- Fuel Subsidy Removal Halved Petrol Importation, Increased FAAC Allocation
- $7b FX Backlog Clearance Tops List Of Achievement
- Launching Of N100b CNG Bus Rollout Programme To Mitigate Effect Of Subsidy Removal
On Wednesday, May 29, 2024, President Bola Ahmed Tinubu celebrated his first-year anniversary as president of Africa’s most populous nation amid economic hardship experienced by Nigerians.
Economic and security experts while scrutinizing the president’s performance scored the president below average in areas of security and economy.
However, the Federal Government, late on Thursday revealed some achievements recorded by the Tinubu’s administration across several sectors in the country.
The publication reported that sizable feats were achieved in the economy, security, sports, health, education, agriculture and other critical sectors in the country.
According to a publication released by the Ministry Of Information And National Orientation, the federal government highlighted the ‘Renewed Hope Agenda’ scorecard of the president.
“The administration has made significant strides from enhancing infrastructure and transportation to investing in education, health, and social welfare,” the publication said.
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“The Renewed Hope Agenda is paving the way for a more prosperous, inclusive, and resilient Nigeria. President Tinubu’s administration lays the foundation for lasting progress and a brighter future for all Nigerians through strategic investments, youth empowerment, and improved governance.”
Some of the achievements recorded by Tinubu’s administration include the clearance of a $7 billion backlog in foreign exchange by the Central Bank of Nigeria (CBN).
In the area of the contentious fuel subsidy removal, the Federal Government disclosed that this was one of the achievements of Tinubu.
“The policy has led to a 50 percent reduction in petrol importation and increased monthly receipts for states and local governments from the Federal Accounts Allocation Committee (FAAC)” the document stated.
Below are some of the achievements recorded by the Tinubu’s administration
Economic ‘Rebirth’
The document listed the removal of the fuel subsidy regime as one of the achievements of Tinubu. The government said the policy has led to a 50 percent reduction in petrol importation and increased monthly receipts for states and local governments from the federal accounts allocation committee (FAAC).
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The report said the administration also introduced “comprehensive intervention programmes to cushion the transitional pains. The government identified the launching of a N100 billion CNG bus rollout programme and the award of N35,000 monthly for civil servants for six months as some of the measures taken to mitigate the effect of petrol subsidy removal.
The document said the administration unified the forex rate market to reflect the actual value of the naira and reformed bureau de change (BDC) operations, adding that the Central Bank of Nigeria (CBN) also cleared a $7 billion backlog in foreign exchange.
National Security
According to the publication, over 4,600 hostages were freed, more than 9,300 hostiles were killed while over 7,000 terrorists, bandits, and criminals were arrested since the government took office.
The document said the Nigerian Air Force (NAF) added five new aircraft to its fleet, including two Diamond 62 surveillance aircraft, two T-129 ATAK helicopters, and one King Air 360 ER, enhancing the fight against banditry and terrorism.
According to the government, annual recruitment of police officers was increased from 10,000 to 30,000 and over 120 illegal oil refining sites were deactivated across the Niger Delta.
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Agriculture And Food Security
The publication said Tinubu’s administration released 42,000 metric tonnes of assorted grains from the National Strategic Grain Reserves and 60,000 metric tonnes of rice through millers to Nigerians to tackle the rising food price in the country.
The scorecard said the CBN donated 2.15 million bags of fertiliser worth N100 billion to support farming, accompanied by the Dry Season Farming Initiative, and financed by the African Development Bank with $134 million.
Energy And Natural Resources
According to the document, Nigeria’s crude production rose under the Tinubu administration from 1.22 million barrels per day in Q2 2023 to 1.6 million barrels per day in Q1 2024.
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The report said the government has successfully renovated the Port Harcourt refinery while the Nigerian Liquefied Natural Gas (NLNG) production has increased from 57 percent in 2023 to 70 percent.
Infrastructure And Transportation
The document said the rail line between Port Harcourt and Aba — part of the 1,443-kilometre Port Harcourt to Maiduguri rail line — became operational under the Tinubu administration.
The government added that construction has begun on the 700 km Lagos-Calabar coastal highway and that the engineering design for the Sokoto-Badagry Expressway has also commenced.
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The FCT monorail project is also listed as set for commissioning, and the Renewed Hope Cities and Estates Programme are said to have kicked off to deliver 100,000 houses across the country.
Education, Health And Social Investment
The report said the administration allocated N50 billion for the National Primary Healthcare Development Agency (NPHCDA) in 2024, and N37.4 billion was also designated to establish six oncology centres nationwide.
The publication said the government also established the Nigerian Education Loan Fund which aims to support 1.2 million students in its first phase, adding that N5.1 billion has been approved for 185 research proposals under the TETFUND National Research Fund to promote educational research.
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The government said it also approved three-month cash transfers of N25,000 to 15 million of Nigeria’s poorest and most vulnerable households.
Industrialisation, Digitisation And Innovation
The report listed the establishment of the Three Million Technical Talent Initiative (3MTT), Digital and Creative Enterprise (iDICE), National Talent Programme (NATEP) and Outsource to Nigeria Initiative (OTNI), saying the projects will help improve the country’s creative economy and provide jobs for youth. According to the publication, the government launched the d MOBILIZER app for citizen engagement.
Anti-Corruption Policy
The report said Tinubu reinforced anti-corruption institutions like the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC), while several high-profile corruption cases involving politicians, business executives, and public officials have been pursued.
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Sports
According to the document, the administration offset over N12 billion in outstanding debts for various national football teams.
The report listed the Super Eagles’ winning silver at the African Cup of Nations (AFCON) in Côte d’Ivoire, the Super Falcons’ qualification for the Paris Olympics 2024, and Victor Osimhen getting crowned as the 2023 CAF African Footballer of the Year as some of the administration’s achievements in sports.
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Gender Inclusion
The publication said the administration launched programmes that provide vocational training and funding to support women’s financial independence and entrepreneurial endeavours.
