ABUJA – Mohammed Idris, Minister of Information and National Orientation has urged Nigerians to look ahead to 2024 with hope and confidence, declaring that President Bola Ahmed Tinubu has laid firm foundation for economic growth of the country beyond the coming year.
The minister stated this during his end of the year conference to highlight transformational steps taken by the administration since inauguration to prop the country on the part of sustainable and inclusive growth.
In line with his renewed hope agenda anchored of eight thematic points , the minister said the president, from the inception of the administration took a bold step to remove the noxious fuel subsidy regime, decision he said was borne out of a “commitment to fiscal
responsibility and a keen eye on national progress”.
He said despite the attendant challenges it occasioned , the measure” is a testament to the administration’s dedication to effective resource allocation and blocking avenues of wastage.
According to the minister, the “removal of the fuel subsidy is a decisive step towards channeling resources where they matter most – impacting sectors critical to our national development.
By redirecting these funds, President Tinubu aims to bolster key areas such as healthcare, education, infrastructure, humanitarian, security and other sectors that directly influence the well-being and prosperity of our citizens”.
He noted that the 2023 supplementary budget of N2.176 trillion and the 27.5trillion 2024 appropriation presented to the national assembly echoed the core tenets of the renewed hope agenda, adding that actions so far taken the president to reinvigorate the economy will begin to yield dividend by next.
The minister who addressed journalists in Abuja said Nigerians have ample reason to enter the new year with hope despite present economic challenges, insisting that the various presidential interventions and measures to attract foreign direct investment will begin to bear from in 2024 and beyond.
“The removal of fuel subsidy is also accompanied with some initial challenges but President Tinubu and the Administration have been taking all necessary measures to alleviate the pains being felt, and to cushion the impact of these reforms.
“These interventions are designed to serve as palliatives in the short and medium-term, while we wait to reap the long-term benefits of the reforms, as follows:
“A provisional wage increment of N35,000 monthly for six months, to enhance federal minimum wage, without causing undue inflation.
Establishment of an Infrastructure Support Fund for States to invest in critical areas that will create an enabling environment for businesses
Launch of a 100 Billion Naira CNG bus rollout programme, to deliver CNG-powered buses, and establishment of a Presidential Committee to drive implementation.
“We are finalizing the process for payment of a Cash Transfer of N25,000 monthly to 15 million of the poorest and most vulnerable households in Nigeria, for three months.
“A presidential directive for the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices, and 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers.
“An access-to-credit programme for startups and MSMEs: providing N50 billion in Conditional Grants to 1 million nano-businesses across Nigeria between now and March 2024; and a new single-digit interest-rate Fund to provide N75 billion to support manufacturing enterprises; among others.
“We have launched the 3MTT programme that aims to develop 3 million technical talents by 2025, in line with the President’s vision for making Nigeria a global hub for digital jobs.
Still in line with the jobs agenda, we launched the National Talent Export Programme (NATEP), to create one million service-export jobs over the next 5 years, and make Nigeria a global business outsourcing hub.
Launch of the National Philanthropy Office (NPO): This office is established to mobilize $200 million in private investments on behalf of the Federal Government, to support MSMEs in Nigeria.
“Launch of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) partnership with Sterling Bank establishing a 5 Billion Naira single-digit-interest Fund.
“By January 2024, we will be rolling out the new Federal student loan program that was announced a few months ago.
Presidential Approval for ASUU to exit IPPIS, which will advance University autonomy and also bring greater operational stability to the Federal University system.
The Federal Government is also working on a new minimum wage for workers, which will come into effect next year.
“In a bid to ensure food sufficiency and tackle the increase in food prices in the country, President Tinubu declared a state of emergency on food security. That decision was in sync with the rechristening of the name of the Ministry of Agriculture and Rural Development to the Ministry of Agriculture and Food Security.
“The declaration of emergency on food security was a decisive move that reflects the administration’s determination to address a pressing issue that directly affects the well-being of our citizens. It’s also a strategic response to the challenges that have hindered the growth of our agricultural sector and, consequently, threatened our nation’s food supply. President Tinubu, with foresight and determination, aims to fortify our food production systems, ensuring that no citizen goes without this basic necessity”.
The minister maintained that the President has laid groundwork for the nation’s economic growth pointing out that step tho unify the official and parallel markets’ exchange rates with the Central Bank collapsing the multiple official foreign exchange rates was designed to streamline our financial systems and promote a more resilient and investor-friendly environment.
“President Tinubu is mobilizing resources and implementing policies that will not only address immediate concerns but also establish a resilient and sustainable food ecosystem for the future. As part of the plans to boost food production in the country, the Federal Ministry of Agriculture and Food Security flagged off the cultivation of dry-season staple crops in Hadejia, Jigawa State.
This project falls under the National Agricultural Growth Scheme and Agropocket (NAGS-AP) through the support of $134m loan facility from the African Development Bank (AfDB) to expand the capacity of our farmers to engage in the cultivation of key staples like rice, maize, cassava and wheat, across the country.
“These high value staples will be joined by others like soybeans and sorghum in the wet season.
The project unveiled in Jigawa plans to support between 150,000 to 250,000 wheat farmers with 50% input subsidy to cultivate between 200,000 and 250,000 hectares and an expected yield of 1,250,000 tonnes of wheat. This project aims to increase crop yield by at least 20% compared to last year.
Similarly, the government launched the National Potato Strategy 2023-2028 to usher in a new era of productive competitiveness in Potato farming.
There is currently a collaboration between the Ministries of Agriculture and Food Security and Water Resources to promote year-round farming practices, fostering sustainable agricultural development.
“The Ministry also negotiated and signed Memoranda of Understanding with John Deere and Tata for the production of 5,000 tractors annually for the next five years.
Ease of Doing Business:
The Presidential Enabling Business Environment Council (PEBEC) has been reconstituted, while the President has signed Executive Orders aimed at reducing the tax burden on a number of key economic sectors.
We are very clear about our commitment to ensuring that businesses across Nigeria are able to play on a field that is devoid of red tape and burdensome taxes.
It is to this end that one of the first things that President Tinubu did was to establish a Presidential Fiscal Policy and Tax Reform Committee, to reform the tax system while also reducing tax burden on Nigerians. That Committee has since started work, and even presented an interim report to the President, while extensive consultations continue with stakeholders.
“President Tinubu took a courageous step towards unifying the official and parallel markets’ exchange rates with the Central Bank collapsing the multiple official foreign exchange rates, a move designed to streamline our financial systems and promote a more resilient and investor-friendly environment.
“The President recognized the importance of this move in fostering transparency, attracting foreign investments, and ultimately contributing to the overall economic development of our nation. It equally aims to create a more predictable and conducive environment for businesses and enhance the overall competitiveness of our economy on the global stage.
We understand that such economic transitions may come with challenges, but rest assured that the Tinubu Administration is taking proactive measures to ensure a smooth and inclusive process. Our goal is to build an economy that is robust, resilient, and capable of providing opportunities for all.” he said
On security, he Maintained that the armed forces are winning the battle with insurgent and bandits , assuring Nigerians that measures undertaken by government to equip the security forces gives course to hope for more secure prosperous country in 2024 and beyond.
“As we look towards 2024, let me use this platform to announce that the Federal Ministry of Information and National Orientation will unveil a groundbreaking Charter on Citizen Code, designed to define and uphold the core values that unite Nigerians while taking into account the nation’s socio-cultural diversities.
The Charter will seek to entrench in all Nigerians, a balanced understanding of their rights and responsibilities as citizens of this great nation.
“We stand at the threshold of a new year, I wish to extend a message of hope and optimism. The reforms initiated by President Tinubu across the various sectors of our economy are sowing the seeds of transformative change, and as we enter 2024, we can anticipate the fruits of these efforts beginning to blossom. These reforms are not instantaneous miracles but deliberate steps towards building a stronger and more prosperous Nigeria”.
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