In a nationwide broadcast on Sunday, President Bola Ahmed Tinubu acknowledged the recent turmoil and violence amid ongoing #EndBadGovernance nationwide protests against hardships.
Tinubu called for the suspension of the protest and sought dialogue with the Nigerian youth. The President added by highlighting significant achievements of his administration, emphasising economic reforms, infrastructure development, and youth empowerment as cornerstones of his governance.
Economic Reforms and Achievements
President Tinubu outlined his administration’s decisive steps to revitalise Nigeria’s economy. Key measures included the removal of fuel subsidies and the abolition of multiple foreign exchange systems, which had long impeded economic growth.
These reforms have curbed smuggling, reduced dependency on neighbouring countries, and blocked undue subsidies, thus stabilising the national economy.
“Our efforts have resulted in a significant increase in government revenues, which more than doubled to over 9.1 trillion Naira in the first half of 2024 compared to the same period in 2023,” Tinubu stated.
The President also highlighted the reduction of debt service from 97% to 68% of revenue, providing more financial freedom to invest in essential social services like education and healthcare.
Infrastructure Development
President Tinubu showcased his administration’s commitment to infrastructure projects critical to economic prosperity.
Notable initiatives include the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway, which will connect 16 states, create thousands of jobs, and boost economic output.
The oil and gas industry has seen a resurgence, with oil production increasing to 1.61 million barrels per day and significant foreign direct investments of over half a billion dollars.
The administration also launched the Compressed Natural Gas (CNG) Initiative, aiming to reduce transportation costs and save over two trillion Naira monthly.
Youth Empowerment and Social Initiatives
Recognising the importance of youth empowerment, President Tinubu highlighted the establishment of a student loan scheme with 45.6 billion Naira already processed for payment.
Additionally, the Consumer Credit Corporation was created with over 200 billion Naira to help Nigerians acquire essential products without immediate cash payments, thus reducing corruption and promoting transparency.
“We have secured $620 million under the Digital and Creative Enterprises (IDiCE) programme, creating millions of IT and technical jobs,” Tinubu announced.
Other youth-focused initiatives include the Skill-Up Artisans Programme (SUPA), the Nigerian Youth Academy (NIYA), and the National Youth Talent Export Programme (NATEP).
Social Welfare and Job Creation
Tinubu’s administration has released more than 570 billion Naira to the 36 states for livelihood support, benefiting 600,000 nanobusinesses, with an additional 400,000 expected to benefit soon.
The President also announced the processing of 75,000 beneficiaries for one million Naira micro and small business loans starting this month.
In a major move, Tinubu signed the National Minimum Wage into law, ensuring the lowest-earning workers now receive at least 70,000 Naira monthly.
The administration’s ambitious housing initiative, Renewed Hope City and Estate, aims to provide 100,000 housing units over the next three years, stimulating economic growth and job creation.
Agricultural Initiatives
To address food security, the administration has removed tariffs on essential imports like rice, wheat, maize, and drugs for six months and distributed fertilisers to boost agricultural production.
The government targets cultivating over 10 million hectares of land, employing millions, and increasing food production.
Call for Unity and Dialogue
President Tinubu expressed deep sorrow for the loss of lives and property during the protests, urging protesters to suspend further actions and embrace dialogue.
He reaffirmed his commitment to protecting the constitutional rights of all Nigerians and called for unity across party, tribal, and religious lines to build a prosperous nation.
“We must work together to build a brighter future where every Nigerian can live with dignity and prosperity,” Tinubu urged.
He concluded by assuring the nation of his administration’s dedication to improving infrastructure, expanding opportunities for youth, and ensuring that the benefits of governance reach every Nigerian.