By:Jacob Ogunseye
On May 29, 2023, President Bola Ahmed Tinubu, GCFR, took office as the President of the Federal Republic of Nigeria, pledging to renew Nigerians’ hope. Significant strides have been made across various sectors one year into his administration, demonstrating his commitment to economic growth, social welfare, and infrastructural development.
This comprehensive review highlights the significant achievements of President Tinubu’s administration and showcases how his leadership is key to shaping Nigeria’s future.
Economic Reforms and Fiscal Policies:
Salary and Pension Increases: President Tinubu’s administration has approved substantial salary increases for civil servants, ranging from 25% to 35%, and 20% to 28% for pensioners on the Defined Benefits Scheme, effective January 1, 2024. This move confirms his commitment to improving the livelihood of public servants and retirees.
Forex Policy, Fuel Subsidy Removal, and FAAC Allocations: One of President Tinubu’s boldest economic decisions was removing the costly fuel subsidies. Despite the challenges, this move has significantly increased the Federation Account Allocation Committee (FAAC) disbursements to the three tiers of government, enhancing their capacity to deliver public services and develop infrastructure. The forex policy is part of a broader strategy to create a more sustainable and inclusive economic environment.
This measure, though challenging, is an essential step towards rectifying structural imbalances. Recent positive outcomes justify the economic reforms. The Economist Intelligence Unit (EIU) revised Nigeria’s 2024 economic growth forecast figures from 2.2 percent to 2.5 percent on the back of the country’s rising crude oil output. Bloomberg reported on March 14, 2024, that official and parallel market exchanges for the naira have primarily converged, while Goldman Sachs has predicted a positive and strengthening naira.
Executive Order to Unlock $10 Billion in Investments: President Tinubu signed an executive order to unlock $10 billion in fresh investments in the oil and gas sector. This strategic move aims to boost the industry, create jobs, and stimulate economic growth, rejuvenating Nigeria’s oil and gas industry on a global scale.
Wage Award for Federal Workers: President Tinubu announced an additional wage award of N35,000 for all federal workers to cushion the impact of subsidy removal. This initiative is part of a broader strategy to support vulnerable citizens and ensure economic stability.
Tax Reforms and Streamlining: Contrary to concerns about increased taxation, President Tinubu’s administration has streamlined taxes to a single-digit rate. Several taxes have been harmonised since his administration began, aiming to sustain investments and promote economic growth.
Infrastructural Development and Housing:
Renewed Hope Cities and Estates Programme: The Renewed Hope Cities and Estates Programme aims to address Nigeria’s housing deficit by delivering 100,000 housing units nationwide. This ambitious initiative caters to various income brackets, ensuring inclusivity. The first phase has already commenced in Karsana, Abuja.
Coastal Highway Project: President Tinubu embarked on constructing a 700-kilometre coastal highway, with the first phase of 47 kilometres already underway from Lagos. This project is set to revolutionise transportation and ease of doing business and connect several regions, driving economic integration and growth.
Power Sector Reforms: Signing the Electricity Act 2023 into law marks a game-changing approach to Nigeria’s power supply issues. The Act empowers states, companies, and individuals to generate, transmit, and distribute electricity, fostering competition and improving service delivery.
Social Welfare and Education:
School-to-Work Scheme: The launch of the School-to-Work scheme is a transformative initiative aimed at bridging the gap between education and employment. This programme provides students with practical skills and work experience, preparing them for the job market and reducing youth unemployment.
Nigeria Education Loan Fund (NELFund): The Nigeria Education Loan Fund is a groundbreaking initiative that provides student loans, making education accessible to all. This scheme ensures that financial constraints do not hinder students’ educational pursuits.
Technological Advancements and the Digital Economy:
National Single Window for Trade: President Tinubu launched the National Single Window, an online platform to streamline trade processes. This policy simplifies trade documentation and procedures, enhancing efficiency and reducing costs. It is expected to generate $2.7 billion and achieve an annual growth rate of 7%.
Digital Technology Exchange Programme Hub: The Ministry of Communications is converting a property in San Francisco into a Nigerian Digital Technology Exchange Programme Hub. This initiative aims to encourage international collaboration and innovation in the tech sector.
Bridging the Digital Divide: In a significant push towards bridging the digital divide, the Ministry of Communications, Innovation, and Digital Economy has embarked on the ambitious Project 774 LG Connectivity initiative. This groundbreaking project is set to revolutionise connectivity by linking all 774 local government secretariats across Nigeria to the internet, alongside other pivotal objectives. With an investment of $2 billion, this expansive connectivity programme is poised to broaden digital access across the nation and stimulate economic growth by generating hundreds of jobs, both directly and indirectly.
Environmental and Energy Initiatives:
Decade of Gas and Critical Gas Infrastructure Projects: President Tinubu’s administration is committed to harnessing Nigeria’s gas potential. The unveiling of three critical gas infrastructure projects, part of the “From Gas to Prosperity; Renewed Hope” initiative, proves this commitment.
Compressed Natural Gas (CNG) Initiative. The CNG Initiative is a significant step towards green energy reforms. It involves transitioning vehicles and generators to CNG, reducing fuel costs, and minimising environmental impact.
Healthcare and Social Services, Renovation of Correctional Centres. Significant strides have been made in renovating and decongesting Nigeria’s correctional centres. With 10 out of 256 facilities fully renovated and eight more nearing completion, the administration is addressing decades of neglect. A partnership with the private sector has led to the release of 4,068 inmates, easing overcrowding.
Healthcare Improvements. President Tinubu has initiated critical improvements in the health sector, ensuring better healthcare delivery nationwide. His goal to increase primary health centres (PHCs) to 17,618 by 2027 reflects his dedication to strengthening the healthcare system.
Governance and Anti-Corruption: Judicial Reforms. Recognising the judiciary’s role in fortifying democracy, President Tinubu has supported transformative measures to enhance judicial accountability and efficiency. This commitment ensures that democratic principles are upheld.
Combating Fraud and Corruption: The administration’s use of technology to combat fraud and corruption reflects its dedication to integrity and accountability. By harnessing digital tools, the government aims to eliminate irregularities and enhance transparency in public service.
Transportation and Infrastructure:
Abuja Light Rail. The Federal Government is set to commission the Abuja light rail, a project to ease transportation within the capital. This initiative is part of broader efforts to improve urban mobility and reduce traffic congestion.
Lagos-Kano Rail. The administration assures seamless freight operations on the Lagos-Kano rail by June. This project is crucial for improving trade and connectivity between key economic regions.
International Relations and Investments:
$20 Billion in Potential Investments: President Tinubu secured $20 billion in potential investments, showcasing his administration’s commitment to promoting economic growth and attracting global investors.
Partnership with the UAE: The Federal Government has urged the United Arab Emirates to invest in renewing and reconstructing Nigeria’s ageing oil pipelines, aiming to enhance the country’s oil infrastructure.
Future Prospects and Long-Term Goals:
Sustainable Energy and Solar Technology: President Tinubu’s vision extends to sustainable energy, aiming to position Nigeria as a leader in solar technology. This focus on renewable energy reflects a commitment to environmental sustainability.
Consumer Credit Revolution: The administration envisions a consumer credit revolution, making affordable credit available for purchasing cars, homes, and appliances. This initiative aims to alleviate the financial burden on citizens and promote economic stability and growth.
As we commemorate President Bola Ahmed Tinubu’s first year in office, it is evident that his administration has taken significant steps towards renewing the hope of Nigerians. Through bold economic reforms, infrastructural development, social welfare programmes, and technological advancements, President Tinubu has laid a solid foundation for a prosperous and inclusive Nigeria. His visionary leadership in the nation’s progress propels him to be one of the best presidents Nigeria has ever had. As we look to the future, there is renewed hope that, under President Tinubu’s guidance, Nigeria will continue to thrive and achieve its full potential.
Jacob Ogunseye
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