Presidency lists Buhari’s Achievements in three years

Presidency lists Buhari’s Achievements in three years

Last updated on May 27th, 2018 at 03:16 pm

Presidency has listed President Muhammadu Buhari’s achievements since his assumption of office in May 29, 2015 to include capital expenditure, economy, youth empowerment among others.

Listing of the administration’s achievements is in preparation for Democracy Day Celebration scheduled for May 29.

Buhari became the first presidential candidate to defeat an incumbent president. He won under the platform of All Progressives Congress (APC) by defeating former President Goodluck Jonathan of the Peoples Democratic Party (PDP).

Some of his campaign promises include building the economy, fight against corruption, and provision of security.

The Buhari’s achievements in the last three years were contained in a document made available to newsmen.

Buhari’s Achievements in Economy

According to the document, the presidency says President Buhari-led administration was able to recover the country from recession, saying Nigerian economy is back and is on the path of growth after the recession of 2016-17.

It said that the administration’s priority sectors include agriculture and solid minerals, which maintained consistent growth throughout the recession.

It also said inflation has fallen for the fifteenth consecutive month while the nation’s external reserves are at their highest levels in five years, currently double the size of October 2016.

“The new FX Window introduced by the CBN in April 2017 now sees an average of $1 billion in weekly turnover, and has attracted about 45 billion dollars in inflows in its first year, signalling rising investor confidence in Nigeria

“Nigeria’s Stock Market ended 2017 as one of the best-performing in the world, with returns of about 40 percent.

Buhari’s Achievements in the area of taxation

The presidency stated that Bugari’s administration has been able to add five million new taxpayers to the Nigeria’s tax base since 2016, an effort it believed would prepare government to diversify the economy in terms of internally generated revenue.

It noted that tax revenue increased to N1.17 trillion in the first quarter 2018, a 51 per cent increase on the first quarter 2017 figure.

On infrastructure, presidency said N 12.7 trillion was spent on infrastructure in the 2016 and 2017 budgets, “an unprecedented allocation in Nigeria’s recent history.”

Other Buhari’s achievements in the area of economy include the revitalisation of 14 moribund blending plants under the Presidential Fertilizer Initiative, and the tripling of revenue to the Federation Account from solid minerals.

“Revenue tripled from N700 million in 2015 to N2 billion in 2016, and again rose to N3.5 billion in 2017,” it said.

Buhari’s Achievements in terms Economic Recovery and Growth Plan

Buhari’s Economic Recovery and Growth Plan (ERGP), which was launched in April 2017, has stabilised the macroeconomic environment; achieved agricultural and food  security and has also ensured energy efficiency especially in power and petroleum products, the presidency stated.

The ERGP has also improved transportation infrastructure and industrialisation primarily through the Small and Medium Enterprises (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) to unlock medium-scale and large-scale investment projects held back by bureaucratic bottlenecks.

“The just-concluded Phase 1 of the ERGP Focus Labs identified projects worth about $10 billion for fast-tracking, and the bottlenecks holding them back are now being resolved.

Buhari’s achievements in the area of monetary, Fiscal and trade policies

APC-led administration created a new Foreign Exchange window for investors and exporters in April 2017 which according the document helped stabilise the market and increase appetite for Nigerian stocks by foreign portfolio investors.

“The new Window has attracted inflows of more than $45 billion in its first year of operation.

In the area of debt management, the government adopted a strategy that seeks to achieve its goal by replacing Treasury Bills borrowing with lower-cost, longer-term external financing (via Eurobonds and Concessional Loans from China)

“The Buhari Administration inherited N12.1 trillion in debt, with N5.4 trillion annual servicing cost, and had reduced the debt service on this inherited debt to N3.9 trillion by 2016.

Under the Bond Issuance programme, the government said $7.3 billion was issued in Eurobond in 2017/18, to fund the 2017 Budget as well as to refinance maturing treasury bills and lower the cost of borrowing for the government.

“This debt refinancing strategy is paying off as treasury bill rates have dropped from 16-18% to 10-12% over the last year.

“The oversubscription of our recent Eurobond (the first issuance in 2017 saw orders in excess of US$7.8 billion compared to a pre-issuance target of US$1bn) demonstrates strong market appetite for Nigeria, and shows confidence by the international investment community in Nigeria’s economic reform agenda,” Aso Rock said.

The document also mentioned Nigeria’s first Sovereign Sukuk Bond which raised N100 billion used to fund 25 major road projects across Nigeria.

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Also, there was Nigeria’s first ever Diaspora-targeted Eurobond that raised $300 million used to fund part of the 2017 Budget and Africa’s first Sovereign Green Bond Programme  that raised N10.69 billion used to fund infrastructure projects that tackle climate change.

Buhari’s Achievements in terms of Financial support to State Governments

In terms of financial supports to the 36 states governments in Nigeria, the administration said it has extended more than N1.9 trillion to state governments.

The huge amount was to enable the state governments meet their salary and pension obligations, especially in the face of dwindling oil revenues over the last two years.

The support, it said, has come in the form of Budget Support Facility (Total of N606.55 billion extended to the states as of May 2018; in exchange for reforms in budgeting, Internally Generated Revenue, debt management, overheads, etc.)

Infobase Take:

Some state governments didn’t use the the money for the purpose it was meant. Osun State government led by Mr. Rauf Aregbesola is a typical example of one such states that used the money for road construction.

Road construction is a good thing, but it is also imperative to note that civil servants in state are still not happy about the huge sum the state government owed them.

If Aregbesola had used the money to pay off civil servants debt, civil servants in the state won’t be complaining.

When salary of workers are released and paid as at when due it would also serve as motivation to them.

In this regard, some of the state governments had really frustrated the effort of the Buhari-led government.

Part of the support include Paris Club refunds, infrastructure loans as well as loan restructuring for facilities with commercial banks.

Other economic related achievements include the Anchor Borrowers Scheme of the Central Bank of Nigeria which, it said, has substantially raised local production of rice in 2016.

It said yields from rice farming improved from 2-3 tonnes per hectare to as high as 5 – 6 tonnes per hectare.

Buhari’s Achievements in terms of Small and Medium Businesses

Another area of achievement pointed out is the fact that it was able to work out a workable agricultural collaboration between Lagos and Kebbi States.

“Over N300 billion investments in the rice value chain. Between 2016 and 2018, eight new rice mills have come on-stream; and Nigeria’s paddy production and productivity has doubled compared to 2014 levels

“Nigeria’s milled rice production has increased from 2.5MT to about 4MT, and rice exports from Thailand to Nigeria dropped from 1.23 million MT in 2014 to 23,192 MT as of November 2017.

It also pointed out that it has launched a series of funding and capacity development initiatives designed to support small and medium businesses (MSMEs) across Nigeria.

The new Development Bank of Nigeria (DBN), it said has finally taken off, with initial funding of $1.3bn (provided by the World Bank, German Development Bank, the African Development Bank and Agence Française de Development) to provide medium and long-term loans to MSMEs.

DBN has already disbursed N5 billion to 20,000 MSMEs, through three microfinance banks.

Buhari’s Achievements in terms of Ease of Doing Business

“Ease of doing business is an index published by the World Bank. It is an aggregate figure that includes different parameters which define the ease of doing business in a country.”—indiatimes.com

Simply put ease of doing business has to with measures and policies put in place by the government of a country to simplify registration of business, operation, security and other things that could make a business strive in a country.

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Buhari’s government said its Ease of Doing Business reform programme through the Presidential Enabling Business Environment Council (inaugurated in August 2016) and the Enabling Business Environment Secretariat (EBES) resulted in Nigeria moving up 24 places on the World Bank’s Ease of Doing Business rankings in 2017, and earning a place on the List of 10 Most Improved Economies.

“The Buhari administration has, since 2017, issued three Executive Orders that positively impact Nigeria’s small business environment.

“They include the Executive Order on Improving Efficiency in the Business Environment, Executive Order on Promoting Local Procurement by Government Agencies and Executive Order on planning and execution of projects, promotion of Nigerian content in contracts and science, engineering and technology.”

Buhari’s Achievements in terms of Capital Expenditure

Capital expenditures are the amounts spent for tangible assets that will be used for more than one year in the operations of government businesses. Capital expenditures can also be thought of as the amounts spent to acquire or improve a country’s fixed assets. Accounting Coach is more explicit on this.

In terms of capital expenditure, Buhari’s achievement include the release of N1.219 trillion for capital expenditure in the 2016 budget, and N1.476 trillion so far in the 2017 budget, making a total of N2.7 trillion (about $9 billion) in two years.

“This investment has enabled the resumption of work on several stalled projects — road, rail and power projects — across the country.

The government said the low in oil prices have not affected Nigeria’s external reserves, which it claimed have doubled since October 2016, from $24 billion to $48 billion.

On Sovereign Wealth Fund, presidency said it has witnessed inflows of $500 million in 2016 and 2017 (the first inflows since the original US$1 billion which the fund kicked off with in 2012).

Buhari’s Achievements in terms of Infrastructural development

Presidential Infrastructure Development Fund (PIDF) was launched in May 2018 under the management of the Nigerian Sovereign Investment Authority as part of the government’s commitment to developing infrastructure.

The PIDF is expected to kick off with seed funding of $650 million.

The Nigeria Sovereign Investment Authority (NSIA) in March 2018 invested $10 million to establish a “world-class” cancer treatment centre at the Lagos University Teaching Hospital (LUTH), and $5 million each in the Aminu Kano University Teaching Hospital and the Federal Medical Centre, Umuahia, to establish modern diagnostic centres.

It assured that the centres will be completed before the end of 2018.

“In 2014, the federal government invested the following: Transport (N14 billion), Agriculture & Water (N34 billion), Power, Works & Housing (N106 billion). In 2017 those figures jumped to: Transport (N127 billion), Agriculture & Water (N130 billion), Power, Works & Housing (N325 billion).

“Abuja’s Light Rail system has been completed and will go into operation in 2018. The first line to be launched will connect the city centre with the airport, with a link to the Abuja-Kaduna Railway Line.

“The Buhari Administration successfully completed the reconstruction of the Abuja airport runway within the scheduled six-week period (March – April 2017).”

Buhari’s Achievements in terms of Power Sector

When there is security another sector that drive the economy of a country is power, the Buhari-led government said it has achieved something significant in this regard.

It said the government has added more megawatt to the national grid.

It said some were via publicly owned plants (Afam Fast Power, 240MW) while others are through private sector investment supported by the federal government (Azura, 450MW).

An additional 2,000MW of power generation capacity is also expected by the end of 2018.

Infobase Take:

Past administrations in Nigeria has spent billions of dollars on power generation, yet no big significant improvement has been seen. However, reviving the power sector isn’t a day job.

Something significant can only be achieved when there is continuity in government’s policy and programme, but we’ve witnessed end of government’s policy when new administration takes over power in Nigeria.

The government also claimed that it has launched a N701 billion Payment Assurance Programme designed to resolve the liquidity challenges in the power sector by guaranteeing payments to generating companies and gas suppliers.

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There was transmission expansion and rehabilitation programme which has resulted in a 50 per cent expansion in grid capacity since 2015, from 5,000MW to 7,125MW as at December 2017.

There is also the launch of the Distribution Expansion Programme (DEP) which was approved by the Federal Executive Council in February 2018 to deliver 2,000MW of unused power capacity to consumers in need.

“Implementation of the DEP has commenced, with the issuance, in May 2018, of a call for tenders for the procurement of distribution substations and electrical equipment.

Buhari’s Achievements in terms of Social Investment Programme

One government’s major achievement is the launch and taking off all four components of the Social Investment Programme (SIP), of which N-power is a unit which has employed more 500,000 Nigerian youths across the country.

“The SIP is the largest and most ambitious social safety net programme in the history of Nigeria, with N140 billion released and more than 9 million direct beneficiaries so far.

N-power Programme

Under the SIP, government said 200,000 N-Power beneficiaries are currently participating and receiving N30,000 as monthly stipends.

It said another 300,000 new enrolments are being processed, to take the number to 500,000 this year.

For the Government Enterprise and Empowerment Programme (GEEP), N15.183 billion has been disbursed in interest-free loans ranging from N50,000 to N350,000 to 303,420 market women, traders, artisans, farmers across all 36 States of the country and the FCT.

Under the GEEP, 56 per cent of the loans have gone to women.

“In terms of advancing the financial inclusion goals of the Buhari Administration, GEEP has led to the opening of 349,000 new bank accounts/wallets for beneficiaries and intending beneficiaries.

“In November 2017, GEEP was chosen as the pilot programme for the Bill & Melinda Gates Foundation Policy Innovation Unit in Nigeria.

Home Grown School Feeding Programme (HGSFP)

On Home Grown School Feeding Programme (HGSFP), the presidency said the programme currently feeds a total of 8.2 million pupils in 45,394 public primary schools across 24 states.

Beneficiaries of Home Grown School Feeding Programme (HGSFP)

Beneficiaries of Home Grown School Feeding Programme (HGSFP) include Abia, Anambra, Enugu, Ebonyi and Imo (South East); Akwa Ibom, Cross River and Delta (South South); Osun, Oyo, Ondo and Ogun (South West); Benue, Niger and Plateau (North Central); Kaduna, Katsina, Kano, and Zamfara (North West); Bauchi, Taraba, Borno, Gombe and Jigawa (North East).

“Over 80,000 direct jobs have since been created from the School Feeding Programme; with 87,261 cooks currently engaged in the 24 participating states.

“All 36 states of the Federation and the FCT will eventually benefit from the Programme.

“The Health aspect of the programme has seen over 3 million pupils dewormed in six states, the deworming programme is a bi-annual programme aimed at eradicating and reducing the burden of worms.

Conditional Cash Transfer (CCT)

Under the Conditional Cash Transfer (CCT), the administration says 297,973 families are benefiting from the CCT Scheme.

Infobase Take:

We’ve closely monitored the Buhari’s administration in the area of N-power programme beginning from the day President Buhari announced the commencement of the programme on May 29, 2016.

From Infobase N-power programme Archive, Buhari’s government has continued to consistently pay its 2016 first batch of beneficiaries N30, 000 as monthly salary.

Another 300, 000 young Nigerian graduates will soon be deployed to different sectors of the economy in partnership with 36 state governments.

The first batch of volunteers are currently working as assistant teachers in schools (N-power Teach), health assistant at health facilities across Nigeria (N-power Health), and agricultural extension workers (N-power Agric).

Buhari’s major achievement so far is in the area of youth empowerment. The N-power programme last for two years, but the government deserves kudos, and we hope there will be continuity in the programme.

N-power programme has produced many entrepreneurs since the programme formally took off December 2016. One of them recently named his electrical shop after N-power.

In what area has the Buhari’s administration touched your life?

Share your thoughts with us.

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