Minister of Information and National Orientation, Mohammad Idris, highlighted the transformative achievements of President Bola Ahmed Tinubu’s administration in its first year. He described this period as a journey toward stability, prosperity, and security, driven by the “Renewed Hope Agenda,” an eight-point policy framework aimed at revitalizing Nigeria.
Economic Reforms and Stability
Idris acknowledged the significant economic challenges the country faced, including unemployment and economic turmoil. He emphasized the administration’s bold reforms, which stabilized the economy and spurred growth. One major reform was the removal of the fuel subsidy, which redirected about $10 billion annually to critical sectors such as healthcare, education, infrastructure, and security. This move reduced petrol importation by 50% and increased state and local government revenues. The elimination of the foreign exchange subsidy and the harmonization of forex rates were also critical steps that bolstered the Nigerian economy, making the Nigerian Exchange Group the top-performing bourse globally and strengthening the Naira.
National Security Enhancements
On the security front, Idris reported substantial investments aimed at modernizing the armed forces, which led to the liberation of over 4,600 hostages, neutralization of 9,300 criminals, and the arrest of 7,000 terrorists and bandits. The security forces recovered thousands of weapons and rounds of ammunition, significantly combating banditry and insurgency.
Agricultural and Food Security Initiatives
In response to food security concerns, Tinubu declared a state of emergency, restructuring 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 were launched to boost agricultural productivity and ensure food sufficiency.
Energy Sector Improvements
Enhanced security measures in the Niger Delta led to an increase in oil production and more stable natural gas output. This was part of the administration’s broader strategy to manage energy and natural resources more effectively.
Affirmation from Presidential Adviser
Bayo Onanuga, Special Adviser on Information and Strategy to the President, described the first year of Tinubu’s administration as foundational, setting the stage for future abundance. He reaffirmed that Tinubu’s administration had made significant strides in fulfilling campaign promises and implementing necessary, albeit difficult, reforms. Onanuga praised the administration’s decision to end the fuel subsidy and harmonize foreign exchange rates, actions which were crucial for resetting the economy and building renewed confidence both locally and internationally.
Palliative Measures and Support Programs
To address immediate challenges, the administration introduced various palliative measures, including subsidized bus transport and free train services during the holiday season. Over 200,000 Nigerians benefited from these services. The government also launched a massive dry season farming initiative and distributed 43,000 metric tonnes of grains from national reserves, along with purchasing an additional 60,000 metric tonnes of rice for vulnerable populations. Additionally, a wage award of N35,000 was announced for federal workers to help cope with inflation and transport costs.
Support for Businesses and Youth
The administration supported businesses through the Bank of Industry, disbursing N50,000 to nano businesses under the Presidential Conditional Grant Programme, benefiting over 1,000,000 small-scale entrepreneurs. A $617 million fund was approved to up-skill Nigerian youths, providing start-up funding and infrastructure. This initiative aimed to benefit youths with digital skills.
Future Infrastructure Projects
The administration planned significant infrastructure projects, including the 700-kilometer Lagos-Calabar Coastal Superhighway and the reactivation of the Sokoto Illela-Badagry Superhighway. Efforts to refurbish roads and bridges, as well as plans for new rail projects like the Ibadan-Abuja-Kaduna and Port Harcourt-Maiduguri lines, were also underway.
Investment in Oil and Gas
Tinubu’s executive order on investment in the oil and gas sector led to the opening of three major gas plants in the Niger Delta. Onanuga mentioned that mega investments totaling over $15 billion were expected soon, as a direct result of the administration’s policies.
The administration’s first year laid a solid foundation for continued progress, with a focus on security, economic stability, and infrastructural development, aiming to build a safer, stronger, and more prosperous Nigeria.