Hunger Protest: Tinubu Unveils 15 Major Economic Achievements of His Administration …C0NTINUE READING HERE >>>
As the nationwide protest against hunger and hardship enters the 4th day, President Bola Ahmed Tinubu has decided to address Nigerians.
In a 7-minute, 5-second speech, to pacify angry Nigerians, Tinubu reeled out the achievements of his administration and ongoing efforts to revive the economy.
Here are the economic achievements highlighted in the speech:
Removal of fuel subsidies
At the start of his administration, President Bola Tinubu announced the removal of the fuel subsidy.
This decision led to the price of fuel jumping to as high as N1,500 per litre in the black market and N850 per litre at filling stations in some states.
However, in his speech, Tinubu stressed that the removal of the fuel subsidy remains a necessary decision despite protests calling for its return.
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End to multiple foreign exchange systems
Tinubu also spoke on the decision by the CBN to abolish multiple foreign exchange systems, stressing that it had constituted a noose around the economic jugular of Nigeria and impeded economic development and progress.
Increase in government revenue
Also, the president revealed that government revenues more than doubled to over N9.1 trillion in the first half of 2024.
He noted that the achievement was due to his administration efforts at blocking leakages, introducing automation, and mobilising funding creatively without additional burden on the people.
Reduction of debt service ratio
According to Tinubu, there has been a reduction of the percentage of revenue spent on debt service from 97% to 68% in the last 13 months.
Clearing of forex debt
He also highlighted that his administration successfully cleared legitimate outstanding foreign exchange obligations of about $5 billion without adverse impact on its programs for Nigerians,
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Increased financial freedom:
Another achievement Tinubu mentioned is that there is now more funds available to spend on essential social services like education and healthcare, and that under his administration there have been a significant increase in allocations to state and local governments from the federation account.
Infrastructure projects:
He also said that his government has completed critical inherited projects, including roads, bridges, railways, power, and oil and gas developments.
One major project that he highlighted as a significant achievement of his administration is the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway projects.
He believes these projects have the potential to create thousands of jobs and boost economic output.
Oil and Gas Industry
Tinubu also spoke about the increased oil production to 1.61 million barrels per day as another major achievment.
He further noted that his administration have been able to attract investors and signing of foreign direct investments worth over half a billion dollars.
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CNG initiative
The president also mentioned the launch of the CNG initiative, which he believes will help cut down transportation cost by 60% and inflation.
He also noted that his government has begun the distribution of a million kits to assist commercial vehicles with CNG conversion.
Youth and Education Support
Establishment of the student loan scheme with 45.6 billion Naira already processed for payment.
Creation of the Consumer Credit Corporation with over N200 billion to help Nigerians acquire essential products.
Allocation of N50 billion Naira each for student loans and Credit Corporation from recovered proceeds of crime.
Youth focused project
To help the youths, the president also stressed that his administration secured $620 million under the Digital and Creative Enterprises (IDiCE) program, creating millions of IT and technical jobs.
He also said his government has introduced programs like the Skill-Up Artisans Programme (SUPA), the Nigerian Youth Academy (NIYA), and the National Youth Talent Export Programme (NATEP) aimed at assisting youths.
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Business focus initiative
Another achievement highlighted by Tinubu in his speech is the release of over N570 billion to states for livelihood support and 600,000 nano-businesses benefitted from nano-grants.
He also said that 75,000 beneficiaries have receive N1 million Micro and Small Business single-digit interest loans.
Another is the establishment of 10 MSME hubs, creating 240,000 jobs, with 5 more hubs in progress.
Support for manufacturers
He noted that his government made payments of N1 billion each to large manufacturers under single-digit loans to boost manufacturing output and stimulate growth.
Increase in minimum wage
The president spoke about the signing of the national minimum wage into law, raising the lowest earnings to at least N70,000 a month.
Housing initiative:
Another achievement highlighted is inauguration of the first phase of the Renewed Hope City and Estate, part of six planned projects across the nation’s geopolitical zones.
And also the launch of Renewed Hope Estates in every state, with a goal of completing 100,000 housing units over the next three years.
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Incentives for Farmers:
Also the president mentioned removal of tariffs and import duties on essential food items and medical supplies for six months to drive down prices.
Distribution of fertilizers and procurement of mechanized farming equipment to increase food production and create jobs.
Hunger protest: Why governors should be blamed
Henzodaily.ng earlier reported that Nigerian governors have been accused of being responsible for allowing the economic crisis in the country to lead to the planned nationwide hunger protest.
Barrister Oladotun Hassan said that the state allocations were multiplied by the federal government following the removal of the fuel subsidy, but the governors did not let it reflect on the people.
According to Hassan, if the governors had shared what was sent to them and followed President Bola Tinubu’s rules, Nigeria’s problems would have been half-solved, and there wouldn’t have been calls for the protest.
Source: Henzodaily.ng
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