- •Petrol subsidy cut has impacted positively, says Yuguda •Ganduje lists feats
President Bola Ahmed Tinubu’s tough decisions have prevented the downfall of the nation’s economy according to Vice President Kashim Shettima.
Shettima added that due to such options adopted by the Federal Government, the country is on course to economic prosperity in a short while, in spite of temporary pain.
Also yesterday, former Bauchi State Governor Isa Yuguda and All Progressives Congress (APC) National Chairman Abdullahi Ganduje listed the prospects arising from the policies of the Tinubu administration.
They spoke at the APC Professionals Forum’s Policy Roundtable Conference tagged: “Asiwaju ScoreCard Series” in Abuja yesterday.
Shettima was represented by his Special Adviser on General Duties Aliyu Moddibo Umar.
Umar is a former Minister of the Federal Capital Territory (FCT). He said critical decisions and policies of the administration were germane to the health and future prosperity of the country.
Justifying the decisions taken by the administration, he said they “are to guarantee the course of our nation for generations to come instead of postponing the setbacks for our children and their children.”
Shettima added: “President Bola Ahmed Tinubu has made the difficult but necessary choices to ensure Nigeria’s long-term stability and prosperity are never in doubt. He has chosen a path that, although demanding, promises to save our nation from economic downfall.
“This began with the calculated removal of the fuel subsidy. This decision was not made for its own sake, but to redeem the reality of the nation’s unsustainable debt service-to-revenue ratio, which had grown to alarming levels over the past few years.”
The vice president emphasised that the administration’s eight-point agenda provided a clear framework for policies and programmes.
He explained that “these initiatives are not just plans on paper; they are actions being implemented to create tangible improvements in the lives of everyday Nigerians”.
Shettima said while the huge investment in agriculture would reduce the nation’s reliance on imports and boost local production, the ‘Renewed Hope Housing Scheme’ would address the housing deficit and stimulate economic growth.
He added: “Similarly, we are also focused on reducing unemployment and underemployment through various initiatives, including the Outsource to Nigeria Initiative, Investment in Digital and Creative Enterprises, and the Expanded National MSME Clinics. These programmes are designed to create more job opportunities and foster economic inclusivity.”
Shettima said the administration’s commitment to education was evident in the launch of the student loan scheme and the appointment of Mr. Jim Ovia to chair the Nigerian Education Loan Fund.
He said: “This initiative will empower our youth and ensure that they have the resources needed to succeed, and I assure you that the policy is in place to offer interventions to vulnerable or disadvantaged Nigerians without discrimination or favouritism.”
On government’s efforts to ensure transparency and integrity, Shettima said: “The ongoing digitisation of revenue collection across all government sectors is expected to yield significant results and enhance the transparency we have promised the people of Nigeria.”
Urging Nigerians to exercise patience, he added: “Our economic indicators will improve as we continue to implement our policies, and we are confident that significant growth is on the horizon. The results of our interventions are promising, and we are proud of the progress made in strengthening the Naira.”
‘Tinubu can’t be blamed for woes’
Yuguda said the nation’s economic woes could not be attributed to President Tinubu, advising the opposition to be objective in their assessment of the administration.
He said: “The President did not create any of the problems people are talking about, whether in the economy or in the other sectors. Infact, what he met on ground would have created a worse situation if not properly handled. But, he is championing reforms that are required to pave the way for a better society.
“We all recall how on assuming office, President Tinubu announced the removal of fuel subsidy, but again for the avoidance of doubt, he did not remove subsidy on PMS. It was not in the later part of the 2023 budget, but surprisingly the Tinubu administration has had to bear the brunt for subsidy removal.
“Indeed, the President has today been proved right with the manner petrol importation has gone down by 50% since June 2023 and it is almost certain to go down more in a few months when the 650,000 barrels per day Dangote Refinery begin to produce PMS locally as well as the impending resumption of production at the Port Harcourt and Warri Refineries.
“If any Nigerian is still in doubt about how payment of subsidy has over the years strained the country’s resources, they must have seen how the sub-nationals now receive more than double what they used to get from Federation Account Allocation Committee (FAAC).”
Highlighting the achievements of the administration, Yuguda said the central government, the sub-nationals and local governments in April 2024 shared N1.2 trillion as against N655.8 billion shared by the three tiers in 2023 during the subsidy era.
He added: “The reform-minded Tinubu administration also unified the exchange rates, which inevitably sent those benefiting from the arbitrage out of business. And of course, it did not take long before Nigerians began to reap the benefits as the economy grew by 3.46% in the fourth quarter of 2023 compared with 2.54% in the preceding quarter. Also Capital importation was up by 66% in Q4 of 2023 compared to a 33% decline in the previous quarter.
“Let us not forget how oil production has grown steadily since the second quarter of 2023 from 1.22m barrels per day to 1.55m barrels per day which means additional resources even as non-oil revenue continue to rise as a result of financial re-engineering of the Tinubu administration.
“There was a time, specifically in the first quarter of 2023, when debt service went from about 95% of the nation’s revenue to 183%, according to data from the Budget office, even though our debt-to-GDP ratio looked good.
“Today, Nigeria’s debt service-to-revenue ratio has dropped to about 66.9% which is the lowest in four years. This is largely due to fuel subsidy removal and the unification of the foreign exchange market, which have not only increased revenue inflows but also ensured the allocation of more funds for capital projects.”
APC will enlarge its coast, says Ganduje
APC National Chairman Abdullahi Ganduje, said the party will enlarge its coast before the next general election.
He said the economy was being transformed into a credit-based consumer economy that will improve agriculture, boost food security, enhance infrastructural development and facilitate access to education.
Ganduje said following the shift to renewable and sustainable energy sources, the use of cheap and clean Compressed Natural Gas (CNG) has now become a reality under the administration.
Hailing the president for living up to expectation, he said: “Mr. President has approved the construction/completion and rehabilitation of several road projects across the country to include the Kano – Abuja Road, Kano – Eastern Bypass Road, the 700 Km Lagos – Calabar Coastal Road, the 1000 Km Badagry – Sokoto Road, the 3500 Units Renewed Hope Housing Cities and Estates now being built in 13 states for starters.
“In the next few days, the Students Loan Fund will become operational, and Nigerian youths will now have easier access to higher education by applying for funds from the scheme.
“On power, I have observed the increased transmission capacity of the country that now peaks at 14,000 megawatts.”
Ganduje peeped into the future, saying that victory is certain for the platform during elections.
He said: “Although it is not yet an election period, we are reinvigorating the party to ensure that come 2027, we will retain and get new state governors, as well as Mr President to secure another mandate to continue with his government’s policies and programmes.
“We have also constituted at the national level a Reconciliation Committee that would reconcile all aggrieved party members, and such committee will be established at the state, local government and ward levels.”
Ganduje said APC would be restructured so that it can become a truly grassroots progressive party.
He said: “We have directed our state chapters to liaise with their respective governors and other stakeholders to ensure that we have full-fledged, functional offices in every political ward and state to enable our members across the country to have symbolic representation in their neighbourhood.”
