In a nationwide broadcast on Sunday, August 4, 2024, President Bola Tinubu highlighted his administration’s achievements since taking office on May 29, 2023, and vowed to fulfill his promise to transform Nigeria’s economy. The speech came in response to a planned 10-day protest across the country, tagged #EndBadGovernanceInNigeria, which has escalated into looting, violence, and police brutality amid severe economic hardship.
High inflation, currently at 34.19% for June 2024 according to the National Bureau of Statistics, along with skyrocketing food prices and fuel cost hikes, has caused widespread concern among Nigerians. Despite these challenges, Tinubu emphasized several key achievements of his administration:
- Removal of Fuel Subsidies and Foreign Exchange System Reforms: Tinubu stated that ending fuel subsidies and multiple foreign exchange systems has removed economic impediments.
- Increased Government Revenues: Government revenues more than doubled, increasing by over N9.1 trillion in the first half of 2024 compared to the first half of 2023.
- Major Infrastructure Projects: Significant projects are underway, including 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 risen to 1.61 million barrels per day, and two foreign direct investments worth over $500 million have been secured.
- Compressed Natural Gas Initiative: Launched to power the transportation sector and reduce costs, this initiative is expected to save over N2 trillion monthly by reducing imports of PMS and AGO.
- Student Loan Scheme: Approval of over N95.6 billion for Nigerian students through the Student Loan Scheme.
- Consumer Credit Corporation: Established with over N200 billion to help Nigerians acquire essential products without immediate cash payments, easing the financial burden on households.
- Digital and Creative Enterprises: Empowering young people and creating millions of IT and technical jobs.
- Skill-Up Artisans Programme: Introduction of the Nigerian Youth Academy and the National Youth Talent Export Programme to enhance youth skills and export talent.
- Livelihood Support: Over N570 billion released to the 36 states to expand livelihood support, benefiting 600,000 nano-businesses with 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.
- National Minimum Wage: Signing of a new National Minimum Wage law of N70,000 and the allocation of N1 billion each to large manufacturers.
- Removal of Tariffs and Import Duties: Temporary removal of tariffs and import duties on essential items such as rice, wheat, maize, sorghum, drugs, and other pharmaceutical and medical supplies for six months.
- Incentives to Farmers: Provision of incentives to increase food production at affordable prices.
- Procurement of Mechanized Farming Equipment: Acquisition of farming equipment such as tractors and planters, worth billions of naira from the United States, Belarus, and Brazil.
President Tinubu’s address aimed to reassure the nation of his commitment to addressing the economic challenges and improving the overall quality of life for Nigerians.
