Tinubu lists achievements in 14 months, says ‘forward ever, backward never’

President Bola Tinubu on Sunday listed some of the achievements of his administration over the past 14 months, adding that it is “forward ever and backward never.”

Tinubu listed these achievements during a national broadcast aimed at addressing the nationwide #EndBadGovernanceInNigeria protest.

“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,” the president said.

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“On the fiscal side, aggregate government revenues have more than doubled, hitting over N9.1 trillion 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.

“Coming from a place where our country spent 97% of all our revenue on debt service, we have been able to reduce that to 68% in the last 13 months. We have also cleared legitimate outstanding foreign exchange obligations of about $5 billion without any adverse impact on our programs.

“This has given us more financial freedom and the room to spend more money on you, our citizens, to fund essential social services like education and healthcare.

“It has also led to our state and local governments receiving the highest allocations ever in our 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 due to 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 of over half a billion dollars since then.

“Fellow Nigerians, we are a country blessed with both oil and gas resources, but we met a country that had been dependent solely on oil-based petrol, neglecting its gas resources to power the economy.

“We were also using our hard-earned foreign exchange to pay for and subsidise its use. To address this, we immediately launched our Compressed Natural Gas Initiative (CNG) to power our transportation economy and bring costs down. This will save over two trillion Naira a month, being used to import PMS and AGO, and free up our resources for more investment in healthcare and education.

“To this end, we will be distributing a million kits of extremely low or no cost to commercial vehicles that transport people and goods and who currently consume 80% of the imported PMS and AGO.

“We have started the distribution of conversion kits and the setup of conversion centres across the country in conjunction with the private sector. We believe that this CNG initiative will reduce transportation costs by approximately 60 percent and help to curb inflation.

“Our administration has shown its commitment to the youth by setting up the student loan scheme. To date, 45.6 billion Naira has already been processed for payment to students and their respective institutions.

“We established the Consumer Credit Corporation with over 200 billion Naira to help Nigerians acquire essential products without the need for immediate cash payments, making life easier for millions of households. This will consequently reduce corruption and eliminate cash and opaque transactions. This week, I ordered the release of an additional 50 billion Naira each for NELFUND – the student loan, and the Credit Corporation from the proceeds of crime recovered by the EFCC.

“Additionally, we have secured 620 million dollars under the Digital and Creative Enterprises (IDiCE) – a program to empower our young people, creating millions of IT and technical jobs that will make them globally competitive. These programs include the 3 Million Technical Talents scheme. Unfortunately, one of the digital centres was vandalised during the protests in Kano. What a shame!

“In addition, we have introduced the Skill-Up Artisans Programme (SUPA), the Nigerian Youth Academy (NIYA), and the National Youth Talent Export Programme (NATEP).”

Tinubu also stated that more than 570 billion Naira has been released to the 36 states to expand livelihood support to their citizens, while 600,000 nano-businesses have benefited from our nano-grants. An additional 400,000 more nano-businesses are expected to benefit.

He further mentioned that 75,000 beneficiaries have been processed to receive our 1 million Naira Micro and Small Business single-digit interest loans, starting this month. We have also built 10 MSME hubs within the past year, creating 240,000 jobs through them, with 5 more hubs in progress, which will be ready by October this year.

The president added that payments of 1 billion Naira each are also being made to large manufacturers under our single-digit loans to boost manufacturing output and stimulate growth.

He also signed the National Minimum Wage into law last week, raising the lowest-earning workers’ monthly salary to at least 70,000 Naira.

Tinubu said six months ago in Karsana, Abuja, he inaugurated the first phase of our ambitious housing initiative, the Renewed Hope City and Estate.

“This project is the first of six we have planned across the nation’s geopolitical zones. Each of these cities will include a minimum of 1,000 housing units, with Karsana itself set to deliver 3,212 units.

“In addition to these city projects, we are also launching the Renewed Hope Estates in every state, each comprising 500 housing units. Our goal is to complete a total of 100,000 housing units over the next three years,” he said.

“This initiative is not only about providing homes but also about creating thousands of jobs across the nation as well as stimulating economic growth.

“We are providing incentives to farmers to increase food production at affordable prices. I have directed that tariffs and other import duties should be removed on rice, wheat, maize, sorghum, drugs, and other pharmaceutical and medical supplies for the next 6 months, in the first instance, to help drive down the prices.

“In the past few months, we have also ordered mechanised farming equipment such as tractors and planters, worth billions of Naira from the United States, Belarus, and Brazil. I can confirm to you that the equipment is on the way.”