President Bola Ahmed Tinubu’s historic victory and assumption of office on May 29, 2023, marked a significant turning point in Nigeria’s democratic journey. His commitment to democracy and visionary leadership, encapsulated in the 8-Point Renewed Hope Agenda, have inspired confidence and trust among Nigerians, promising a new era of hope and transformation.
Economic Rebirth: Facing economic turmoil, widespread poverty, and rising unemployment, President Tinubu implemented bold reforms to stabilise the economy. The withdrawal of the unsustainable fuel subsidy and the unification of the FOREX market were pivotal steps, redirecting funds to critical sectors like healthcare, education, and infrastructure. These measures have reduced petrol importation by 50% and boosted investor confidence, making the Nigerian Stock Exchange the top-performing bourse globally.
Strengthening National Security: President Tinubu has prioritised national security, leading to significant investments in modernising and equipping the nation’s security forces.Over 4,600 hostages have been freed, more than 9,300 hostiles neutralized, and over 7,000 terrorists and bandits arrested. Establishing the N50 billion Pulako Initiative and annually recruiting 30,000 new police personnel further underscore the administration’s commitment to a safer Nigeria.
Boosting Agriculture and Food Security: To tackle food security, the administration declared a state of emergency and launched the National Agricultural Development Fund with N100 billion. Initiatives like the Dry Season Farming Initiative and the Green Imperative Programme aim to promote year-round farming and provide farmers with access to modern equipment and low-interest loans, ensuring a stable food supply.
Unlocking Energy and Natural Resources: The Renewed Hope Agenda focuses on developing renewable energy sources and enhancing the efficiency of the oil and gas sector. Policy directives have improved the investment climate, increased crude oil and NLNG production, and initiated significant projects like rehabilitating the Port Harcourt refinery and constructing the Ajaokuta-Abuja-Kano Gas Pipeline.
Transforming Infrastructure and Transportation: Significant investments in infrastructure are underway, including operationalising the Port Harcourt-Aba rail line and constructing the Lagos-Calabar Super Highway. The Renewed Hope Infrastructure Development Fund aims to raise N20 trillion to deliver critical projects and modernise ports and aviation facilities, creating an enabling environment for businesses.
Improving Education, Health, and Social Investment: The administration is expanding primary health centres and upgrading tertiary hospitals, ensuring better access to healthcare. The Student Loans Act 2024 and the establishment of the Nigerian Education Loan Fund highlight a commitment to broadening access to education. Social welfare schemes, including cash transfers and microcredit programmes, aim to uplift vulnerable households and support small businesses.
Accelerated Diversification through Youth-Driven Industrialization, Digitization, and Innovation: Recognising the youth as invaluable assets, the administration has launched initiatives like the Three Million Technical Talent Initiative and the iDICE Programme to empower young Nigerians with digital skills. The National Job Centre and the National Talent Programme aim to create employment opportunities and support youth-owned enterprises.
Improved Governance for Effective Service Delivery: To enhance service delivery, the administration has introduced the MOBILIZER app for citizen engagement and launched the Citizens’ Delivery Tracker App to assess public officials’ performance. Reforms recommended by the Oronsaye Report aim to rationalise and restructure government agencies, increasing transparency and efficiency.
Conclusion: The Renewed Hope Agenda is a comprehensive strategy driving Nigeria towards sustainable development and improved quality of life. President Tinubu’s administration is laying the foundation for lasting progress and a brighter future for all Nigerians through strategic investments, youth empowerment, and improved governance.
Introduction
Nigeria’s democratic journey has often been met with challenges. But President Bola Ahmed Tinubu’s electionmarked a significant turning point. His historic victory and assumption of office on May 29, 2023, heralded a new era of hope and transformation for the nation.
As a statesman with remarkable credentials and a commitment to democracy, President Tinubu has long been a unifyingforce across Nigeria. His tireless efforts in building bridges and listening to Nigerians’ concerns, hopes, and aspirations have positioned him as a leader capable of realising the dreams of a united, prosperous, and inclusive Nigeria. His vision is encapsulated in the 8-Point Renewed Hope Agenda, which has inspired confidence and trust among the electorate.
The 8-Point Renewed Hope Agenda
1 Reforming the Economy for Inclusive Growth
2 Strengthening National Security
3 Boosting Agriculture for Food Security
4 Unlocking Energy and Natural Resources
5 Enhancing Infrastructure and Transportation
6 Focusing on Education, Health, and Social Investment
7 Accelerating Diversification through Industrialisation, Digitisation, Creative Arts, Manufacturing, and Innovation
8 Improving Governance for Effective Service Delivery
Economic Rebirth
President Tinubu assumed office during one of Nigeria’s most challenging periods, marked by economic turmoil, widespread poverty, rising unemployment, and public disillusionment. Faced with these daunting realities, the administration took decisive action and implemented long-overdue reforms to save the economy from collapse.
Bold and strategic measures were necessary to address the deep-rooted structural deficiencies and systemic challenges that plagued the economy. Despite our country’s complexities and some citizens’ resistance to change, President Tinubu remained resolute in his commitment to steering the nation toward stability and prosperity.
One of the foremost steps was the withdrawal of the unsustainable fuel subsidy, which drained approximately $10 billion annually, or 2% of the nation’s GDP. This move allowed for the redirection of funds towards critical sectors such as healthcare, education, infrastructure, and security, which directly impact citizens’ well-being and prosperity. The policy has already led to a 50% reduction in petrol importation and increased monthly receipts for states and local governments from the Federal Accounts Allocation Committee (FAAC).
The administration also ended the foreign exchange subsidy, unifying the FOREX rate market to reflect the actual value of the Naira. Reforms in the Bureau De Change (BDC) operations and the lifting of FOREX restrictions on certain imports boosted investor confidence. These measures helped the Central Bank of Nigeria settle a $7 billion backlog in foreign exchange, making the Nigerian Stock Exchange the top-performing bourse globally and the Naira one of the top-performing currencies as of April 2024.
Reforms in the power sector aim to sustain electricity subsidies for 85% of Nigerian consumers, cutting back on subsidies for affluent individuals, businesses, and industrial clusters. The establishment of a Presidential Fiscal Policy and Tax Reform Committee seeks to reform the tax system and reduce the tax burden on Nigerians.
The administration’s removal of fuel subsidy was accompanied by comprehensive intervention programmes to cushion the transitional pains of the policy. These programmes include:
1. A wage award of N35,000 monthly for civil servants for six months.
2. Setting up a tripartite committee to work out a new minimum wage for workers.
3. Establishing an Infrastructure Support Fund for states.
4. Launching a N100 billion CNG bus rollout programme.
5. Commencing a monthly Conditional Cash Transfer of N25,000 to 15 million vulnerable households for three months.
6. Providing N50 billion in Conditional Grants to one million nano-businesses and a N75 billion fund to support manufacturing enterprises.
7. Launching the National Philanthropy Office (NPO) to mobilise $200 million in private investments.
8. Establishing a N5 billion single-digit interest fund in partnership with Sterling Bank through the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
On the international front, President Tinubu has actively pursued foreign direct investment, enhanced international partnerships, and showcased Nigeria’s vast opportunities. These efforts have already garnered interest in investing over $30 billion in key sectors of the nation’s economy.
Strengthening National Security for Peace and Prosperity
Nigeria’s ongoing battle with banditry, kidnapping, insurgency, and other security challenges remains a formidable threat. President Tinubu has prioritised securing lives and properties in his Renewed Hope Agenda.
Significant investments in modernizing and equipping the nation’s security forces have yielded results: over 4,600 hostages have been freed, more than 9,300 hostiles neutralized, and over 7,000 terrorists, bandits, and criminals arrested. Additionally, over 4,800 assorted weapons and more than 93,900 rounds of ammunition have been recovered from June 2023 to date.
The Nigerian Air Force has 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. A 2,200-member Mines Marshal Corps was also established to secure mining sites and curb illegal mining.
The annual recruitment of 30,000 new personnel into the Nigeria Police Force, up from 10,000, underscores the government’s commitment to bolstering security. Efforts have also led to the deactivation of over 120 illegal oil refining sites, the seizure of 90 wooden boats, and the arrest of over 70 suspects and 14 vessels, thanks to the acquisition of advanced patrol vessels.
The Federal Government launched the N50 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. Vice President Kashim Shettima inaugurated the Steering Committee for the Initiative on February 13, 2024.
President Tinubu’s comprehensive security strategies address the root causes of insecurity, aiming to create a safer environment where citizens can live without fear.
Boosting Agriculture and Food Security
To ensure food sufficiency and tackle rising food prices, President Tinubu declared a state of emergency on food security and renamed the Federal Ministry of Agriculture and Rural Development to the Federal Ministry of Agriculture and Food Security. The administration launched the National Agricultural Development Fund with N100 billion to address agricultural financing challenges. Additionally, 42,000 metric tonnes of assorted grains, including sorghum, millet, maize from the National Strategic Grain Reserves and 60,000 metric tonnes of rice through millers were released to vulnerable Nigerians through the 36 state governors and the FCT, in a bidto stabilise food supply. The Central Bank donated 2.15 million bags of fertiliser worth N100 billion to support farming.
The administration introduced the Dry Season Farming Initiative on 500,000 hectares of farmland, financed by the African Development Bank with $134 million to promote year-round farming. Partnerships with John Deere aim to supply 2,000 tractors annually for five years under a uniquefinancing arrangement supported by low-interest loans from the Bank of Agriculture. The Green Imperative Programme, a $1 billion bilateral partnership with the Brazilian Government, aims to provide farmers access to machines, equipment, and training. The Bank of Agriculture will support Nigerian farmers with low-interest loans to purchase fertilisers. Additionally, there is a N141 billion credit facility from a Japanese agency for agricultural scheme projects.
Unlocking Energy and Natural Resources for Sustainable Development
The nation’s sustainable development critically relies on its energy and natural resources. The Renewed Hope Agenda focuses on developing renewable energy sources, enhancing the efficiency of the oil and gas sector, and ensuring that solid mineral resources benefit local communities and the nation.
To harness the nation’s resources and diversify the economy for the benefit of all Nigerians, President Tinubu executed policy directives to improve the investment climate and position Nigeria as the preferred investment destination for Africa’s oil and gas sector. Through enhanced security in the Niger Delta Region, the nation is witnessing a sustained increase in crude oil production, which rose from 1.22 million barrels per day in Q2 2023 to 1.6 million barrels per day in Q1 2024. The Nigerian Liquefied Natural Gas (NLNG) production also increased from 57% in 2023 to 70% presently.
The successful completion of the rehabilitation of the Port Harcourt refinery is already a potential boost to local refining capacity in the country. Additionally, the payment of $1.3 billion in debts owed to gas firms ensures a sustained gas supply to power-generating companies across the country.
President Tinubu’s pursuit of purposeful policy in the sector is notably reflected in the widely acclaimed three Executive Orders: the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order, 2024; the Presidential Directive on Local Content Compliance Requirements, 2024; and the Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines, 2024. These orders suggest a strong desire to amend primary legislation and introduce fiscal incentives for oil and gas projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements.
The Executive Orders explicitly target over $10 billion in investment in the nation’s oil and gas sector. They streamline contracting processes, procedures, and timelines from 36 months to six months, ensuring that local content requirements are implemented without impeding investment.
In a complementary strategic move, the CNG Initiative introduced by the President indicates a game-changing direction to reduce the cost of production and transportation in the country following the withdrawal of fuel subsidy. Following this development, an N100 billion Presidential CNG initiative for procuring CNG-powered vehicles, conversion toolkits, and refuelling sites has been activated. This has attracted over $50 million in private investment within the last six months.
The Tinubu administration’s effort to deepen CNG adoption has been largely acknowledged in several initiatives, including the concerted efforts to complete the construction of the Ajaokuta-Abuja-Kano (AKK) Gas Pipeline Project and the recent commissioning of three gas projects in Delta and Imo State. These initiatives underscore the administration’s vision to ensure self-sufficiency in gas for domestic consumption and export.
In the non-oil sector, Nigeria’s economic prosperity is also associated with solid mineral resources. Scientific data confirm the abundance of precious minerals such as gold, manganese, bitumen, lithium, iron ore, lead, zinc, limestone, uranium, columbite, barite, kaolin, gemstones, coal, topaz, and copper.
To fully harness the potential in the solid minerals sector, the administration is pursuing a Seven Point Agenda, which includes:
1. The creation of the Nigerian Solid Minerals Corporation.
2. Joint ventures with mining multinationals.
3. Big Data on seven priority minerals and their deposits.
4. A grace period for illegal miners to join artisanal cooperatives.
5. The introduction of a Mines Surveillance Task Force and Mine Police.
6. A comprehensive review of all mining licenses.
7. Six mineral processing centres were created to focus on value-added products.
Transforming Infrastructure and Transportation for Economic Growth
Infrastructure and transportation are critical enablers of economic growth. The Renewed Hope Agenda includes significant investments in roads, railways, ports, and airports to facilitate trade and movement.
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