BREAKING: Buhari”s govt Release 3 Years Achievements [Updated]
The President Muhammadu Buhari administration has, on Monday, May 28, 2018, released its achievements for the past three years just a day before it clocks three years in office.
In the list, the President Buhari administration listed the following as key areas of its achievements:
- Resetting the Economy
- Growing What We Eat
- Making Business Work
- Doing More With Less
- Investing in People
- New Vision for the Niger Delta
- Plugging Leakages
- Justice Reforms
- Securing Nigeria
On the economy, the administration boasted that the Economy is back on the path of growth, after the
recession of 2016-17 with 1.95 percent growth in the first quarter of 2018.
GROWING WHAT WE EAT
The Buhari Administration says its priority, which are sectors of agriculture and solid minerals, maintained consistent growth throughout the recession.
It also stated that inflation has fallen for the fifteenth (15th) consecutive month, from 18.7 percent in January 2017 to 12.5 percent as of April 2018.
Furthermore, External Reserves of US$47.5 billion are the highest in 5 years, and double the size as of October 2016, according to the report.
- Total exports in 2017 were 59.47% higher than for 2016
- In 2017, agriculture exports grew 180.7% above the value in 2016
- In 2017, raw material exports grew 154.2% above the value in 2016
- In 2017, solid minerals exports grew 565% above the value in 2016
- In 2017, exports of manufactured goods grew 26.8% above the value in 2016
- The first quarter of 2018 saw the fourth consecutive quarterly increase in capital importation since Q2 2017. The total value of capital imported in the quarter stood at US$6.32 billion, which is a year-on-year increase of 594.03%, and a 17.11% growth over the figure reported in the previous quarter.
- The new FX Window introduced by the CBN in April 2017 now sees an average of US$1 billion in weekly turnover, and has attracted about US$25 billion in inflows in its first year (and a total turnover of $47.14 billion) – signaling rising investor confidence in Nigeria.
- Nigeria’s Stock Market ended 2017 as one of the best performing in the world, with returns in excess of 40 percent.
- Five (5) million new taxpayers added to the Tax Base since 2016, as part of efforts to diversify Government revenues.
- Tax Revenue increased to N1.17 Trillion in Q1 2018, a 51% increase on the Q1 2017 figure.
- N2.7 Trillion spent on Infrastructure in 2016 and 2017 fiscal years, an unprecedented allocation in Nigeria’s recent history.
- Fourteen (14) moribund Blending Plants revitalized so far under the Presidential Fertilizer Initiative (PFI); with a total capacity of 2.3 million MT of NPK fertilizer
- The contribution of Solid Minerals’ to the Federation Account rose five-fold from N700 million in 2015 to N3.5 billion in 2017.
RESETTING THE ECONOMY, RESTORING GROWTH
On resetting the economy and restoring growth, the report stated that the Economic Recovery and Growth Plan (ERGP), the Federal Government’s medium-term Economic Plan, was launched by President Buhari in April 2017.
It charts a course for the Nigerian economy over the next four years (2017–2020).
The Vision of the ERGP is to restore economic growth, invest in Nigerians, and to build a globally competitive economy, and the Plan aims to achieve these by focusing on five execution priorities:
- Stabilizing the macroeconomic environment;
- Achieving Agriculture and Food Security;
- Ensuring energy efficiency (especially in power and petroleum products);
- Improving transportation infrastructure; and
- Driving industrialization, primarily through SMEs.
To fast-track the implementation of the ERGP, the Federal Government launched the ERGP Focus Labs, as a targeted 6-week intervention (March to April 2018) bringing together all stakeholders to identify bureaucratic bottlenecks impacting medium-scale and large-scale investment projects in Nigeria, and then generate ideas and resources to resolve them.
The just-concluded Phase 1 of the ERGP Focus Labs identified private-sector projects worth about US$22.5 billion – and with a potential for 500,000 jobs (in Agriculture, Transportation, Manufacturing and Processing, Power and Gas) – for unlocking by 2020.
Continue reading the full report here: