In a nationwide broadcast on Sunday, August 4, 2024, President Bola Tinubu highlighted his administration’s achievements since taking office on May 29, 2023.
He also reaffirmed his commitment to transforming Nigeria’s economy.
Tinubu’s address came in response to the planned 10-day protest across Nigeria, known as #EndBadGovernanceInNigeria. Unfortunately, the protest has escalated into looting, violence, and police brutality in some states.
Amidst high inflation of 34.19% for June 2024, soaring food prices, and rising fuel costs, Nigerians are deeply concerned.
In his speech, President Tinubu recognised these economic hardships but also highlighted several notable achievements of his administration which 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 ₦9.1 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:
According to President Tinubu, this was launched to power the transportation sector and reduce costs.
Tinubu said: “This will save over ₦2tn a month, being used to import PMS and AGO”.
6. Student Loan Scheme:
Approval of over ₦95.6bn to Nigerian students through the Student Loan Scheme.
7. Consumer Credit Corporation:
Established with over ₦200bn “to help Nigerians acquire essential products without the need for immediate cash payments, making life easier for millions of households”.
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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 President said his administration had release of over ₦570 billion 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 ₦70,000 and the payments of ₦1 billion 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.