Tinubu cleared $7bn FX backlog, N17bn athletes' debt, others in 1st year - FG

The federal government has listed some of the feats President Bola Tinubu have achieved in the past one year, underscoring his commitment towards an economic rebirth in the country while tackling insecurity.

In a publication released by the ministry of information and national orientation on its website and in major newspapers, the federal government highlighted clearing of the $7 billion FX backlog, taking decisive action against insecurity and ensuring food security as part of the ‘Renewed Hope Agenda’ scorecard of the president.

“The administration has made significant strides from enhancing infrastructure and transportation to investing in education, health, and social welfare,” the publication said.

On the path of economic recovery, the document listed the removal of the fuel subsidy regime as one of the achievements of Tinubu, adding that the policy has led to a 50 percent reduction in petrol importation and increased monthly allocation for states and local governments from the federal accounts allocation committee (FAAC).

The report said the administration also introduced “comprehensive intervention programmes to cushion the transitional pains. The government identified the launching of a N100 billion CNG bus rollout programme and the award of N35,000 monthly for civil servants for six months as some of the measures taken to mitigate the effect of petrol subsidy removal”.

It further said the administration unified the forex rate market to reflect the actual value of the naira and reformed bureau de change (BDC) operations, adding that the Central Bank of Nigeria (CBN) also cleared $7 billion backlog in foreign exchange.

The publication noted that President Tinubu made the issue of national security a priority as over 4,600 hostages were freed, more than 9,300 hostiles were killed while over 7,000 terrorists, bandits, and criminals were arrested since the government took office.

The document said the Nigerian Air Force (NAF) added five new aircraft to its fleet, including two Diamond 62 surveillance aircraft, two T-129 ATAK helicopters, and one King Air 360 ER, enhancing the fight against banditry and terrorism.

According to the government, annual recruitment of police officers was increased from 10,000 to 30,000 and over 120 illegal oil refining sites were deactivated across the Niger Delta.

The report stated that Tinubu ensured food security as the administration released 42,000 metric tonnes of assorted grains from the National Strategic Grain Reserves and 60,000 metric tonnes of rice through millers to Nigerians to tackle the rising food price in the country.

To spur production of farm produce, the CBN donated 2.15 million bags of fertiliser worth N100 billion to support farming, accompanied by the Dry Season Farming Initiative, and financed by the African Development Bank with $134 million.

On enery and natural resources, the scorecard indicated that Nigeria’s crude production rose under the Tinubu administration from 1.22 million barrels per day in Q2 2023 to 1.6 million barrels per day in Q1 2024.

The report said the government has successfully renovated the Port Harcourt refinery while the Nigerian Liquefied Natural Gas (NLNG) production has increased from 57 percent in 2023 to 70 percent.

The document said Nigeria witnessed significant infrastructural developments as the rail line between Port Harcourt and Aba — part of the 1,443-kilometre Port Harcourt to Maiduguri rail line — became operational under the Tinubu administration.

The government added that construction has begun on the 700 km Lagos-Calabar coastal highway and that the engineering design for the Sokoto-Badagry Expressway has also commenced.

The FCT monorail project is also listed as set for commissioning, and the Renewed Hope Cities and Estates Programme are said to have kicked off to deliver 100,000 houses across the country.