President Tinubu: One year of bold sectoral transformations

BY DANIEL NNAMDI IGWE

The leadership of President Bola Ahmed Tinubu has brought in a new era of hope and progress in the nation. Since his assumption of office on May 29, 2023, the President has taken bold steps to ensure his administration’s Renewed Hope Agenda comes to life.

President Tinubu Administration’s eight-point agenda include: reforming the economy for inclusive growth, strengthening national security, boosting agriculture for food security, unlocking energy and natural resources, enhancing infrastructure and transportation, boosting education, health, and social investment, accelerating diversification through industrialisation, digitisation, creative arts, manufacturing, and innovation, and, last but not least, improving governance for effective service delivery.

Economic Rebirth

The petrol subsidy regime was clearly a Venus flytrap, and very tough decisions had to be made for the common good. One of the pivotal steps President Tinubu took was to withdraw the unsustainable fuel subsidy, which was taking up to 2 percent of the nation’s gross domestic product (GDP). This was approximately $10 billion per year. This allowed for the redirection of funds to many dire sectors, which had an impact on citizens’ wellbeing– healthcare, education, infrastructure, and security.

As a result, there is now a 50 percent reduction in petrol importation and an increase in funds for states and local governments via the Federal Account Allocation Committee (FAAC).

The administration’s removal of fuel subsidy came with measures to cushion the impact of the policy: N35,000 was given to civil servants for six months; a new minimum wage is being worked out for workers, an infrastructure support fund for states was established, and a N100 billion CNG-bus programme was launched, among many others.

Another step to reform the economy and set it on a strong trajectory of growth was to end the foreign exchange subsidy, making changes to Bureau de Change (BDC) operations and lifting FOREX restrictions on certain imports. The Central Bank of Nigeria (CBN) also settled a backlog of foreign exchange forwards worth $7 billion. As of April 2024, the Nigerian Stock Exchange was one of the top performing stock markets in the world.

Also, the establishment of a Presidential Fiscal Policy and Tax Reform Committee aims to reform the tax system and reduce the tax burden on Nigerians.

Internationally, President Tinubu has pursued direct investments, enhanced international partnerships, and stoutly marketed Nigeria’s vast opportunities, thus inviting investors to pour in more than $30 billion into key sectors of the nation’s economy.

National Security

The scourge of banditry, kidnapping, and insurgency remains a formidable challenge, but President Bola Tinubu has risen to the occasion with unwavering determination to secure lives and property.

One of his accomplishments is the freeing of 4,600 hostages, neutralizing of 9,300 hostels, and arresting of over 7,000 terrorists, bandits, and criminals. From June 2023 to date, more than 4,800 weapons and 93,900 rounds of ammunition have been recovered.

Secondly, to reinforce the war against banditry and terrorism, the Nigerian Air Force has added five new aircraft to its fleet, two surveillance aircraft, and two helicopters.

To curb illegal mining and secure mining sites, a 2,200-member Mines Marshal Corps was established.

Furthermore, 30,000 new personnel have been recruited into the Nigeria Police Force, and over 120 illegal oil refining sites have been deactivated.

On February 13, 2024, Vice President Kashim Shettima inaugurated the Steering Committee of the Pulaku Initiative to combat banditry and cattle rustling. This initiative supports conflict resolution, community reconstruction, and assistance to farmers and herders, and it targets Benue, Kaduna, Katsina, Kebbi, Niger, Sokoto and Zamfara states.

Basically, President Tinubu’s security strategies address the elemental causes of insecurity, aiming to create a safer environment where citizens can live without fear.

Boosting Agriculture and Food Security

A state of emergency on food security was declared in order to tackle the rising food prices and ensure food sufficiency. N100 billion was earmarked to address agricultural financing challenges via the National Agricultural Development Fund. 42,000 metric tonnes of grains such as sorghum, millet, maize, and 60,000 metric tonnes of rice were released to vulnerable Nigerians in a bid to stabilize food price and supply.

The Central Bank of Nigeria donated 2.15 million bags of fertilizer worth N100 billion to support farming.

The Dry Season Farming Initiative on 500,000 hectares of farmland, financed by the African Development Bank, intends to promote year-round farming. A partnership with John Deere aims to supply 2,000 tractors annually for five years under a unique financing arrangement supported by low-interest loans from the Bank of Agriculture. The Green Imperative Programme, a $1 billion bilateral partnership with the Brazilian Government, aims to provide farmers access to machines, equipment, and training. The Bank of Agriculture will support Nigerian farmers with low-interest loans to purchase fertilizers. Additionally, there is a N141 billion credit facility from a Japanese agency for agricultural scheme projects.

Unlocking Energy and Natural Resources for Sustainable Development

Nigeria’s sustainable development is heavily reliant on the energy and natural resources that lie within its borders. The Tinubu Administration has set its sights on harnessing these invaluable assets, transforming them into engines of economic growth and prosperity for all Nigerians.

The administration has executed policy directives to position Nigeria as the premier destination for Africa’s oil and gas sector.

With enhanced security in the Niger Delta region, the nation has witnessed a surge in crude oil production, from 1.22 million barrels per day in Q2 2023 to a remarkable 1.6 million barrels per day in Q1 2024.

Nigeria’s gas production has also increased from 57% in 2023 to 70% currently.

The rehabilitation of the Port Harcourt Refinery is a potential gamechanger, boosting local refining capacity. Furthermore, the settlement of $1.3 billion in debts owed to gas firms has ensured a steady supply of gas to power-generating companies across the country, lighting up homes and businesses.

Three Executive Orders have been issued to create $10 billion in investment in the oil and gas sector. These orders are the Oil and Gas Companies Order, the Presidential Directive on Local Content Compliance Requirements, and the Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines.

These orders will amend primary legislation, introduce fiscal incentives for oil and gas projects, and promote cost efficiency in local content requirements.

Following the withdrawal of fuel subsidy and to reduce the cost of transportation, the N100 billion Presidential CNG Initiative was established. CNG-powered vehicles, conversion toolkits, and refuelling sites have been activated. This has currently attracted over $50 million in private investments.

To further ensure energy security, the Tinubu administration has made efforts to complete the construction of the Ajaokuta-Abuja-Kano (AKK) Gas Pipeline Project, and three gas projects were recently inaugurated in Delta and Imo state.

Precious minerals such as gold, lithium, iron ore, lead, zinc, limestone, and others, are in good measure in the nation, so several reforms are being implemented in order to fully harness the potential in the solid minerals sector. The Nigerian Solid Minerals Corporation has been created, joint ventures are being established with mining multinationals, and six mineral processing centres have been created, among others.

Transforming Infrastructure and Transportation for Economic Growth

It takes a dexterous laying of bricks to build an edifice. The administration takes a cultivated and diligent brick-by-brick approach to governance; to building that nation we all deserve. Roads, railways, ports, and airports are being heavily invested in to facilitate trade and movement.

The rail line between Port Harcourt and Aba, a part of the Port Harcourt to Maiduguri rail line, is now operational.

In March, 2024, the Federal Government approved the launch of the Renewed Hope Infrastructure Development Fund (RHIDF) to facilitate effective infrastructure development across the pivotal areas of agriculture, transportation, ports, aviation, energy, healthcare, and education in Nigeria. With an ambition to raise N20 trillion, the Fund aims to deliver projects such as the Lagos-Calabar Coastal Highway, Sokoto-Badagry Expressway, Lagos-Kano Standard Gauge Line, and Eastern Rail Lines, as well as modernize ports and aviation facilities.

What is more, the construction of Nigeria’s first coastal highway, the 700km Lagos-Calabar Superhighway, and the engineering design for the Sokoto-Badagry Expressway are underway.

Simultaneous construction work is underway in the Federal Capital Territory, Abuja. An Infrastructure Support Fund has been established for States to invest in critical areas that will create an enabling environment for businesses.

In addition, the Renewed Hope Cities and Estates Programme, which aims to deliver 100,000 houses nationwide, has kicked off.

In a nutshell, the various infrastructure projects spread across the country will progress steadily for the benefit of all Nigerians.

Improving Education, Health, and Social Investment for Sustainable Development

Educating children is empowering the future. There is no future without the children, and there is no hope for tomorrow without an educated, illumined, and productive population. The Student Loan (Access to Higher Education) Act 2024 and the establishment of the Nigerian Education Loan Fund highlight the administration’s commitment to broadening access to education. The student loan programme aims to support 1.2 million students in its first phase.

The administration of President Tinubu has done far more in the last one year: it has prioritised primary health centres as essential components of the nation’s healthcare system. Recently, he directed the immediate upgrade of key health infrastructure and equipment across the six geo-political zones. Ten hospitals bestrewing the six geopolitical zones will be revamped to provide exigent and top-tier healthcare services in the lines of radiology, clinical pathology, medical and radiation oncology, and cardiac catheterisation.

It takes a healthy population to build a thriving economy. A diseased or decaying population cannot be very productive. Healthcare is an intrinsic element of human capital development, which is the nucleus of the overall well-being and advancement of society.

The Tinubu administration has put healthcare on the foreground of its policy ideation, iteration, and implementation, with an understanding of the fundamentality of this variable in domestic economics.

The administration is training 120,000 frontline health workers over the next 16 months; it is doubling the number of primary healthcare facilities in communities across the federation from 8,800 to 17,000 over the next three years; it is increasing health personnel enrolment capacity of accredited nursing and midwifery institutions by two-fold to accommodate the new demand created by new facilities across Nigeria, and it is establishing a paid volunteer youth force of social accountability officers to monitor the functioning and financial integrity of primary healthcare centres. This is clearly innovative, purposeful, and audacious.

Empowering Youth and Promoting Innovation, Improved Governance for Effective Service Delivery

The Tinubu administration is the first to deliberately and progressively mainstream women and youth in governance for which the leadership continues to be celebrated across quarters. This effort, among others, shows wholesale faith and trust in the young people and women of Nigeria. Youths have been empowered, and the promotion of innovation has brought in more employment.

To realise this vision, programmes, such as the Three Million Technical Talent Initiative (3MTT), an initiative aimed to empower youths with digital skills, among others, were launched. Furthermore, various policy initiatives are being implemented to institutionalise good governance and achieve the President’s Renewed Hope Agenda.

The country’s international sports profile is shaping up well with the allocation of a substantial budget of over N31 billion to support various sporting activities, infrastructure, development, and operational costs in the sector.

The administration continues to show a deep commitment to gender equality and the empowerment of women. Nine women have been appointed to ministerial positions, and several initiatives have been unveiled to empower women and enhance gender equity.

Conclusion

Nigeria has found its healer-in-chief; its unifier by example, and consoler-in-chief in President Bola Tinubu. He is the President for all Nigerians. He has spent the last year healing and unifying nigeria. True to his promise of mending and healing the nation, the president has made plans and continues to follow through with them in the past one year to uplift Nigeria from the ashes it was once in.

As a statesman with an impeccable track record and an unwavering dedication to democracy, President Bola Tinubu has long been a beacon of unity, shining brightly across the diverse landscape of Nigeria. His unwavering commitment has positioned him as a visionary leader, poised to turn the dreams of a united, prosperous, and inclusive Nigeria into reality.

Daniel Nnamdi Igwe is a public affairs analyst