.