President Bola Tinubu took office on May 29, 2023, during a crucial time in Nigeria’s history, marked by numerous challenges. His bold declaration, “Subsidy is gone,” signaled a significant shift in the country’s economic policy. Determined to tackle these issues directly, Tinubu’s administration quickly initiated reforms to stabilize and promote sustainable development in Nigeria. This first year has been characterized by a strong commitment to addressing Nigeria’s major challenges and guiding the country towards a brighter future.
Despite progress made by former President Muhammadu Buhari’s administration in infrastructure, economic reform, security, and anti-corruption, Nigeria still faced persistent economic difficulties that hindered its growth. Recognizing the need for decisive action, Tinubu quickly identified the need for bold economic interventions to rescue the economy from further decline.
In his first year, Tinubu’s agenda focused on comprehensive economic reform, infrastructure development, and better governance. Key initiatives included removing fuel subsidies and unifying the exchange rate, both crucial for sustainable economic growth and stability. These measures aimed to correct longstanding economic issues and restore investor confidence in Nigeria’s economy.
As Nigeria adapts to these changes, Tinubu’s administration remains committed to instilling hope and ensuring continued progress on the global stage. With a vision of “Renewed Hope,” Tinubu campaigned on addressing economic challenges, improving security, and enhancing governance.
Tinubu outlined a framework for progress across various sectors at a ministerial retreat. By January 15, 2024, the administration identified eight priority areas: economic reform, national security, agriculture, energy, infrastructure, education, healthcare, social investment, industrialization, digitization, creative arts, manufacturing, innovation, and governance improvement.
As Tinubu’s administration nears its one-year mark, it is an ideal time to evaluate its achievements and impact. Despite initial resistance, the removal of fuel subsidies aimed to reduce government spending and reallocate funds to crucial sectors like infrastructure and social services. This policy shift, while challenging, set the stage for innovative solutions such as introducing electric and Compressed Natural Gas-powered vehicles.
Since June 2023, the Federation Account Allocation Committee (FAAC) has seen notable improvements, with increased allocations to states and local governments. Under Tinubu’s leadership, every state has reported difficulties in paying salaries. For example, FAAC disbursements rose from N976.34bn in May 2023 to N1,134.03tn in June 2023, continuing to grow, reflecting increased revenue generation.
Another bold move was unifying the exchange rate to attract foreign investment and enhance economic transparency. Despite initial challenges, the government clamped down on speculators, stabilizing the Naira. In April, it became the best-performing currency globally, bolstered by positive sentiment from international investors.
Infrastructure development has been a priority, especially in transportation and energy. Projects like road expansions, airport modernization, and improvements to the national power grid have been undertaken to enhance connectivity and ensure a reliable electricity supply, facilitating economic growth and improving Nigerians’ quality of life.
Tinubu’s administration has made significant strides in security. Initially plagued by banditry and kidnapping, the security situation has improved with better intelligence gathering and military efforts to dismantle insurgent groups. This progress has been recognized both locally and internationally.
In infrastructure and transport, Tinubu’s government has continued improving existing projects, such as the Second Niger Bridge and the Lagos-Ibadan highway. It has ambitious plans for new projects like the Lagos-Calabar coastal highway. The Abuja Metro Line is set to commence commercial services, enhancing urban mobility.
The administration also focuses on economic diversification, moving away from oil dependency. Initiatives like Lithium extraction and production in collaboration with Chinese companies and other income sources aim to boost economic growth.
The government is committed to revamping refineries and investing in gas projects to support the transition from petrol to gas-powered vehicles in the energy sector. Introducing Compressed Natural Gas and other gas projects will aid transportation and economic growth.
In agriculture, agreements with companies like John Deere for tractor supplies and special agro-industrial zones aim to boost productivity and food security. A $134 million grant from the African Development Bank will help cultivate essential crops like rice and maize.
In education, strategies to improve standards include a school census and the launch of a Student Loan Scheme to help students with tuition costs. In health, the government is investing in facilities and professional welfare.
Social investment schemes to mitigate the impact of subsidy removal include grants to SMEs and business loans. The Renewed Hope Home Scheme aims to provide affordable housing, with citizens able to use their pension funds for down payments.
Tinubu has emphasized improved governance and transparency, strengthening institutions, streamlining processes, and combating corruption to foster public trust. Engaging with the international community on global issues positions Nigeria as a responsible global actor.
As Tinubu’s first year concludes, Nigeria stands at a critical point of transformative change. While progress has been made, challenges remain. However, with strong leadership and commitment, Tinubu’s administration has the potential to bring lasting improvements and positively shape the nation’s future.
