.Financial processes have improved under President, says Edun
.Buhari congratulates Tinubu, urges support for FG
.Atiku lists 6 strategies for FG to succeed
.His actions inspiring hope among Ndigbo, says Ohanaeze
Chigozie Amadi
Nigeria has embarked on a transformative journey towards stability, prosperity, and security, guided by the 8-Point Renewed Hope Agenda since President Bola Ahmed Tinubu assumed office on May 29, 2023,
This milestone is detailed in the Ministry of Information and National Orientation’s report, titled “One Year of the Tinubu Administration – Building a Safer, Stronger, and Prosperous Nigeria,” highlighting the significant strides made under President Tinubu’s leadership to tackle critical national challenges and implement comprehensive policies aimed at fostering national growth and development.
Amidst economic challenges marked by turmoil and unemployment, the administration’s bold economic reforms have stabilized the economy and sparked growth.
Also a significant move was the removal of the unsustainable fuel subsidy, redirecting approximately $10 billion annually towards critical sectors such as healthcare, education, infrastructure, and security.
This action alone the document explained has led to a 50% reduction in petrol importation and increased state and local government revenues.
Similarly, the elimination of the foreign exchange subsidy and the harmonization of FOREX rates bolstered the Nigerian economy, resulting in the Nigerian Stock Exchange becoming the top-performing bourse globally and strengthening the Naira.
And to ease the impact of these economic measures, the administration launched several interventions, including a wage award of N35,000 monthly for civil servants, the establishment of a tripartite committee for wage restructuring, and the creation of an Infrastructure Support Fund for states. “Internationally, the administration has successfully attracted over $30 billion in investments, enhancing Nigeria’s global economic partnerships.
“Security has been a major focus, with substantial investments aimed at modernizing the armed forces and achieving significant milestones in national security.
“These efforts have resulted in the liberation of over 4,600 hostages, neutralization of 9,300 criminals, and arrest of 7,000 terrorists and bandits. The security forces have also recovered thousands of weapons and rounds of ammunition, crucial in combating banditry and insurgency.
“In addressing food security, President Tinubu declared a state of emergency, leading to the restructuring of the Ministry of Agriculture into the Ministry of Agriculture and Food Security. “Initiatives such as the National Agricultural Development Fund and the Dry Season Farming Initiative have been launched to bolster agricultural productivity and ensure food sufficiency.
“Energy and natural resources management have seen enhanced security measures in the Niger Delta, leading to an increase in oil production and more stable natural gas output.
“Infrastructure development has also been prioritized, with significant investments in transportation networks including the activation of new rail lines and the initiation of the Lagos-Calabar Super Highway, and the inauguration of the Engineering Design of the Sokoto-Badagry Highway.
“Healthcare and education have received substantial boosts under the Renewed Hope Agenda. The expansion of primary health centres and the introduction of the Student Loans (Access to Higher Education) Act are part of efforts to improve access to essential services and opportunities for all Nigerians.
“As we move forward, the Tinubu administration remains committed to its vision of a resilient, inclusive, and prosperous Nigeria, underpinned by strategic investments, youth empowerment, and improved governance. The progress made in just one year lays a solid foundation for sustained growth and development, promising a brighter future for all Nigerian citizens”, the document added.
However, The Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, has stated that
the heart of President Bola Ahmed Tinubu’s eight-point agenda falls squarely within the purview of his ministry on which lies the imperative for effective economic management and strategic coordination.
He disclosed this Tuesday at Radio House, Abuja during the Sectoral Briefing on the achievements of his ministry in celebration of the one year anniversary of the President Bola Ahmed Tinubu-led administration.
He said within the first year of the present administration, the financial processes of the country has improved significantly with an ncrease in government revenues substantially and sustainably.
Edun, who rolled out the state of the Economy for the year in review
informed further
that expenditure processes have been tightened through automation.
According to him, “From economic revitalization to social development, from infrastructure enhancement to good governance, this administration’s bold reform measures reflect a commitment to building a more prosperous, equitable and resilient Nigeria”
He explained that the President Bola Ahmed Tinubu-led Administration within the year under review was able to boost oil revenues through increased oil production of 1.65mbd as at January 2024.
He assured that the country’s economy is growing with a Gross Domestic Product (GDP) growth rate of 2.98 per cent in the first quarter of 2024, which is higher than the population growth rate of 2.4 per cent and last year’s growth rate of 2.31 per cent.
“The economy is growing at 2.98 per cent for the first quarter of this year, which is higher than the population rate of 2.4 per cent. It is higher than last year’s 2.31 per cent. So, on balance, we can say that the President’s policy strategies and his programmes have turned the country in the right direction, upwards, growing” he said.
He maintained that the Ministry, under his stewardship will continue to ensure the full implementation of the reform policies and programmes of the government in order to restore stability to the economy, in line with the Renewed Hope Agenda of the present administration.
Edun noted that the reforms have led to an increase in revenue, enabling the government to pay its debts and invest in infrastructure.
He explained that the government has also implemented social investment programmes to protect the poor and vulnerable, with direct payments of N75,000 to 15m households.
Additionally, he said, efforts are being made to improve food security, with N200bn allocated to intervention programmes.
Edun added that access to credit has also been improved, with N100bn allocated to consumer credit and grants of N50,000 being given to one million nano industries.
He said that government has implemented a system of payment to ensure that Nigeria’s money is spent wisely and accountably.
The Minister. who emphasised the importance of infrastructure in growing the economy and creating jobs, added that the fund has been set up to provide institutional long-term funds to support housing construction and low-interest mortgages for the average Nigerian.
:The government’s efforts have led to an improvement in Nigeria’s international credit rating, with Moody’s and Fitch increasing and improving Nigeria’s rates to positivity”, he stated.
The Minister, who was accompanied to the event by the Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya, the Permanent Secretary, Special Duties, Mr. Okokon Ekenam Udo, Heads of Agencies under his supervision as well as Directors of the Ministry, expressed optimism that continuing on this path will lead to a growing economy and improved living standards for all Nigerians.
“We have room to feel that continuing on these paths, redoubling our efforts, following Mr President’s agenda at the state and federal level, will lead us to a growing economy that takes us out of poverty and produces a better life for all Nigerians” he added
In his closing remarks, the Minister of Information and National Orientation, Mohammed Idris, urged journalists to ensure they provide wider publicity for the briefing through patriotic and positive reportage for the benefit of the country.
He assured that the President Bola Ahmed Tinubu-led Administration is determined to improve the lives of its citizens through deliberate strategic initiatives, programmes and projects that have direct impact on their lives.
However, The immediate past President Muhammadu Buhari has extended best wishes to his successor, President Bola Ahmed Tinubu on the completion of his first year in office.
In a brief statement, the Senior Special Assistant Media to the former president, Mallam Garba Shehu said Buhari appealed to all citizens to continue to strengthen the thread of national unity and goodwill.
Buhari also appealed to Nigerians to give their “blessings and support to the Tinubu administration so that it can succeed in its efforts to build a Nigeria of our dreams.”
Former President Buhari expressed his wish for a successful tenure in office by the Tinubu administration.
Meanwhile, Former Vice President Atiku Abubakar has said that President Bola Tinubu’s economic policies have created a hostile environment for businesses, both big and small, to thrive.
He added that the private sector is overwhelmed by the president’s economic policies and burdened by his failure to address the policy fallout.
“The manufacturing sector, which holds the key to higher incomes, jobs, and economic growth, has been bogged down by rising input prices, higher energy and borrowing costs, and exchange rate complexities,” Atiku said on Tuesday in a statement made available to PUNCH Online.
The former presidential candidate of the Peoples Democratic Party recommended six economic rescue strategies for the economy under Tinubu.
He said, “First, pause and reflect. It is important that the government understands what reforms must be undertaken and in what sequence. A framework is needed with clearly stated reform objectives and strategies.
“Second, undertake a comprehensive review of the 2024 budget within the new reform framework. The 2024 FGN Budget, the exact size of which remains a mystery, is not designed to address the structural defects of the Nigerian economy or the cost-of-living crisis. It will neither create prosperity nor promote opportunities for our young people to lead a productive life.
“Third, undertake a comprehensive review of the Social Investment Programme (SIP) to mitigate some of the impacts of these policies on the most vulnerable households. The SIP must go beyond Conditional Cash Transfers to include programmes that prioritise support to MSEs across all economic sectors, as they offer the greatest opportunities for achieving inclusive growth.
“In addition, a holistic programme to support medium and large-scale enterprises to navigate the stormy seas in the aftermath of the withdrawal of subsidy on PMS is also needed.”
He added that Tinubu must be cautioned against any attempt to further pauperise the poor by introducing new taxes or increasing tax rates.
He said, “We are aware of the behind-the-scenes attempts to increase the VAT rate from 7.5% to 10%, reintroduce excise on telecommunication, and increase excise rates on a range of goods.
“Fifth, provide clarity on the fuel subsidy regime, including the fiscal commitments and benefits from the fuel subsidy reform and the impact of this on the Federation Accounts. It is curious that since April 2024, fuel queues have mounted at many filling stations across Nigeria, and the infamous ‘black market’ has sprouted in several states. How much PMS is being imported and distributed, and at what cost? What is the implicit subsidy?
“Tackle security headlong. President Tinubu, as a matter of priority, needs to rejig the nation’s security architecture as what is currently in place is not serving the needs of the people. The state of pervasive insecurity continues to adversely impact agricultural production and the value it brings to the economy, especially in the Northern parts of the country.”
.His actions inspiring hope among Ndigbo, says Ohanaeze
The President-General of Ohanaeze Ndigbo Worldwide, Chief Emmanuel Iwuanyanwu, says President Bola Tinubu’s achievements in his one year in office are signs of good things to come.
Iwuanyanwu said this on Tuesday, while assessing the performance of the president in his first anniversary in office.
He spoke in an interview with the News Agency of Nigeria (NAN) in his office in Owerri.
He said that Tinubu’s support for the crusade against corruption, the investment inflow from his trips overseas and his suspension of the cyber security levy were signs that he felt the pulse of the masses.
According to him, Tinubu has shown that he feels no difficulty in changing any step which Nigerians perceived to be wrong.
“An example was the decision to suspend the implementation of the Expatriate Employment Levy, which was very unpopular but was quickly changed.
“Frankly speaking, any honest Nigerian must have sympathy for President Tinubu, because he took office at a time there were lots of problem.
“Problems we have never experienced in the country; problems in security, economy, even in trust.
“The ethnic and religious problem had reached a crescendo.
“In effect, you can’t assess him properly without putting into perspective the situation he met on ground,” the elder statesman said.
He also said that during the presidential campaign, Tinubu made promises such as the removal of subsidy, closing up of the dollar exchange rate, which were all made by other presidential aspirants in agreement that these problems persisted and needed to be addressed.
“But I am sure he did not know that the backlash would be severe that today, things have gone terribly bad.
“When we have a situation like this, I appeal to Nigerians to bring up constructive advice to solve the problems rather than go into blame games,” he said.
Iwuanyawu commended Tinubu for sustaining his tolerance for the freedom of the press which, he said, had further given him a lot of respect.
He urged Nigerians to be patient and continue to pray for the president as well as do things that would make him succeed in office.
However, he said that Igbo people were concerned about the situation in Nigeria today, adding that they voted for Peter Obi “because of the perception that it was the turn of the South-East to produce the president.
“But we are democrats who believe in Nigeria and that is why the moment the Supreme Court proclaimed that Tinubu is the President, all Igbo everywhere resolved to support him,” he said.
The Igbo leader appealed to the Tinubu-led administration to reciprocate the gesture by ensuring a fair deal and equity by making appointments from the South-East zone.
He also appealed to the president to “look at the problem of hatred for Igbo people with sympathy”, following their stand at the last presidential election.
He said that the presidential election had brewed bitterness and hatred for the Igbo people who have been at the receiving end, with the demolition of their businesses worth billions of naira across the country, particularly in Abuja and Lagos.
Iwuanyawu urged Tinubu to treat the issue of restructuring as an urgent responsibility, describing it as the only way to discontinue the clamour for self-determination, violence and insurgency by various groups.
He said that any constitution that failed to give reasonable autonomy to all the federating units would not work but continue to create problem for the people.
“That is why we in Ohanaeze Ndigbo are saying that we want a true federal constitution, where the power at the centre should be reduced and more power given to the federating units to determine how they create revenue and manage resources within their areas,” he said.
Iwuanyawu also opined that restructuring would further tackle security issues at the grassroots level with local council police as well as the issues of the creation of additional local government areas.
“It is clear that with a strong police at the local and state government levels, it will reduce crime, insurgency and create more peace,” he said.
