Abuja, Nigeria, May 31, 2024 (GLOBE NEWSWIRE) -- The Ministry of Information and National Orientation is proud to release the one-year report card titled "One Year of the Tinubu Administration – Building a Safer, Stronger, and Prosperous Nigeria." This report highlights the key achievements and progress made by President Bola Ahmed Tinubu's administration since he assumed office on May 29, 2023. His historic victory marked a significant turning point in Nigeria's democratic journey, bringing new hope and transformation to the nation.
Under the leadership of President Tinubu, the safety and security of all Nigerians have been made a top priority. The administration has implemented various strategies to combat terrorism, insurgency, and other forms of violent crimes that have threatened the peace and stability of our nation in recent years.
Key Achievements in the First Year
Economic Reforms and Stability
President Tinubu took office during a challenging period marked by economic turmoil, widespread poverty, and rising unemployment. To stabilize the economy and prevent collapse, the administration implemented several crucial reforms:
The withdrawal of the unsustainable fuel subsidy saved approximately $10 billion annually, redirecting funds towards healthcare, education, infrastructure, and security. This policy led to a 50% reduction in petrol importation and increased monthly receipts for states and local governments.
Ending the foreign exchange subsidy and unifying the FOREX rate market boosted investor confidence, allowing the Central Bank of Nigeria to settle a $7 billion backlog in foreign exchange.
The Nigerian Stock Exchange became the top-performing bourse globally, and the Naira became one of the top-performing currencies as of April 2024.
A Presidential Fiscal Policy and Tax Reform Committee was established to reduce the tax burden on Nigerians and reform the tax system.
Security Enhancements
Significant strides have been made in enhancing security across Nigeria under President Tinubu's administration. Over 4,600 hostages have been liberated, and more than 9,300 hostiles have been neutralized, showcasing the effectiveness of the renewed security strategies.
Additionally, over 7,000 terrorists, bandits, and criminals have been apprehended, with security forces recovering 4,800 assorted weapons and 93,900 rounds of ammunition.
The Nigerian Air Force has expanded its fleet with five new aircraft to bolster efforts against banditry and terrorism. Moreover, the establishment of a 2,200-member Mines Marshal Corps has been instrumental in securing mining sites and combating illegal mining activities.
To further strengthen law enforcement, the annual recruitment into the Nigeria Police Force has been increased to 30,000 new personnel, ensuring a more robust presence to maintain peace and order across the nation.
Agricultural and Food Security Initiatives
To ensure food sufficiency and address rising food prices, President Tinubu declared a state of emergency on food security. The administration launched the National Agricultural Development Fund with N100 billion to address agricultural financing challenges.
Additionally, a Dry Season Farming Initiative was implemented on 500,000 hectares of farmland, financed by the African Development Bank with $134 million.
Furthermore, a partnership with John Deere was established to supply 2,000 tractors annually for five years, enhancing agricultural productivity.
Energy and Natural Resources
The Renewed Hope Agenda is dedicated to developing renewable energy sources and improving the efficiency of the oil and gas sector. Under this agenda, crude oil production increased from 1.22 million barrels per day in Q2 2023 to 1.6 million barrels per day in Q1 2024.
Nigerian Liquefied Natural Gas (NLNG) production also rose from 57% in 2023 to 70% now. Additionally, the Port Harcourt refinery rehabilitation was successfully completed.
The agenda introduced a $100 billion initiative for CNG-powered vehicles, which attracted over $50 million in private investment.
Infrastructure and Transportation
Significant investments in infrastructure and transportation are crucial for economic growth. The Tinubu administration marked a milestone with the operational commencement of the rail line between Port Harcourt and Aba, enhancing connectivity and trade in the region.
To address funding gaps in infrastructure development, the administration launched the Renewed Hope Infrastructure Development Fund (RHIDF) aimed at raising N20 trillion.
Additionally, the ambitious construction of the 700 km Lagos-Calabar Super Highway is currently underway, promising to boost transportation and associated economic activities.
The FCT Monorail Project is set for commissioning, transforming Abuja into a bustling centre of construction and development.
Healthcare and Education
Investments in healthcare and education underscore the administration’s commitment to improving quality of life:
- Primary Health Centres Expansion: Plans to increase the number of primary health centres from 8,800 to 17,000 over the next three years.
- Oncology Centers: N37.4 billion approved for establishing six oncology centers nationwide.
- Student Loans Act: The Student Loans (Access to Higher Education) Act 2024 and Nigerian Education Loan Fund support 1.2 million students in its first phase.
- Social Welfare Schemes: N25,000 monthly cash transfers to 15 million of Nigeria's poorest households for three months.
A Comprehensive Strategy for Sustainable Development
The Tinubu administration's Renewed Hope Agenda is a comprehensive strategy aimed at transforming Nigeria across various sectors. By enhancing infrastructure, investing in education, health, and social welfare, and promoting sustainable development, the agenda is paving the way for a more prosperous, inclusive, and resilient Nigeria.
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The Ministry of Information and National Orientation
Ann Ali
ann.ali@fmino.gov.ng
