On Monday, President Muhammadu Buhari listed high-impact projects carried out across the country by the administration to meet Nigerians’ yearnings and aspirations.
Agriculture, economy, infrastructure, security, health, and anti-corruption are among the areas addressed. At the same time, ministers, permanent secretaries, and all heads of agencies are directed to redouble their efforts to accelerate the delivery of flagship programs and projects contained in their ministerial mandates.
Vice President Yemi Osinbajo proposed solutions to the dwindling naira-to-dollar and other foreign currency exchange rates at the same forum.
Blueprint reports that on the first day of the administration, May 29, 2015, N198 was exchanged for a dollar, while the exchange rate today is N736 to a dollar.
This, according to Osinbajo, is due to a lack of synergy between fiscal and monetary policy, which he attributed to Buhari’s high rating in meeting people’s expectations.
The two spoke during the administration’s most recent Ministerial Performance Review Retreat at State House Abuja, which was attended by Kenya’s immediate president, Uhuru Kenyatta.
We performed – Buhari
Speaking at the forum, President Buhari said the retreat was organised to evaluate the progress made in implementing the nine-priority agenda of the administration.
He told participants and guests at the retreat that over 3,800 kilometres of roads were constructed across the country. At the same time, 38 new aircraft were also acquired for the Nigerian Air Force (NAF) to boost the fight against insurgency.
The president said that 38.7 million Nigerians had been fully vaccinated against COVID-19, representing 35 per cent of the total eligible population target for vaccination.
On infrastructure, the president said: ”In recognition of the importance of critical infrastructure in economic development and the quest of this Administration to leave a lasting legacy, we have implemented high-impact projects across the length and breadth of the country that meets the yearnings and aspirations of Nigerians.
”Some of the notable achievements include the completion of 326km Itakpe-Ajaokuta-Warri rail line and railway ancillary facilities; the completion of over 156.5km Lagos-Ibadan standard gauge railway modernization project with extension to Lagos Port, Apapa.
”On road projects, this Administration has constructed 408Km of roads; 2,499Km of SUKUK roads and maintenance of 15,961Km of roads across the Country. Key among these projects is the construction of the 1.9km 2nd Niger Bridge linking Anambra and Delta States with a 10.30km approach road; rehabilitation, construction and expansion of the Lagos-Shagamu-Ibadan dual carriageway; the ongoing rehabilitation of Abuja-Kaduna – Zaria – Kano Road, among others.”
He also said the federal government had sustained commitment to infrastructural development for the past seven years, pointing out that over 941km of completed SUKUK road projects nationwide have been handed over.
President Buhari also said the federal government embarked on reconstructing 21 selected federal roads totalling 1,804.6km, under the road infrastructure development and refurbishment investment tax credit policy.
The roads, the president said, were funded by the Nigeria National Petroleum Company Limited in addition to similar existing collaboration with Messrs Dangote Industries Limited and other corporate organisations to improve the stock of the country’s road infrastructure.
Aviation
On aviation, the president said establishing a National Carrier for Nigeria was at 91 percent completion and expected to commence flight operations before the end of this year.
He said “the feat is being boosted with the certification of Lagos and Abuja International Airports by the International Civil Aviation Organization, while Kano and Port Harcourt Airports are undergoing similar certification processes.”
Economy
On the economy, the president said: ”The GDP grew by 3.54% (year-on-year) in real terms in the 2nd Quarter of 2022. This growth rate represents a sustained positive economic performance, especially for the Non-Oil GDP which fell by 4.77% in Q2 2022 against Oil GDP which grew by -11.77%.
”Most sectors of the economy recorded positive growth which reflects the effective implementation of the economic sustainability measures introduced by this Administration.”
The president also listed the administration’s achievements in the communications and digital economy sector, the oil& gas sector, and energy.
Describing as power as a critical priority for the administration, he said the implementation of a ‘Willing Buyer-Willing Seller’ policy introduced by the federal government had opened up opportunities for increased delivery of electricity to underserved homes and industries.
Security
On the efforts toward strengthening national security, the president told the gathering that his administration had substantially invested in arms, weapons and other critical military hardware and continuous training for the Armed Forces.
”The Nigerian Air Force has acquired 38 new aircraft and expects another batch of 36 new ones. In contrast, the Nigerian Navy has been equipped with new platforms, sophisticated riverine, Rigid-Hull Inflatable, Seaward Defence, Whaler & Fast Attack Boats, Helicopters, and Capital Ships.
”To boost the number of our Police personnel, 20,000 policemen have been recruited, trained, fully integrated and deployed in 2020 and 2021. This exercise has strengthened our community policing strategy which is enshrined in the Police Act, 2020,” he said.
”We are exerting a lot of effort to solve the problem of the rising cost of food that is related to inflation, being a global crisis.”
In view of the achievements highlighted above, Buhari declared: ”I am also proud to see that our Administration is staying true to our commitment to the Open Government Partnership initiative which I signed up for in 2017. In this regard, the Presidential Delivery Tracker was launched on 30th August 2022, which is a clear testament to this Administration’s commitment to participatory governance.
”As part of efforts to strengthen performance management culture, the Central Delivery Coordination Unit is being institutionalised. As an initiative of this Administration, I am delighted to bequeath this legacy to my successor as part of the mechanisms that will assist the next Administration in delivering on its promises to the Nigerian people,” he said.
Osinbajo
Also speaking at the event, Vice President Osinbajo said the lack of synergy between fiscal and monetary policy has led to unnecessary drawbacks in the present administration’s economic performance and planning.
In a presentation titled “The Buhari Administration: Reflections on the Journey So Far,” Osinbajo said decisions on import eligibility for foreign exchange, for instance, were being taken solely by the monetary arm when the fiscal arm would normally be expected to lead in such matters.
He said despite the achievements recorded by the administration in the last seven and half years, there are some areas of concern in the economy.
Osinbajo said:
“The first is the synergy between fiscal and monetary policy. The failure of that synergy has led to unnecessary drawbacks in our economic performance and planning. What imports are eligible for foreign exchange must agree with the fiscal ambitions for manufacturing and industry.
“Our exchange rate management continues to be an issue. The naira exchange rate to convertible currencies continues to face significant downward pressure because demand substantially outstrips supply.
“That is just the reality. On one hand, we have tried demand management and rationing, which has not really worked because fixing the price. At the same time, the parallel market reveals a massive arbitrage merely creates the opportunity for massive rents.
“It will also compound the backlog of remittances for foreign businesses who want to repatriate their earnings. The discussion we must now have going forward is how best to manage the situation by finding a mechanism for increasing supply and moderating demand that will be transparent and boost confidence.
“I think that a more market-driven approach will be best, some price discovery within the context of a managed float is certainly required. Some efforts at controlled price discovery that had been made in the past include the Foreign Exchange Market (FEM), interbank Foreign Exchange Market (IFEM), and various iterations of the Dutch Auction System. (DAS), Wholesale Dutch Auction System (W-DAS), Retail Dutch Auction System (R-DAS).
“While they may not have been perfect it would appear as if the rules were clear and there was relative stability. When people know how to access foreign exchange competitively, this will boost confidence and inward flows will increase,” he said.
Among the game-changing achievements of the Buhari administration that the Vice President listed is infrastructure development “with the creativity we have introduced to infrastructure financing.”
SGF Mustapha
Also speaking, the Secretary to the Government of the Federation (SGF) Boss Mustapha announced that the president would sign an Executive Order on Improving Performance Management, Coordination and Implementation of Presidential Priorities of the Federal Government of Nigeria at the end of the 3rd Ministerial Performance Review Retreat.
Senate President Ahmad Ibrahim Lawan, Speaker House Representatives Femi Gbajabiamila and British High Commissioner to Nigeria Catriona Laing delivered goodwill messages at the retreat.