In commemoration of his first anniversary in office, President Bola Tinubu has directed his Ministers to present their performance reports to Nigerians. The Minister of Information and National Orientation, Mohammed Idris, announced this at a press briefing in Abuja on Wednesday.
The low-key first-anniversary celebration will be marked with sectoral media briefings by the 47 federal ministers, starting today.
Idris was accompanied at the press conference by the Secretary to the Government of the Federation, Senator George Akume, and the Minister of Budget and Economic Planning, Abubakar Bagudu. Tinubu was declared the winner of the 2023 presidential election by the Independent National Electoral Commission Chairman, Prof. Mahmood Yakubu, on March 1, 2023. As the candidate of the All Progressives Congress, Tinubu garnered 8.7 million votes to defeat Atiku Abubakar of the Peoples Democratic Party, who received 6.9 million votes, and Peter Obi of the Labour Party, who secured 6.1 million votes.
During the opening of a three-day cabinet retreat for ministers, presidential aides, permanent secretaries, and top government officials on November 1, 2023, President Tinubu emphasized that the ministers would retain their positions based on their performance, which would be reviewed quarterly. “If you are performing, nothing to fear. If you miss the objective, we’ll review it. If no performance, you leave us. No one is an island and the buck stops on my desk,” said the President.
To ensure thorough assessment, the Central Delivery Coordination Unit (CDCU) trained at least 140 officials on January 24, 2024, to track and evaluate the performance of federal ministries, departments, and agencies ahead of the quarterly reviews.
Speaking on Arise TV’s News Night in April, the President’s Special Adviser on Policy Coordination, Hadiza Bala-Usman, who heads the CDCU, confirmed that the unit had received performance reports from at least 20 of the 35 ministries. She explained that the assessment would be a joint effort involving ministers, citizens, and industry experts.
Bala-Usman stated, “Our submission is for the first quarter. The first quarter has just ended, and we have initiated the assessment process. The ministers have all been asked to submit their performance based on the deliverables.” She further mentioned that ministers would be assessed based on public feedback, stating, “Through the Citizens Delivery Tracker app, Nigerians will also say, ‘this is what we’ve seen the minister do’ and they would aggregate it.”
Ultimateblog.click reports that the Tinubu administration has implemented significant reforms to stabilize the economy, reduce inflation, and attract foreign investments. One notable action was ending the graft-ridden fuel subsidy regime. Although this led to higher fuel and transportation costs, triggering food inflation and increased hardships, the government took steps to mitigate these effects.
To curb food inflation, substantial funds were allocated to the agricultural sector, including N200 billion to boost agricultural productivity and ensure food security. Efforts have been made to transition from single-season farming to year-round farming through investments in irrigation and water bodies.
Additionally, the administration has provided N75 billion to support small and medium-sized enterprises, fostering job creation and economic diversification. A N100 billion consumer credit fund was launched to mobilize the manufacturing sector, encouraging production and enhancing economic growth.
As the ministers present their performance reports, these efforts and their impacts on various sectors will be highlighted, giving Nigerians a comprehensive view of the administration’s achievements and challenges during its first year.
New Student Loan Scheme to Begin Friday
The student loan scheme, designed to provide greater access to tertiary and vocational education, will commence operation on Friday. This initiative aims to make education more accessible to a wider range of students.
Infrastructure Development and Housing
In terms of infrastructure development, the Tinubu administration has launched a 100,000-unit renewable housing program across seven states. This project seeks to address the housing deficit and stimulate the construction sector, providing much-needed homes and jobs.
Energy Efficiency and Transportation
To tackle high transportation costs and promote energy efficiency, the government has directed the purchase of compressed natural gas (CNG) buses. These buses are expected to reduce fuel costs and environmental impact, making transportation more affordable and sustainable.
Security Measures
In a move to enhance national security, the Federal Government has allocated significant portions of the budget to this area. Additionally, the government supports the push for state police to improve local security and response times.
Economic Reforms and International Recognition
Some of the administration’s reforms and efforts to stabilize and grow the Nigerian economy have received recognition from international agencies and leaders. The Central Bank of Nigeria (CBN) has introduced several reforms to address the forex crisis. These reforms include:
- Unifying Multiple Exchange Rates: The CBN has unified the multiple exchange rates to create a single, transparent rate that reflects market dynamics more accurately and reduces arbitrage opportunities.
- Boosting Forex Supply: To increase the supply of foreign exchange in the market, the CBN has implemented policies encouraging diaspora remittances and non-oil exports. Exporters are provided with rebates and facilitated access to forex at competitive rates. Additionally, the CBN has restricted access to forex for importing items that can be produced locally.
- Market Interventions: The CBN regularly intervenes in the forex market by selling forex to banks through various auction mechanisms.
- Low-Key First Anniversary Celebration: Regarding the first anniversary of President Tinubu’s administration, the Minister of Information and National Orientation, Mohammed Idris, announced that there would be no fanfare. Instead, the anniversary will be marked by sectoral briefings from the ministers. Starting today, ministers will discuss the progress and activities in their respective ministries in line with President Tinubu’s policies. Idris emphasized that there would be no ceremonies related to the one-year mark of the president’s tenure.
- Economic Revitalization and Social Inclusion: During his address, the Secretary to the Government of the Federation (SGF), Senator George Akume, highlighted the administration’s ambitious agenda aimed at economic revitalization, social inclusion, and infrastructural development. He noted that significant economic reforms had been implemented to stabilize the economy and promote sustainable growth. These policies have successfully attracted foreign investments, reduced inflation, and boosted job creation across various sectors.
“Let me begin by admitting that the first year in office for Mr. President has been a testament to the unwavering commitment and resilience of this administration towards serving the Nigerian people with diligence, integrity, and dedication,” Akume remarked.
“Despite daunting challenges, President Tinubu has maintained his calm and demonstrated exemplary leadership qualities, guiding our nation with vision and foresight. The government has implemented significant economic reforms aimed at stabilizing our economy and fostering sustainable growth. Key among these is the introduction of policies that have attracted foreign investments, reduced inflation, and boosted job creation across various sectors.”
Economic Challenges and the Renewed Hope Agenda
In his presentation, the Minister of Budget and Economic Planning, Abubakar Bagudu, stated that Tinubu’s administration inherited a low-revenue and shrinking economy but was determined to address these challenges through the Renewed Hope Agenda. This agenda, developed from extensive reflection and input from various stakeholders, focuses on eight priority areas crucial for Nigeria’s progress.
Bagudu emphasized the need for difficult decisions, noting that countries Nigeria aspires to emulate made these choices long ago. He argued that the Renewed Hope Agenda involves confronting economic realities, which may cause temporary discomfort but are essential for long-term stability and growth.
“We must restore a macroeconomic environment that can stimulate investment, generate revenue, and address under-investment in sectors like security, education, and social welfare,” Bagudu explained.
Nigeria’s Oil Production and Under-Investment
Nigeria’s current crude oil production is below its quota set by the Organisation of Petroleum Exporting Countries (OPEC). This shortfall is due to under-investment in infrastructure and security. The Minister of Budget and Economic Planning, Abubakar Bagudu, elaborated on this issue, highlighting that inadequate investments have led to low revenues and a shrinking economy. This situation impacts all sectors, including security, education, and social welfare.
Macro-Economic Reforms
As part of the Renewed Hope Agenda, the administration is implementing macro-economic reforms to address these challenges. These reforms aim to create an environment that stimulates investment, which in turn will generate the necessary revenues to address under-investment in various sectors. Bagudu explained that the country is not producing crude oil at the levels it used to or as allowed by its OPEC quota because of under-investment in physical infrastructure and security.
Focus on Food Security and Agriculture
The administration is also focusing on food security by investing in irrigation and water management to enable year-round farming. This is crucial because most Nigerian farmers currently can only farm during one season each year due to a lack of irrigation and water resources. Similar efforts are being made to revitalize the livestock sector, which has historically been a source of conflict rather than economic growth due to under-investment.
Enhancements in Various Sectors
Improvements in infrastructure, education, health, the creative economy, the digital economy, and the steel sector are also priorities for the administration. Bagudu acknowledged that some government policies might cause discomfort and pain, but he emphasized that true leadership involves being honest about the challenges and realities the country faces.
Fiscal Discipline and Budget Allocations
The administration is committed to fiscal discipline, aiming to reduce the fiscal deficit from 6.11 percent in 2023 to below 4 percent in 2024. They also plan to increase capital expenditure to 39 percent, the highest in Nigeria’s history. The N100 billion consumer credit fund and mortgage fund are innovative measures aimed at stimulating the manufacturing and housing sectors, respectively.
Significant Budget Allocations for Security and Development
Bagudu disclosed that significant portions of the budget have been allocated to national security, leading to improvements in states like Borno, Imo, Kaduna, and Taraba. The administration supports local government autonomy to ensure resources are effectively used to benefit communities.
The Three Significant Budgets
Bagudu detailed three major budgets under President Tinubu’s administration:
. N819 Billion Budget: This budget, inherited and renegotiated by Tinubu, allocated N500 billion for interventions to support vulnerable populations affected by reform measures. This included N200 billion for agriculture, N75 billion for the medium and small enterprise sector, and N40 billion for the nano-credit sector.
. N2.17 Trillion Budget: Focused on national security, infrastructure, and cash transfers, this budget aimed to support gains in these areas and meet commitments to labor.
. 2024 Budget: This budget aims to restore fiscal discipline and stimulate economic growth through increased capital expenditure.
Supporting Vulnerable Populations
President Tinubu has made it clear that he will not blame his predecessor for the state of the nation. Instead, he is focused on implementing programs and policies to benefit the Nigerian people. These initiatives include consumer credit to mobilize the manufacturing sector, mortgages to re-energize the housing sector, and an Agriculture Development Fund to boost the agricultural sector and engage the youth and the productive economy.
Transition to Compressed Natural Gas (CNG)
The government has provided N130 billion for the transition to compressed natural gas (CNG). This move aims to restore energy competitiveness, benefiting the manufacturing and transport sectors. Cheaper energy will support broader economic reforms and help stabilize the economy.
Conclusion
Overall, the administration is working on multiple fronts to address under-investment, stimulate economic growth, and improve the quality of life for Nigerians. Through macro-economic reforms, investments in key sectors, and fiscal discipline, the government aims to create a stable and prosperous future for the country.