Buhari’s Footprints in the Economy
meters to all on-grid consumers, launched in August 2020. The Central Bank of Nigeria is providing 200 billion.
It would be recalled that the contract for the pre-engineering phase of the Presidential Power Initiative (PPI) was signed in February 2021, following the 2020 approval for the payment of FGN’s counterpart funding for WKDW SKDVH ZKLOH WKH ÀUVW VHW RI HTXLSPHQW contract awards was made in December 2021, comprising 10 Mobitra Mega Transformers and 10 Substations.
There are, as of Q1, 2022, 135 ongoing projects for transmission lines, substations, and other associated grid infrastructure. TCN has completed 30 key substation projects and 12 important transmission lines.
Some of the critical grid interventions across the NESI include the resuscitation of the second Egbin-Ajah Transmission Line and the recently commissioned NDPHC /DÀD ; 09$ ; .9 Transmission Substation (under NIPP). Other RQJRLQJ LQWHUYHQWLRQV LQFOXGH N9 4XDG Lines in Alaoji to Onitsha, Delta Power Station WR %HQLQ DV ZHOO DV WKH .DQR WR .DWVLQD N9 line (respectively).
Housing Projects
President Buhari’s presence was felt in the housing sector as well. For instance, the Federal Government, through the Federal Ministry of Works and Housing, has completed or is completing housing projects in 34 states of Nigeria, under the National Housing Programme, with the support of the state governors who provided the land. So far more than 5,000 houses are at various stages of completion, and thousands more are planned.
Water Resources
It is also to the credit of the Buhari administration that a Nigeria Water Sector Roadmap (Immediate and long-term strategies for the VDWHU 6HFWRU KDV EHHQ GHYHORSHG
8SRQ DVVXPSWLRQ RI RFH WKH DGPLQLVWUDtion inherited dozens of projects in the water sector; many of which had been abandoned EHIRUH $WHFKQLFDODXGLWLQ LGHQWLÀHG
LQKHULWHG SURMHFWV IRU SULRULW\ FRPSOHWLRQ 37 dams and reservoirs, 41 water supply projects, and 38 irrigation and drainage projects.
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Multipurpose Dam, Taraba; Ogwashi-Uku Multipurpose Dam, Delta; Adada Dam, Enugu; 6XOPD (DUWK 'DP .DWVLQD *LPL (DUWK 'DP .DGXQD $POD 2WXNSR'DP %HQXH $PDX]DUL Earth Dam, Imo; Ibiono-Ibom Earth Dam, $NZD ,ERP *DGDX /DÀD =LJDX 'DP %DXFKL $ODMXH 6PDOO (DUWK 'DP 2VXQ .DPSH 2PL 'DP .RJL 5HKDELOLWDWLRQ DQG.DUJR'DP .DGXQD 5HKDELOLWDWLRQ
Ease of Doing Business Reforms
In pursuant of the ease of doing business, President Buhari established the Presidential Enabling Business Environment Council (PE%(& LQ-XO\ XQGHUWKHFKDLUPDQVKLSRI 9LFH 3UHVLGHQW 2VLQEDMR WR GULYH UHIRUPV WR eliminate critical bottlenecks and bureaucratic constraints to doing business in Nigeria. For the ÀUVW HYHU WKH %XKDUL DGPLQLVWUDWLRQ LQVWLWXWHG D FRRUGLQDWHG HͿRUW LQ LPSOHPHQWLQJ UHIRUPV to improve the business environment.
In July 2017, the National Economic Council (NEC) unanimously approved the replication of PEBEC’s intervention structure at the subnational level implemented through the PEBEC-NEC Technical Working Group. This mandate was later articulated in the Economic Recovery and Growth Plan (ERGP) 2017-2020 DQG VXEVHTXHQWO\ UHWDLQHG LQ WKH 1DWLRQDO Development Plan (NDP) 2021- 2025.
The Enabling Business Environment Secretariat (EBES) is the operational unit of the PEBEC and collaborates with Ministries, Departments, and Agencies (MDAs), the private sector, and other stakeholders at national and subnational levels to articulate and implement reforms.
PEBEC has, working with the public and private sectors, recorded notable achievements, LQFOXGLQJ
6XEVHTXHQWO\ 1LJHULD 0RYHG SODFHV up the World Bank Doing Business ranking from 170 to 131.
During the period under review, Nigeria was twice recognised as top 10 most improved economies by the World Bank Doing Business
Report.
$OVR PRUH WKDQ LQGLYLGXDO UHIRUPV ZHUHLPSOHPHQWHG DFKLHYHGVLQFH DQG WKLV OHG WR D SHU FHQW UHGXFWLRQ LQ WLPH IRU ÀOLQJ &RUSRUDWH ,QFRPH 7D[HV IURP GD\V WR KRXUV D SHU FHQW UHGXFWLRQ LQ WLPH WR UHJLVWHU SURSHUW\ LQ /DJRV DQG .DQ D SHU cent reduction in time to obtain development SHUPLWV LQ /DJRV IURP WR GD\V
Digital Economy
Buhari administration also witnessed recordVHWWLQJ FRQWULEXWLRQV WR *'3 ,Q WKH ÀUVW TXDUWHU of 2020, ICT singlehandedly (without digital services) contributed 14.07per cent of Nigeria’s *'3 WRSSLQJ WKLV LQ WKH VHFRQG TXDUWHU RI
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7KH DGPLQLVWUDWLRQ DOVR H[WHQGHG WKH 1Lgerian Investment Promotion Commission (NIPC) ‘Pioneer Status’ to e-Commerce and software development companies.
The regime’s achievements also included the launch of a new national 5G policy in 2021 and the successful licensing of two private companies to roll out 5G nationally.
Nigeria’s 5G rollout commenced in August 2022. The 5G spectrum auction has generated $547 million in license fees.
Energy Sector: PIA as a Game Changer
Buhari’s assent to the Petroleum Industry $FW 3,$ RQ $XJXVW ZDV D JDPH FKDQJHU DV LW EURNH D WZR GHFDGH ROG MLQ[ and set the stage for the unprecedented transformation of Nigeria’s oil and gas sector.
Under the new Act, the Nigerian National Petroleum Company Limited (NNPC), has now become a limited liability company, while a number of the agencies under the petroleum ministry have been restructured.
Again, the signing ceremony in May 2021 RI WKH H[HFXWLRQ RI 2LO 0LQLQJ /HDVH 20/ 118 Agreements between NNPC Limited and LWV &RQWUDFWRU 3DUWQHUV 6KHOO ([[RQ 0RELO TOTAL, and NAOC was a major feat.
These agreements no doubt settled the long-standing disputes that stalled NNPC’s development of deepwater assets as it will unlock more than $10 billion of new deepwater investment in Nigeria.
Under the Buhari-led administration, Nigeria’s oil and gas industry also recorded a major feat with the Final Investment Decision (FID) in January 2021 on 10,000 tonnes per day methanol plant and 500 million standard cubic feet of gas per day gas processing plant, being promoted by the NNPC Limited and the Nigerian Content Development and Monitoring Board (NCDMB) in partnership with the private sector. The plant is being constructed in Odeama, Brass, Bayelsa State.
As part of its oil sector recovery agenda, the outgoing administration embarked on the comprehensive rehabilitation of the Port +DUFRXUW 5HÀQHU\ 3+5&
Buhari also supported the establishment RI PRGXODU UHÀQHULHV DFURVV WKH 1LJHU 'HOWD
Making Agriculture a Priority
In agriculture, the Anchor Borrowers Programme (ABP) of the Central Bank of Nigeria, launched on November 17, 2015, has disbursed more than N800 billion to more than four PLOOLRQ VPDOOKROGHU IDUPHUV RI GLͿHUHQW commodities (including rice, wheat, maize, cotton, cassava, poultry, soybeans, groundnut, ÀVK FXOWLYDWLQJ RYHU ÀYH PLOOLRQ KHFWDUHV of farmland.
Another initiative was the Presidential Fertiliser Initiative (PFI) launched as a government-to-government partnership between the Nigerian and Moroccan Governments, in 'HFHPEHU DQGLWKDVSURGXFHG PLOOLRQ
NJ EDJV RI 13. HTXLYDOHQW LQ bringing total production since inception to RYHU PLOOLRQ NJ EDJV HTXLYDOHQW DQG some participating blending plants.
The administration also came up with the 6SHFLDO $JUR ,QGXVWULDO 3URFHVVLQJ =RQHV 6$3= 3URJUDPPH ZKLFK LV D KDOI D ELOOLRQ dollar partnership between the FGN, AfDB *URXS ,V'% DQG ,)$' 8QGHU WKH 6$3= programme, Agro-processing centres will be established across the country.
Social Investment, Poverty Alleviation
,Q 3UHVLGHQW %XKDUL ODXQFKHG WKH National Social Investment Programme, currently the largest such programme in Africa and one of the largest in the world. The National Social Register (NSR) of poor and vulnerable Nigerians (NSR) now contains more than 50 million persons from more than 12 million SRRU DQG YXOQHUDEOH KRXVHKROGV LGHQWLÀHG across more than 150,000 communities in the VWDWHV RI WKH FRXQWU\ DQG WKH )&7 Fromthisnumber,closetotwomillionpoorand vulnerable Nigerian households are currently EHQHÀWLQJ IURP WKH &RQGLWLRQDO &DVK 7UDQVIHU (CCT) program, which pays a bimonthly stipend of N10,000 per household. - In addition, about 355,000 vulnerable persons have received a VSHFLDO RQH RͿ JUDQW RI 1 HDFK LQ WKH states and the FCT.
Fiscal Trade, Monetary, and Investments Reforms
The Nigerian Sovereign Investment Authority 16,$ KDV VHHQ WRWDO DGGLWLRQDO LQÁRZV IURP the government of around US$2 billion under the Buhari Administration – since the original 86 ELOOLRQZKLFKWKH)XQGNLFNHGRͿLQ
The Nigerian Investment Promotion Council (NIPC) 2017 completed a long-overdue reviVLRQ RI WKH OLVW RI DFWLYLWLHV WKDW FDQ EHQHÀW IURP Nigeria’s Pioneer Status Incentive, which grants EHQHÀFLDU\ FRPSDQLHV D WKUHH WR ÀYH \HDU WD[ holiday.
The administration will also be remembered for the restoration of the Federal Budget to the January-December cycle, with the 2020 Budget, IRU WKH ÀUVW WLPH LQ \HDUV
It also introduced the annual Finance (Reform) Bills to accompany the annual Federal Appropriation Bill.
Support to States
7KH %XKDUL DGPLQLVWUDWLRQ KDV H[WHQGHG more than N2 trillion in bailout packages to state governments, to enable them to meet their salary and pension obligations, especially in WKH IDFH RI GZLQGOLQJ RLO UHYHQXHV LQ WKH ÀUVW three years of the administration. The support has come in the form of the Budget Support )DFLOLW\ WRWDO RI 1 ELOOLRQ H[WHQGHG WR the states.
Paris Club Refunds ($5.4 billion). It also made more than N700 billion in refunds for federal road projects embarked upon by state governments.
Economic analysts said the onus lies with the Tinubu administration to take the gauntlet and build on the achievements of the Buhari administration.