The All Progressives Congress (APC), Professionals Forum says the reforms being introduced by the President Bola Tinubu’s administration will lead to a better Nigeria.
Dr Isa Yuguda, the Chairman, Board of Trustees (BOT)APC Professionals Forum said this at a policy round table tagged: “The Asiwaju Scorecard Series” on Tuesday in Abuja.
He said the policy scorecard which was the first in the series, was organised by the forum to take stock of the first year of Tinubu’s Renewed Hope Agenda.
He said the programme would look at two key issues that were germane to the nation’s development which included state of the Nigerian economy and the power sector.
Yuguda said contrary to insinuations in the public space about the Tinubu-led administration in the economy and other sectors, the administration was championing reforms that would guarantee a better society for Nigerians.
“The President did not create any of the problems people are talking about whether in the economy or in the other sectors.
“Infact what he met on ground would have created a worse situation if not properly handled but he is championing reforms that are required to pave way for a better society.
“We all recall how on assuming office, President Tinubu announced the removal of fuel subsidy but again, for the avoidance of doubt, he did not remove subsidy on PMS.
“It was not in the later part of the 2023 budget but surprisingly, the Tinubu administration has had to bear the brunt for subsidy removal,” Yuguda said.
He added that the administration had unified the exchange rates which inevitably sent those benefiting from arbitrage out of business.
He said oil production had grown steadily since the second quarter of 2023 from 1.22 million barrels per day to 1.55 million barrels per day.
This, he added, meant additional resources even as non-oil revenue continued to rise as a result of financial re-engineering of the Tinubu administration.
He recalled that in the first quarter of 2023 debt service went from about 95 per cent of the nation’s revenue to 183 per cent, according to data from the Budget office.
“Though our debt-to-GDP ratio looked good, today, Nigeria’s debt service-to-revenue ratio has dropped to about 66.9 per cent which is the lowest in four years.
“This is largely due to fuel subsidy removal and the unification of the foreign exchange market, which have not only increased revenue inflows but also ensured allocation of more funds for capital projects,” Yuguda said.
Dr Abdullahi Ganduje, the APC National Chairman, sai that Tinubu was working hard to address the country’s challenges.
He thanked the forum for organising the discussions at a critical period of global economic difficulties.
He noted that under the Tinubu-led administration, the country’s economy is now gradually being transformed into a credit-based consumer economy.
This, he said, would improve agriculture, with emphasis on dry season farming which would positively impact food security, food price, and deliver enabling infrastructure and access to education, among others.
“Now that the economy is shifting toward renewable and sustainable energy sources, the use of cheap and clean Compressed NaturalGas (CNG) has now become a reality under Tinubu’s administration.
“On infrastructure, the President has approved construction and completion and rehabilitation of several road projects across the country,” he said.
He added that this included the Kano – Abuja road, Kano – Eastern Bypass Road, the 700 Km Lagos – Calabar Coastal Road, and the Badagry – Sokoto Road among others.
He added that in the next few days, the Students Loan Fund would become operational, and Nigerian youths would have easier access to higher education by applying for funds from the scheme.
He said the APC under his leadership, was working to ensure it retained power in 2027 and get more state governors in its fold.
“Though it is not yet election period, we are reinvigorating to ensure that come 2027, we will retain and get new state governors.
“As well as President Tinubu to secure another mandate to continue with his government’s policies and programmes.
“We have also constituted at the national level, a Reconciliation Committee that will reconcile all aggrieved party members, and such committee will be established at the state, local government and ward levels,” Ganduje said.(NAN)
By Emmanuel Mogbede
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