Celebrating The RENEWED HOPE AGENDA of PRESIDENT BOLA AHMED TINUBU for Nigeria & Nigerians
President Bola Ahmed Tinubu’s historic victory and assumption of office on May 29, 2023, marked a significant turning point in Nigeria’s democratic journey.
He assumed office during one of Nigeria’s most challenging periods, marked by economic turmoil, widespread poverty, rising unemployment, and public disillusionment.
Faced with these daunting realities, the administration took decisive action and implemented long-overdue reforms to save the economy from collapse.
Bold and strategic measures were necessary to address the deep-rooted structural deficiencies and systemic challenges that plagued the economy.
Despite the country’s complexities and some citizens’ resistance to change, President Tinubu remained resolute in his commitment to steering the nation toward stability and prosperity.
One of the foremost steps was the withdrawal of the unsustainable fuel subsidy, which drained approximately $10 billion annually, or 2% of the nation’s GDP.
The move allowed for the redirection of funds towards critical sectors such as healthcare, education, infrastructure, and security, which directly impact citizens’ well-being and prosperity.
The policy has already led to a 50% reduction in petrol importation and increased monthly receipts for states and local governments from the Federal Accounts Allocation Committee (FAAC).
The administration also ended the foreign exchange subsidy, unifying the FOREX rate market to reflect the actual value of the Naira.
Reforms in the Bureau De Change (BDC) operations and the lifting of FOREX restrictions on certain imports boosted investor confidence.
These measures helped the Central Bank of Nigeria settle a $7 billion backlog in foreign exchange, making the Nigerian Stock Exchange the top-performing bourse globally.
The administration’s removal of fuel subsidy was accompanied by comprehensive intervention programmes to cushion the transitional pains of the policy.
These programmes Include: a wage award of N35.000 monthly for civil servants for six months Setting up a tripartite committee to work out a new minimum wage for workers, Establishing an Infrastructure Support Fund for states Launching a N100 billion CNG bus rollout programme: Commencing a monthly Conditional Cash Transfer of N25,000 to 15 million vulnerable households for three months.
Others include Provision of N50 billion in Conditional Grants to one million nano-businesses and a N75 billion fund to support manufacturing enterprises; Launching the National Philanthropy Office (NPO) to mobilize $200 million in private investments and Establishing a N5 billion single-digit interest fund in partnership with Sterling Bank through the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
On the international front, President Tinubu has actively pursued foreign direct investment, enhanced international partnerships, and showcased Nigeria’s vast opportunities.
These efforts have already garnered interest in investing over $30 billion in key sectors of the nation’s economy.
To tackle food security, the administration declared a state of emergency and launched the National Agricultural Development Fund with N100 billion.
Initiatives like the Dry Season Farming Initiative and the Green Imperative Programme aim to promote year-round farming and provide farmers with access to modern equipment and low-interest loans, ensuring a stable food supply.
The Student Loans Act 2024 and establishment of the Nigerian Education Loan Fund highlights commitment to broadening access to education.
Recognizing the youth as invaluable assets, the administration has launched initiatives like the Three Million Technical Talent Initiative and the
IDICE Programme to empower young Nigerians with digital skills.
The National Job Centre and the National Talent Programme aim to create employment opportunities and support youth-owned enterprises.
These and more are the many steps taken by the Tinubu administration in the past one year. Indeed, the Renewed Hope Agenda is a comprehensive strategy driving Nigeria towards sustainable development and improved quality of life.
President Tinubu’s administration is laying the foundation for lasting progress and a brighter future for all Nigerians through strategic investments, youth empowerment and improved governance.
