By Bolaji Muse-Ariyoh
The fact that His Excellency Asiwaju Bola Ahmed Tinubu is consulting with the Governors, critical stakeholders, political and traditional rulers on the way forward underscores the fact that he is a unifying force across Nigeria. His tireless efforts in building bridges and listening to Nigerian’s concerns, hopes, and aspirations have positioned him as a leader capable of realizing the dreams of a united, prosperous and inclusive Nigeria.
Amidst so much chaos, he was sworn in as Nigeria’s president on the 29th of May, 2023. There was growing dissatisfaction with the way the country had been run- jobs were lost, lives were cut short, survival was expensive and livelihood was a hustle. But he came and bore hope- renewed hope!
With an agenda to reverse the trend of anomalies in the country, he set out to work immediately, annulling the fraudulent subsidy regime that had crippled the nation for years by a thieving cabal. The removal was to trigger a series of other reactions within and around Nigeria. It was to be perceived by some through their lens of the short-term. Many Nigerians thought it was the beginning of something remarkably positive, while others only saw chaos.
“Chaos is the order of creation’. That phrase reminds us of what had to be done to change the status of Nigeria and Nigerians at the time. President Tinubu recognized that chaos, randomness, and unpredictability are essential components of the creative process, leading to new ideas, innovations, and growth. He set out to plant firm roots of decisive leadership by reversing erstwhile retrogressive policies that had restricted the creative potential of Nigerians and reduced the country’s fair share of greatness.
Being aware of the fact that, according to the Class Theory of the 1960s, (“small changes can lead to unpredictable outcomes”) President Tinubu set the machinery in motion to reduce the immediate and remote effects of the removal of the subsidy on imported petroleum products on the average Nigerian. Bearing in mind that more than 63% of the country’s population is multidimensionally poor, he introduced social safety nets for them with the Conditional Cash Transfer scheme that gave 15 million Nigerians NGN25,000 for 3 months. He conceived and introduced the CNG initiative, which aimed at reduction in the cost of production and transportation in the country, following the removal of the oil subsidy. The NGN100 billion CNG initiative for procuring CNG-powered vehicles, conversion toolkits, and refuelling sites has been activated. This initiative alone has attracted over $50 million in private sector investment within the last six months, ultimately creating jobs, widening the Government’s revenue base through tax payables and reducing the incidence of Co2 emissions that are environmentally hazardous. The Tinubu administration has also taken a bold step to promote the trade of crude oil within our local refineries and the NNPC, and instructed the NNPC to deal in our local currency, the Naira.
The NNPC has immediately started with the Dangote refinery. The sales of crude oil to Dangote refinery is now denominated in Naira.
It is also pertinent to note that the sales of refined products by the Dangote refinery to marketers and distributors will now be conducted in Naira. With this bold step and strategic decisions by the President, the pressure of foreign exchange rate will be drastically reduced.
Further, he knew that the country’s Labour force would react, owing to several years of the Government’s non-fulfilment of its end of collective agreements with Labour Unions, he approved the payment of NGN35,000 Wage Award to civil servants for 3 months. Just about two weeks ago , he also increased the minimum wage to #70,000 and sent to the National Assembly to immediately do the needful to the admiration of both the NLC and TUC. In also using the supremacy of the law, through the supreme court, he granted financial autonomy to the local government.
He also approved conditional grants of NGN50,000 to 1 million nano businesses, who could barely access conventional loans from financial institutions. He also catered for SMEs by providing a NGN5 billion fund to provide single-digit Sterling Bank loans to Micro, Small and Medium Scale Enterprises through SMEDAN. Provisions for loans to MSMEs were also made to the tune of NGN75 billion. These efforts were aimed at ensuring growth in the economy.
We must remember also that Nigeria had a huge foreign exchange backlog hanging on its neck and this hampered its foreign exchange market and access to required funds for international trade. The Central Bank of Nigeria cleared these backlogs to the tune of $7 billion.
Globally, no nation can aspire to economic prosperity without investment in infrastructure. The World Bank estimates that Nigeria will need to invest $3 trillion in infrastructure to reduce the infrastructure deficit in the country. This is a feat the Federal Government cannot achieve alone. It must provide leadership to other levels of government to align with its objective. This leadership was demonstrated by President Tinubu by establishing an Infrastructure Support Fund for states. To boost transport and reduce the costs of commuting to Nigerians, he immediately approved the investment in roads, railways, ports and airports to facilitate trade and mobility.
The rail line between Port Harcourt and Aba, part of the Port Harcourt to Maiduguri rail line, became operational under his administration. There is also an ongoing effort to rehabilitate the entire Eastern corridor and provide alternative mans of transportation for goods and services.
With an ambition to deliver projects such as the Lagos-Calabar coastal highway, Sokoto-Badagry expressway, Lagos-Kano Standard Gauge line and Eastern rail lines, as well as modernize ports and aviation facilities, the Federal Government launched the Renewed Hope Infrastructure Fund, with a funding target of NGN20 trillion.
Being a listening and proactive President, at the last Federal Executive Council meeting, the Tinubu administration has approved N1.4 trillion for some roads projects across the country which includes but not limited to N525b for the construction of Benin-Akure-Ilesha Road(150km by two-300km) awarded to Hi Tech Construction to use concrete pavement for the construction.
.. N286bn for the construction off 66k Benin-Akure, by Ilesha, section 2, awarded to Hi Tech Construction.
..N26.46bn for the construction of Agingali-Udobi-Udona-Umo-Uwana-Ubalaka in Imo State.
The project is an NNPC project being reviewed from N14billion to N26.46billion amongst others.
Housing infrastructure has also enjoyed attention from the Federal Government with the inauguration of the Renewed Hope Cities and Estate Programme targeted to deliver 100,000 housing units nationwide.
These initiatives eventually started bearing fruit as Foreign Direct Investment within Nigeria ballooned to $30 billion. Also, Foreign Exchange inflows into Nigeria in the first quarter of 2024 (Q1 2024) amounted to 136% of the total inflows in 2023.
To improve access to healthcare, the administration plans to expand the number of primary health centres from 8,800 to 17,000 over the next three years. It has also allocated NGN50 billion for the National primary Healthcare Development Agency in 2024 and is already upgrading infrastructures in 12 tertiary hospitals across the country’s six geopolitical zones. Additionally, the sum of NGN37.4 billion has been set aside for establishing six oncology (cancer treatment) centres nationwide and a $1 billion facility from Afrexim Bank has been secured to finance healthcare investments in Nigeria. What’s that saying again about a healthy people being a wealthy people?
To increase access to education funding by Nigerian youth, the Student Loans Act, 2024 was passed and the establishment of the Nigerian Education Loan Fund. This scheme aims to support 1.2 million students in its first phase. Furthermore, construction of student hostels with a capacity of 1,600 is ongoing across 24 tertiary institutions, and NGN5 billion has been approved for 185 research proposals under the TETFUND National Research Fund to promote educational research. Remember that great societies thrive on research and development!
Shall we examine agriculture and food security? Upon assumption of office, and after carefully reviewing the crisis in the agricultural sector, President Tinubu immediately declared a state of emergency on food security and renamed the Federal Ministry of Agriculture and Rural Development to the Ministry of Agriculture and Food security. Most recently, he established the Ministry of Livestock Development, to cater for the needs of livestock farmers, ultimately ensuring steady supply of livestock in the food market and also managing erstwhile tensions between livestock farmers and host communities.
On the country’s perennial battle with banditry, kidnapping, insurgency and other security challenges, President Tinubu has consciously placed priority on redesigning our security architecture. Significant investments in equipping and modernizing our security forces has yielded in the freedom of over 4,600 hostages, the neutralization of more than 9,300 terrorists and the arrest of over 7,000 others. Additionally, over 4,800 assorted weapons and more than 93,000 rounds of ammunition have been recovered from June 2023 to date.
The Nigeria Air Force has added five new aircraft to its fleet, enhancing the fight against banditry and terrorism.
There is an annual recruitment of 30,000 new personnel into the Nigeria Police Force, up from 10,000 which underscores his commitment to bolstering security. The Federal Government under President Tinubu also launched the NGN50 billion Pulako initiative, targeting seven states- Katsina, Zamfara, Sokoto, Niger, Kaduna, Benue, and Kebbi- to combat banditry and cattle rustling. This initiative supports conflict resolution, community reconstruction, and assistance to farmers and herders.
President Tinubu’s comprehensive security strategies address the root causes of insecurity, aiming to create a safer environment where citizens can live without fear.
From the foregoing, one can conclude that President Tinubu’s Renewed Hope agenda and his strides thus far have positioned Nigeria towards sustainable development and improved quality of life for Nigerians. He is laying the foundation for a better and brighter future for all Nigerians through strategic partnerships, investments, remodelling, youth empowerment and best-in-class governance practices.
Hon. Bolaji Muse Ariyoh appeals for calm and advised against the planned nationwide protest, warning that it could plunge the country in to chaos and impede the growth and development of Nigeria if not properly managed.
The least he deserves is a chance to do more and consolidate on the gains he has recorded for the Nigerian society thus far.
Bolaji Muse-Ariyoh is the immediate past chairman of Oshodi-Isolo local government, Lagos State, Nigeria
