2025 has already started full throttle, and our Renewed Hope Agenda is in full swing. In just under two years, we are seeing tangible progress, as our efforts aimed at economic transformation begin to bear fruit under President Bola Ahmed Tinubu, GCFR.
1/ We’re working relentlessly to curb inflation and restore credibility to our monetary framework. By transforming the foreign exchange regime, we’re moving from an opaque system of preferential allocations to a more transparent, efficient market mechanism.
2/ Fuel Subsidy is now a thing of the past. The benefits of deregulation are becoming clearer as the new petrol marketing regime, based on market forces, strengthens the economy. Money saved is now redirected to the subnational governments for grassroots development.
3/ We are making strides with structural reforms, particularly in agriculture, in order to sustain long-term agriculture and food security. This will boost food supply and ease inflationary pressures, which will, in turn, benefit all Nigerians.
4/ Our role in Mission 300, the World Bank initiative aimed at providing electricity access to 300 million people, cannot be overstated. Power infrastructure is key for economic growth & industrial expansion and we are poised to electrify all of Nigeria before we leave office.
5/ Our focus on fostering a business-friendly environment, has never been in doubt. We are attracting sustainable investments, and driving private sector-led growth for a stronger economy while improving our Ease Of Doing Business Index.
6/ We have implemented fiscal governance reforms, like automating the process of Import Duty Exemption Certificates (IDEC), strengthened our trade and taffiff organs, while also harmonizing tax laws in a bill presently before the National Assembly for consideration.
7/ This proposed tax reform bill, proposes exempting food, medicine, and essentials from VAT, and aims to reduce costs for households. This would benefit 82% of Nigerians, while only 18% of goods would see price hikes, making this bill a win win for all.
8/ In the manufacturing sector, we’re working closely with entrepreneurs and propelling MSME growth to reposition the economy. We launched the FGN Loan Scheme for MSMEs and Manufacturing Enterprises last year, providing much-needed financial support to our entrepreneurs.
9/ The Casual Jobs Scheme, launched for job creation within 10 SME clusters (such as fashion, beauty, and artisanry), focuses on empowering the informal sector and creating sustainable employment for this critical segment of society.
10/ We have restructured and streamlined our social intervention programs, making them more efficient and prudent, instituting a new management that will drive the various schemes going forward. Monies have also been released so the suspended programs can resume.
11/ While security challenges persist, we’ve increased military spending, prioritized police reforms, while we have made significant progress in the fight against insurgency, leveraging the collaborative efforts of the Military and sister agencies.
12. Our Internal Affairs/immigration efforts are also been widely applauded. We launched a Technology Innovation Complex- a data center complete with Visa and Passport Processing, to streamline immigration, enhance security, and attract investors to Nigeria.
There are several other programs that are ongoing in various sectors and even more to be launched. Many other programs are still in the pipeline eg the unemployment benefits scheme that will be launched soon by Mr. President to cater to millions of unemployed youth in the country
President Tinubu promised bold economic reforms and he is walking the talk, so far. He is turning his bold commitments into real actionable strategies to create lasting change for the people. Support President Tinubu so the Renewed Hope Agenda can succeed.
- Akume is the Secretary to the Government of the Federation (SGF).