Asiwaju Bola Ahmed Tinubu was sworn in as the 16th President of the Federal Republic of Nigeria on May 29, 2023.
He had contested and won the 2023 Presidential Elections with All Progressive Congress (APC), defeating Atiku Abubakar and Peter Obi of People’s Democratic Party (PDP) and Labour Party (LP) respectively.
President Tinubu, on assumption of office met a very high expectations from Nigerians and so far has demonstrated firm determination to succeed against all odds.
In his inauguration speech as the President, Tinubu began his office with a bold declaration, that the costly fuel subsidy regime was over.
Many Nigerians raised some concern that it was removed without a palliative programme to cushion the economic effects on vulnerable citizens.
This triggered inflation with prices of basic needs, such as transport and foodstuffs affected uncontrollably.
Meanwhile, in the past 19 months, President Tinubu has also shown commitment to democracy and visionary leadership, as encapsulated in the 8-Point Renewed Hope Agenda.
He has further inspired confidence and trust among Nigerians, promising a new era of hope and transformation.
Economic Rebirth: In the wake of the economic turmoil, widespread poverty, and rising unemployment, President Tinubu implemented bold reforms to stabilise the economy. The withdrawal of the unsustainable fuel subsidy and the unification of the FOREX market were pivotal steps, redirecting funds to critical sectors like healthcare, education, and infrastructure. These measures have reduced petrol importation by 50% and boosted investor confidence, making the Nigerian Stock Exchange the top-performing bourse globally.
President Tinubu has prioritized national security, leading to significant investments in modernising and equipping the nation’s security forces. Over 4,600 hostages have been freed, more than 9,300 hostiles neutralized, and over 7,000 terrorists and bandits arrested. Establishing the N50 billion Pulako Initiative and annually recruiting 30,000 new police personnel further underscore the administration’s commitment to a safer Nigeria.
Regarding to the economic proposal, was to float the Naira and let market demand determine its true value, resulted in rising prices and in some cases scarcity. The government has attempted different measures to try and halt the crash, but none has been fully succesful thus far.
Boosting Agriculture and Food Security:
To tackle food security, the administration declared a state of emergency and launched the National Agricultural Development Fund with N100 billion. Initiatives like the Dry Season Farming Initiative and the Green Imperative Programme aim to promote year-round farming and provide farmers with access to modern equipment and low-interest loans, ensuring a stable food supply.
Removal of Fuel Subsidies and Termination of Multiple Foreign Exchange Systems:
In his Nation wide address on 4th August 2024, Tinubu said, “had constituted a noose around the economic jugular of our nation and impeded our economic development and progress.”
Increased Government Revenues:
Aggregate government revenues more than doubled, increasing by over N9.1 trillion in the first half of 2024 compared to the first half of 2023.
These include roads, bridges, railways, power, and oil and gas developments, notably the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway projects.
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.
Compressed Natural Gas Initiative: Launched to power the transportation sector and reduce costs. Tinubu said, “This will save over N2tn a month, being used to import PMS and AGO.”
Student Loan Scheme: Approval of over N95.6bn to Nigerian students through the Student Loan Scheme.
Consumer Credit Corporation: Established with over N200bn “to help Nigerians acquire essential products without the need for immediate cash payments, making life easier for millions of households.”
Digital and Creative Enterprises:
Empowerment of young people, creating millions of IT and technical jobs.
Skill-Up Artisans Programme: Introduction of the Nigerian Youth Academy and the National Youth Talent Export Programme.
Livelihood Support:
The release of over N570bn to the 36 states to expand livelihood support for their citizens, while 600,000 nano-businesses have benefitted from the administration’s nano-grants.
Reduction in Revenue to Debt Service Ratio: Reduced from 97% to 68% in the last 13 months.
Job Creation:
Creation of 240,000 jobs through 10 Micro, Small and Medium Enterprises.
Signing into law the new National Minimum Wage of N70,000 and the payments of N1bn each to large manufacturers.
Removal of Tariffs and Import Duties:
On rice, wheat, maize, sorghum, drugs, and other pharmaceutical and medical supplies for six months.
Incentives to Farmers: To increase food production at affordable prices.
Procurement of Mechanised Farming Equipment:
Provisions of equipment such as tractors and planters, worth billions of naira from the United States, Belarus, and Brazil.
Unlocking Energy and Natural Resources:
The Renewed Hope Agenda focuses on developing renewable energy sources and enhancing the efficiency of the oil and gas sector. Policy directives have improved the investment climate, increased crude oil and NLNG production, and initiated significant projects like rehabilitating the Port Harcourt refinery and constructing the Ajaokuta-Abuja-Kano Gas Pipeline.
