By Emmanuel Odekina Iyede Aidoko Onuche
Since President Bola Ahmed Tinubu assumed office on May 29, 2023, his administration has implemented policies and programs aimed at addressing Nigeria’s economic challenges and improving governance. Below is a detailed account of his notable achievements, supported by data and measurable outcomes:
1. Fuel Subsidy Removal
Tinubu’s decision to end the costly fuel subsidy has saved Nigeria an estimated ₦4 trillion annually, funds that are being redirected to critical infrastructure and social programs. While fuel prices rose to ₦617 per litre, the administration has implemented palliatives to cushion the effects, including a ₦5 billion disbursement to each state for intervention programs.
2. Exchange Rate Unification
The Central Bank of Nigeria (CBN), under Tinubu’s directive, eliminated multiple exchange rates, leading to a more market-driven system. This reform resulted in an increase in foreign exchange inflows by approximately $3 billion in the third quarter of 2023, as noted by the CBN.
3. Growth in Foreign Reserves
Despite global economic pressures, Nigeria’s foreign reserves have shown resilience, hovering around $33.95 billion as of November 2023. This stability has been attributed to improved foreign direct investment (FDI) inflows and partnerships negotiated by the administration.
4. Boost in Foreign Direct Investment (FDI)
President Tinubu’s economic diplomacy has attracted significant FDI commitments, including $14 billion pledged by Indian investors during his state visit in September 2023. Other agreements with global firms in technology, renewable energy, and manufacturing are expected to create thousands of jobs.
5. Port Harcourt Refinery Rehabilitation
The government has accelerated work on the Port Harcourt refinery, which is set to commence operations in the first quarter of 2024. This facility, once operational, is expected to refine 60,000 barrels of crude oil daily, reducing Nigeria’s reliance on imported fuel and saving over $7 billion annually.
6. Removal of Import Duties on Food Items
To combat food inflation, the Tinubu administration removed import duties on essential food items such as rice and wheat. This policy, combined with the release of 200,000 metric tonnes of grains from strategic reserves, has begun stabilizing food prices.
7. Faster Passport Issuance
The Nigeria Immigration Service (NIS) has introduced digital solutions under Tinubu’s leadership, reducing passport issuance times from six weeks to just two weeks. Over 200,000 passports were processed in the last quarter of 2023, a 40% improvement compared to the same period in 2022.
8. Student Loan Scheme Implementation
Tinubu’s administration launched the Higher Education Loan Scheme to support students from low-income families. Over 500,000 students have already applied for the interest-free loans, which are expected to improve access to tertiary education for millions.
9. Inclusive Cabinet and G20 Membership
The Tinubu government’s cabinet appointments reflect a balance of gender, geopolitical zones, and expertise. Nigeria’s inclusion as a member of the G20 in 2023 marked a significant diplomatic milestone, positioning the country as a critical voice in global economic decisions.
10. Strengthened Energy Sector Reforms
Under Tinubu’s administration, Nigeria signed agreements to generate an additional 2,000 MW of power from renewable sources by 2025. Investment in grid infrastructure has improved electricity distribution in key cities, reducing outages by 30% in Lagos and Abuja.
11. Infrastructure Development Progress
Major infrastructure projects are underway, including the completion of the Second Niger Bridge, which has enhanced connectivity for over 40 million people in the South-East region. Tinubu’s government has also earmarked ₦800 billion for road construction across the country in 2024.
12. Growth in Non-Oil Revenue
Reforms in customs and taxation have led to a 15% increase in non-oil revenues, contributing an additional ₦3 trillion to Nigeria’s budget for 2023. This achievement is part of the government’s strategy to diversify the economy and reduce dependence on crude oil exports.
13. Improved Security Measures
The government has allocated ₦2.1 trillion to enhance national security, leading to a reported 25% reduction in banditry and kidnapping incidents across Nigeria in 2023. Military operations in the North-East have significantly weakened Boko Haram’s presence.
14. Agriculture and Food Security
Tinubu’s administration has distributed 1 million bags of fertilizer to farmers and invested in mechanized farming. This effort is projected to increase crop yields by 20% in 2024, supporting the goal of achieving food self-sufficiency.
15. Enhanced Passport Services and Diaspora Engagement
In addition to faster passport issuance, Tinubu’s government reopened visa services with the UAE and resumed direct flights, facilitating travel and trade for Nigerians. This move resolved a diplomatic impasse that had strained relations under the previous administration.
16. Affordable Housing Projects
The administration has unveiled a plan to deliver 500,000 affordable housing units annually. Partnerships with private developers are already underway, with 50,000 units under construction in Abuja and Lagos as of late 2023.
A Vision for a Transformed Nigeria
President Tinubu’s administration has laid a solid foundation for economic recovery and social development. While some reforms have been met with resistance, their long-term impact promises a more prosperous and resilient Nigeria. With data-driven strategies and bold leadership, the government remains committed to delivering on its Renewed Hope agenda.