As the President Muhammadu Buhari administration marks its third year in office on Tuesday this week, it has given a sneak peak into its score card.
They can be grouped under 6 broad categories: Economy, Support for State Governments. Agriculture, Infrastructure, Power and Investing in People.
This was disclosed in a report made available to the Premium Times.
Here are key points from the report.
Economy
- The economy has recovered from the recession of 2016/2017.
- Inflation has fallen for the 15 consecutive month.
- The country’s foreign reserves are at a 5 year high.
- The Nigerian Stock Market was one of the best performing last year with a 42% gain.
- 5 million tax payers where added to the tax base since 2016.
- Tax revenue increased by 51% to N1.7 trillion in Q1 2018 compared to the corresponding period of last year. Revenue from solid minerals rosr 5 fold from N700 million in 2015 to N3.5 billion in 2017.
- The Investor-Exporter window has attracted more than $45 billion in its first year of operation.
- Debt servicing cost has been reduced from N5.4 trillion to N3.9 trillion.
Support To State Governments
Over N1.9 trillion has been provided to state governments, to enable them meet their salary and pension obligations, especially in the face of dwindling oil revenues over the last two years
This includes the Budget Support Facility amounting to N606.55 billion, Paris Club refunds, infrastructure loans as well as loan restructuring for facilities with commercial banks.
Agriculture
The Anchor Borrowers Scheme of the Central Bank of Nigeria , has substantially raised local production of rice in 2016. Yields from rice farming improved from 2-3 tonnes per hectare to as high as 5 – 6 tonnes per hectare.
Nigeria’s milled rice production has increased from 2.5 metric tonnes to about 4 metric tonnes and rice exports from Thailand to Nigeria dropped from 1.23 million MT in 2014 to 23,192 MT as of November 2017.
Infrastructure
The federal government, this month launched the Presidential Infrastructure Development Fund (PIDF), under the management of the Nigerian Sovereign Investment Authority. The PIDF is kicking off with seed funding of $650 million.
Power
Power generation has been increased by over 2000 mega watts through a combination of public sector and private sector power projects such as the Azura-Edo IPP.
Transmission grid capacity has also been expanded from 5000 mega watts to 7215 mega watts as at December 2017.
N701 billion Payment Assurance Programme designed to resolve the liquidity challenges in the power sector by guaranteeing payments to generating companies and gas suppliers.
It also said 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.
Social Investment Programme (SIP)
The Buhari administration says all four components of the Social Investment Programme (SIP) have now taken off. N140 billion has been released so far with about 9,000 Nigerians benefiting.
Under the SIP, 200,000 N-Power beneficiaries are currently participating and receiving N30,000 in monthly stipends. 300,000 new enrollments are being processed, to take the number to 500,000 this year.
As part of the Home Grown School Feeding Programme (HGSFP), 8.2 million pupils in 45,394 public primary schools across 24 states are being fed.
3 million pupils dewormed in six states, the deworming programme is a bi-annual programme.
