BREAKING: ‘Fuel Subsidy, Inflation, Reforms’ – SGF Akume Unveils 12 Nuggets Of Progress By Tinubu Gov’t

The Secretary to the Government of the Federation (SGF), Senator George Akume, has reeled out twelve nuggets of progress under President Bola Ahmed Tinubu‘s administration.

Naija News recalls that Tinubu, a former governor of Lagos State, was declared the winner of the February 2023 presidential election by the Independent National Electoral Commission (INEC).

Tinubu assumed office as Nigeria’s President, taking the Oath of Office on May 29, 2023.

Since assuming office, the Nigerian leader has unveiled some economic policies, some of which have been regretted by many Nigerians.

However, Akume, in a thread of posts via his official X handle on Thursday, noted that the incumbent administration, in just under two years, has brought about tangible progress.

According to him, efforts aimed at economic transformation began to bear fruit under President Tinubu.

He noted that money saved from Fuel Subsidy removal is now redirected to the subnational governments for grassroots development.

Akume maintained that the Tinubu government is making strides with structural reforms, particularly in agriculture, in order to sustain long-term agriculture and food security.

This, according to him, will boost the food supply and ease inflationary pressures, which will, in turn, benefit all Nigerians.

Below are the 12 Nuggets of Progress as reeled out by the SGF

“2025 has already started full throttle, and our Renewed Hope Agenda is in full swing. In just under two years, we are seeing tangible progress, as our efforts aimed at economic transformation begin to bear fruit under President @OfficialABAT

1- We’re working relentlessly to curb inflation and restore credibility to our monetary framework. By transforming the foreign exchange regime, we’re moving from an opaque system of preferential allocations to a more transparent, efficient market mechanism.

2- / Fuel Subsidy is now a thing of the past. The benefits of deregulation are becoming clearer as the new petrol marketing regime, based on market forces, strengthens the economy. Money saved is now redirected to the subnational governments for grassroots development.

3-  We are making strides with structural reforms, particularly in agriculture, in order to sustain long-term agriculture and food security. This will boost food supply and ease inflationary pressures, which will, in turn, benefit all Nigerians.

4- Our role in Mission 300, the World Bank initiative aimed at providing electricity access to 300 million people, cannot be overstated. Power infrastructure is key for economic growth & industrial expansion and we are poised to electrify all of Nigeria before we leave office.

5- Our focus on fostering a business-friendly environment, has never been in doubt. We are attracting sustainable investments, and driving private sector-led growth for a stronger economy while improving our Ease Of Doing Business Index.

6- We have implemented fiscal governance reforms, like automating the process of Import Duty Exemption Certificates (IDEC), strengthened our trade and taffiff organs, while also harmonizing tax laws in a bill presently before the National Assembly for consideration.”

On the widely debated Tax Reform Bills, Akume wrote:

“7- This proposed tax reform bill, proposes exempting food, medicine, and essentials from VAT, and aims to reduce costs for households. This would benefit 82% of Nigerians, while only 18% of goods would see price hikes, making this bill a win win for all.

8- In the manufacturing sector, we’re working closely with entrepreneurs and propelling MSME growth to reposition the economy. We launched the FGN Loan Scheme for MSMEs and Manufacturing Enterprises last year, providing much-needed financial support to our entrepreneurs.

9- The Casual Jobs Scheme, launched for job creation within 10 SME clusters (such as fashion, beauty, and artisanry), focuses on empowering the informal sector and creating sustainable employment for this critical segment of society.

10- We have restructured and streamlined our social intervention programs, making them more efficient and prudent, instituting a new management that will drive the various schemes going forward. Monies have also been released so the suspended programs can resume.

11- While security challenges persist, we’ve increased military spending, prioritized police reforms, while we have made significant progress in the fight against insurgency, leveraging the collaborative efforts of the Military and sister agencies.

12- Our Internal Affairs/immigration efforts are also been widely applauded. We launched a Technology Innovation Complex- a data center complete with Visa and Passport Processing, to streamline immigration, enhance security, and attract investors to Nigeria.”

Akume added that numerous additional programs are currently being implemented across different sectors, with even more set to be introduced.

Among these is the forthcoming unemployment benefits scheme, which President Tinubu is expected to launch soon to support millions of unemployed youth in the nation.

The SGF said President Tinubu has pledged significant economic reforms, and he is actively translating these promises into concrete strategies aimed at fostering enduring change for the populace. It is essential to support President Tinubu to ensure the success of the Renewed Hope Agenda.