Buhari Administration Mid-term Factsheet (May 2017)

by frontiers | May 30, 2017 2:44 pm

ECONOMY

Growth in Agriculture and Solid Minerals:

The number of sub-sectors of the economy experiencing negative growth has almost halved; falling from 29 sub-sectors for the whole of 2016 to 16 in Q1 2017. Growth in manufacturing has returned to positive territory after five quarters of negative growth. It grew by 1.36% in Q1 2017 after falling to -7.0% in Q1 2016.

Our priority Sectors of Agriculture and Solid Minerals have seen improved performance, in spite of the recession. Agriculture grew by 4.11% in 2016, while Solid Minerals recorded a 7% increase. The contribution of the Ministry of Solid Minerals’ to the Federation Account tripled to about N2 billion in 2016, up from N700m in 2015.

Savings:

Phasing Out of Subsidy Regimes for Petroleum Products and Fertilizers.

The Anchor Borrowers Programme (ABP) of the Central Bank of Nigeria (details below), combined with a newly developed soil map designed to aid fertilizer application, substantially raised local production of grains in 2016 (yields improved from 2 tonnes per hectare to as much as 7 tonnes per hectare, in some States) and produced a model agricultural collaboration between Lagos and Kebbi States.

Nigeria’s rice imports fell from 580,000 MT in 2015 to 58,000MT in 2016

The Presidential Fertilizer Initiative (which involves a partnership with the Government of Morocco, for the supply of phosphate), has resulted in the revitalization of 11 blending plants across the country. The benefits include annual savings of

US$200 million in foreign exchange, and ?60 billion annually in budgetary provisions

for Fertilizer subsidies. The Scheme has also made it possible for Farmers to purchase Fertilizer at prices up to 30 percent cheaper than previously available.

Support for Micro, Small and Medium Enterprises: The Administration has launched a series of funding and capacity development initiatives designed to support MSMEs across the country, as follows:

Ease of Doing Business Reform Successes: The Presidential Enabling Business Environment Council (inaugurated by President Buhari in August 2016) implemented a 60 National Action Plan between February and April 2017, with 70 percent of the Targets achieved, including the following:

Acting President Yemi Osinbajo has since followed up on the National Action Plan by signing, in May 2017, Executive Orders on Improving Efficiency in the Business Environment, and on Promoting Local Procurement by Government Agencies.

Infrastructure:

Progress with the Alignment of Monetary, Fiscal and Trade Policies: Landmark initiatives here include:

A new Social Housing Programme is kicking off in 2017. The ‘Family Homes Fund’ will take off with a 100 billion Naira provision in the 2017 Budget. The rest of the funding will come from the private sector. A pilot component has already kicked, to construct the first set of homes for the Programme)

1.2 Trillion naira has been released for capital expenditure in the 2016 budget, since implementation started in June 2016. This is the largest ever capital spend within a single budget year in the history of Nigeria. This investment has enabled the resumption of work on several stalled projects?—?road, rail and power projects?—?across the country.

All 4 components of the Social Investment Programme (SIP) have now taken off.

Strategic Engagements with OPEC and in the Niger Delta have played an important part in raising our expected oil revenues. Already, Nigeria’s External Reserves have grown by around $7 billion in the last six months. In the same period we have added $87m to the Excess Crude Account, and $250m to the Sovereign Wealth Fund.

New Vision for the Niger Delta:

Acting President Osinbajo is leading the engagement, on behalf of President Buhari and the Federal Government. The Vice President has been visiting oil-producing communities across the Niger Delta, listening to them and outlining the Federal

Government’s commitment to the peace, security and development of the region?— ?encapsulated in the Buhari administration’s ‘New Vision for the Niger Delta’.

The New Vision brings together a robust set of promises, solutions, targets and initiatives aimed at ensuring that the people of the Niger Delta benefit maximally from the region’s oil wealth.

The New Vision offers a detailed response to the 16-point Demand Agenda submitted to President Buhari by the Pan Niger Delta Forum (PANDEF) in November 2016.

Tangible results of the New Vision so far include:

Beneficial Government-to-Government Partnerships with China and Morocco:

President Buhari’s April 2016 Official Visit to China has unlocked billions of dollars in infrastructure funding. Construction work has commenced on the first major product of that collaboration, a 150km/hour rail line between Lagos and Ibadan.

The National Economic Recovery and Growth Plan (NERGP), the Federal Government’s medium-term Economic Plan, launched by President Buhari in April 2017, charts a course for the Nigerian economy over the next four years (2017–2020).

The Vision of the NERGP is to restore economic growth, invest in Nigerians, and to build a globally competitive economy, and the Plan aims to achieve these by focusing on five execution priorities:

The ERGP will return Nigeria’s economy to sustainable, inclusive and diversified growth, and to transform Nigeria from an import-dependent to a producing economy; a country that grows what it eats and consumes what it produces.

The almost 8-fold oversubscription of our recent Eurobond (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.

Power Sector:

Improved Local Refining Capacity: The total amount of Crude refined by the NNPC’s three Refineries (Port Harcourt, Warri and Kaduna) grew from 8m barrels in 2015 to 24m barrels in 2016, and 10m barrels in the first quarter of 2017.

ANTI-CORRUPTION AND TRANSPARENCY

The Presidential Initiative on Continuous Audit (PICA):

Budget Reforms:

Expansion of TSA Coverage:

Deployment of BVN for Payroll and Social Investment Programmes:

Replacement of old Cash-Based Accounting System with an Accruals-Based System:

Enlistment into Open Government Partnership (OGP):

Insistence on Conditionality of Fiscal Support to States:

Creation of Efficiency Unit (EU) to spearhead the efficient use of government resources, and ensure reduction in Recurrent Expenditure:

Asset Recovery Reforms:

Oil and Gas

Reform of longstanding Petroleum Sector Cash Call Arrangement:

New Whistleblowing Policy:

SECURITY

Capture of Boko Haram’s operational and spiritual headquarters, “Camp Zero”, in Sambisa Forest. Following this the Nigerian Army conducted its Small Arms Championship from 26th to 31st March 2017, a measure aimed at enabling the Armed forces to dominate the area, and avoid regrouping by the terrorists.

Revitalization of Multi-National Joint Task Force operations, aimed at combating trans-border crime and the Boko Haram insurgency. More than 12,000 Boko Haram hostages have been freed from Boko Haram captivity, including 106 of the Chibok Girls abducted in April 2014.

Arrest of Usman Mohammed, aka Khalid AlBarnawi, leader of the Ansaru Terrorist group and one of the most wanted Terrorists in the world, with a US$6m United States bounty on his head. He’s currently being prosecuted alongside his accomplices. Also arrested and being prosecuted: Amodu Omale Salifu, leader of an ISIS affiliate group active in North Central Nigeria.

Establishment of civil authority in the areas affected by the Boko Haram insurgency. The Nigeria Police Force and the Nigerian Security and Civil Defence Corps (NSCDC) have deployed officers in liberated areas to take over effective civil responsibility from the military, and secure and maintain law and order in the affected areas. The NSCDC has also deployed 5,000 personnel to the North-East to protect the Internally Displaced Persons’ (IDPs) camps and re-occupy the reclaimed towns and villages.

Transfer of 2 Nos. AW 101 Helicopter from the Presidential Air Fleet to the Nigerian Air Force, for deployment in support of Operation LAFIYA DOLE in the North East. Also transferred to the NAF: 3 EC-135 and 3 Dauphin helicopters, from the Nigerian National Petroleum Corporation (NNPC)

Establishment of a Naval Outpost in the Lake Chad Basin.

Establishment of the 8 Task Force Division in Monguno to further strengthen military presence in the North East.

Successful Military Operations across the country:

DIPLOMACY AND INTERNATIONAL RELATIONS

Re-establishment of Nigeria’s position and influence in the regional and global arena. Fragile/broken relations with the United States, United Kingdom, South Africa, and with neighbouring countries (Chad, Niger, Cameroon) have been revived and strengthened since June 2015. The Meeting of the was the first since 2009.

Nigeria’s prominent participation in the London Anti-Corruption Summit and the Commonwealth Conference on Tackling Corruption, in May, 2016 in London. Major outcomes of these events include:

In 2016 Nigeria signed an Agreement on the identification and repatriation of Illicit Funds with the United Arab Emirates during the Visit of Mr. President to that country.

The Federal Government under President Buhari has engaged the governments of Switzerland, Jersey Island, United States, United Arab Emirates, and Liechtenstein among others, in an effort to ensure the repatriation of Nigeria’s stolen assets. So far, the Swiss government has agreed to repatriate illicit loot of about USD320 million, while another tranche is being expected from the Jersey Islands.

The Buhari Administration has mobilized International Support for the War against Boko Haram, forging strong partnerships with key countries, including the United States, the United Kingdom, France and Germany, ECOWAS, the AU, the UN, and others.

The Buhari Administration has revamped the Multinational Joint Task Force (MNJTF) comprising troops from Nigeria and Chad, Niger, Cameroon and Benin; this revamp has contributed significantly to the weakening of Boko Haram.

Landmark Government-to-Government engagements with China and Morocco, aimed at developing and upgrading National Infrastructure.

Nigeria’s successful rallying of OPEC and Non-OPEC members to discuss stabilisation of the global oil market in Doha and in Algiers, and the successful negotiation of an exemption from the OPEC production freeze agreed at the 171st OPEC Ministerial conference in Vienna in November 2016; leading to a rise in oil prices to US$55/bbl for the first time in 16 months.

Endnotes:
  1. oa@nigeriaimmigration.gov.ng: mailto:oa@nigeriaimmigration.gov.ng
  2. National Action Plan : http://www.justice.gov.ng/documents/OVERVIEW%20OF%20THE%20NIGERIA%E2%80%99S%20NATIONAL%20ACTION%20PLAN%20%E2%80%93%202017.pdf%22%20%5Ct%20%22_blank

Source URL: https://www.frontiersnews.com/75100-2/