PRESIDENT Bola Tinubu has boasted of some strides his administration has made in reforming Nigeria’s economy, despite the hardships many citizens continue to face.
Addressing the nation, on Sunday, August 4, following the #EndBadGovernance protest in several parts of the country, which has led to killings, arsons, destruction of public and private assets and disruption to businesses, the President said the violent protests that erupted in many states would only set the country’s backwards and make government to use scarce resources for rebuilding rather than building on things that already exist.
The President detailed several economic reforms undertaken by his administration, including the removal of fuel subsidies and the abolition of multiple foreign exchange systems, which he said were essential to halt economic mismanagement and foster sustainable growth.
He further noted that the decisions were necessary if the country must reverse the decades of economic mismanagement that had bedevilled it.
“These actions blocked the greed and the profits that smugglers and rent-seekers made. They also blocked the undue subsidies we had extended to our neighbouring countries to the detriment of our people, rendering our economy prostrate. These decisions I made were necessary if we must reverse the decades of economic mismanagement that didn’t serve us well. Yes, I agree, the buck stops on my table. But I can assure you that I am focused fully on delivering governance to the people – good governance for that matter,
“In the past 14 months, our government has made significant strides in rebuilding the foundation of our economy to carry us into a future of plenty and abundance. On the fiscal side, aggregate government revenues have more than doubled, hitting over 9.1 trillion naira in the first half of 2024 compared to the first half of 2023 due to our efforts at blocking leakages, introducing automation, and mobilising funding creatively without additional burden on the people. Productivity is gradually increasing in the non-oil sector, reaching new levels and taking advantage of the opportunities in the current economic ambience.”
Tinubu also detailed the initiatives his administration was executing for youth empowerment, such as the distribution of Compressed Natural Gas kits to reduce transportation costs, the establishment of student loan schemes, and the launch of digital and creative enterprise programmes.
He added that the country had come far from spending 97 per cent of its revenue on debt service to 68 per cent in the last 13 months, adding his administration had also cleared legitimate outstanding foreign exchange obligations of about $ 5 billion without any adverse impact on its programmes and the economy.
He said this had given the country more financial freedom and the room to spend more money on citizens to fund essential social services like education and healthcare.
The president added that it had also led to states, and local governments receiving the highest allocations ever in the country’s history from the federation account.
“We have also embarked on major infrastructure projects across the country. We are working to complete inherited projects critical to our economic prosperity, including roads, bridges, railways, power, and oil and gas developments. Notably, the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway projects will open up 16 connecting states, creating thousands of jobs and boosting economic output through trade, tourism and cultural integration.
“Our once-declining oil and gas industry is experiencing a resurgence on the back of the reforms I announced in May 2024 to address the gaps in the Petroleum Industry Act. Last month, we increased our oil production to 1.61 million barrels per day, and our gas assets are receiving the attention they deserve. Investors are coming back, and we have already seen two Foreign Direct Investments signed off over half a billion dollars since then,” the President said.
He charged security agencies to continue to protect citizens, including the protesters and avoid abusing citizens’s rights.
The ICIR reported how security operatives deployed to ensure peace and protect protesters nationwide fired canisters and other harmful weapons on the demonstrators in a bid to stop them.
The President condemned the killings and accompanying losses the protests have caused, warning that the nation’s democracy must be protected from those he said were seeking to compromise it and set the country backwards.
Tinubu’s address came four days after many Nigerians trooped to the streets to protest poor governance and hunger in some states.
The ICIR reported that insecurity, inflation and a hike in the cost of living among others pushed many Nigerians to stage the protest.
Tinubu had stopped fuel subsidy and devalued the local currency – the naira – thus causing a spiral hike in food and commodity prices.
Usman Mustapha is a solution journalist with International Centre for Investigative Reporting. You can easily reach him via: [email protected]. He tweets @UsmanMustapha_M