President Bola Tinubu on Wednesday directed his forty-seven ministers to present their performance reports to Nigerians in commemoration of his first 100 days anniversary in office.
This directive was conveyed by the Minister of Information and National Orientation, Mohammed Idris, during a press briefing in Abuja.
Idris announced that the low-key first-anniversary celebration would involve sectoral media briefings by the 47 federal ministers starting on Thursday.
At the press conference, Idris was joined by the Secretary to the Government of the Federation, Senator George Akume, and the Minister of Budget and Economic Planning, Abubakar Bagudu.
Idris stated, “From tomorrow (today), we are going to have ministers come in here to discuss what they are doing in their various ministries consistent with the policies of President Bola Tinubu. The first anniversary of the president will be on a low key, with an emphasis on sectoral briefings by the various ministers. There will be no ceremonies relating to the one year in office of the president.”
Senator Akume highlighted the administration’s ambitious agenda focused on economic revitalization, social inclusion, and infrastructural development. He emphasized that significant economic reforms had been implemented to stabilize the economy and promote sustainable growth, successfully attracting foreign investments, reducing inflation, and boosting job creation across various sectors.
He said, “Let me begin by admitting that the first year in office for Mr. President has been a testament to the unwavering commitment and resilience of this administration towards serving the Nigerian people with diligence, integrity, and dedication. Despite daunting challenges, President Tinubu has maintained his calm and demonstrated exemplary leadership qualities, guiding our nation with vision and foresight. The government has implemented significant economic reforms aimed at stabilizing our economy and fostering sustainable growth. Key among these is the introduction of policies that have attracted foreign investments, reduced inflation, and boosted job creation across various sectors.”
Minister Bagudu explained that Tinubu’s administration inherited a low revenue and shrinking economy but is determined to address these challenges through the Renewed Hope Agenda, focusing on eight priority areas crucial for Nigeria’s progress. This agenda involves making difficult decisions essential for long-term stability and growth, including restoring a macroeconomic environment to stimulate investment, generate revenue, and address under-investment in sectors like security, education, and social welfare.
He said, “We must restore a macroeconomic environment that can stimulate investment, generate revenue, and address under-investment in sectors like security, education, and social welfare. That is why we are not even producing crude oil in the quantity we used to before, or as allowed by international convention, which is our OPEC quota, because of under-investment, whether in the physical infrastructure itself or security, and so on and so forth.”
Bagudu highlighted the administration’s focus on food security by investing in irrigation and water management for year-round farming and revitalizing the livestock sector. He noted that historical under-investment has led to conflicts rather than economic growth.
He said, “Food security, despite our potential, we are under-investing. Most of our farmers are one-season-per-year farmers. So, when you have an asset that you only utilize four months in a year because you don’t have irrigation, you don’t have water bodies. Most of our fishing communities, they go to freshwater bodies where there’s no fish anymore, we have to transit them. The livestock sector, which in countries like New Zealand, is an important engine of growth, but in our country, due to cumulative under-investments, it has formed a basis for conflict rather than economic opportunity.”
The former Kebbi State governor emphasized President Tinubu’s commitment to fiscal discipline, aiming to reduce the fiscal deficit from 6.11 percent in 2023 to below 4 percent in 2024, and plans to increase capital expenditure to 39 percent, the highest in Nigeria’s history. The administration has also introduced innovative funds to stimulate the manufacturing and housing sectors and made significant budget allocations to national security, resulting in improvements in states like Borno, Imo, Kaduna, and Taraba.
Bagudu detailed three significant budgets under Tinubu’s administration. The first, an ₦819 billion budget, was renegotiated to allocate ₦500 billion for interventions supporting vulnerable populations. The second ₦2.17 trillion budget focused on national security, infrastructure, and cash transfers. The 2024 budget aims to restore fiscal discipline and stimulate economic growth through increased capital expenditure.
He said, “The three budgets Mr. President participated in the first, the ₦819 billion budget which he inherited, which was even passed into law before he came, he renegotiated with the National Assembly. He said ‘I want ₦500 billion to fund intervention that will support the vulnerable populations, who might be affected by the reform measures.’ About ₦200 billion went into agriculture; ₦75 billion into the medium and small enterprise sector, as well as ₦40 billion into the nano-credit sector. Equally, another budget of ₦2.17 trillion that went to support gains in national security, most of it to security and infrastructure and also providing more money for cash transfer and meeting commitments to labor.”
Bagudu stressed that Tinubu is committed to local government autonomy, ensuring resources are effectively used to benefit communities. He also mentioned that ₦130 billion has been allocated for transitioning to compressed natural gas, aimed at restoring energy competitiveness and supporting economic reforms.
