IMPI Chairman, Niyi Akinsiju briefing newsmen on Tuesday in Abuja.
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A group, Independent Media & Policy Initiative, IMPI, has commended the President Bola Tinubu-led administration for delivering on its Renewed Hope Agenda, despite the enormous institutional, economic and domestic challenges in the country.
The group also scored President Tinubu high on the conceptualisation and deployment of policies across multifarious sectors.
Addressing a press conference Tuesday in Abuja, the IMPI Chairman, Niyi Akinsiju, said he was convinced that “President Tinubu is putting in place new building blocks to serve as the bedrock of a new model for national economic growth and socio-political development”.
He also applauded the reviewed policy applications by the federal government in the management of foreign exchange, adding that the policy outcomes of the collaboration would address the supply side of forex.
“Currently the Nigerian Stock market takes pride of place as the number one stock exchange globally, principally driven by domestic investors, which as of 2023, accounted for 88.52% of total market value.
“This is a confirmation of the existence of a conducive environment for foreign investors to invest across the Nigerian investment ecosystem,” he said.
While acknowledging that the removal of fuel subsidy triggered the immediate positive outturn on Premium Motor Spirit, PMS, consumption and related revenue earnings compared to the pre-subsidy removal regime, Mr Akinsiju said the action has led to a quantum leap in total gross revenue going into the federation account.
Mr Akinsiju added the subsidy removal had also led to a surge in the FAAC allocation to the three tiers of government from N786.161bn in May 2023 to a high of N1.1trn in August.
“And for the first time in the history of FAAC, the Federal Government of Nigeria started cultivating the culture of savings from revenue accruals beginning from the over N700bn that was saved in July last year when the FAAC received the sum of N1.959 trillion.
“This has marked a turning point in Federation accruals and revenue generation with implications for budget performance,” the chairman added.
On the concerns over food inflation and its remedies, the group said its findings have shown a commitment by the President to stem the tide of rising food prices by approving the accelerated cultivation of 500,000 hectares of land across the country in collaboration with state governments.
He said: “This, in itself, is a commendable model of cooperation between the federal government and the sub-nationals. We are certain that in a short while, Nigerians will start receiving the products of the federal and sub-national governments working together.
“To crystallise the policy, the administration has introduced an irrigation programme to facilitate and guarantee all-year-round farming.
“Our investigation within the general purview of agriculture implicates the deployment of several policies including waivers on the importation of tractors and farm implements, the recent launch of dry season farming in Jigawa State and the allocation of N102bn to the National Agricultural Development Fund (NADFUND) to mention just a few.
“It is our view that these measures will guarantee adequate food supply in the shortest possible time.”
In the fight against corruption by the Tinubu’s administration, the group urged the President not to bow to pressure, but to ensure that the report of the investigation and those of other government officials under investigation be made public in the spirit of transparency.
“However, we take notice of the President’s swift response to corruption allegations against a member of his cabinet, Dr. Betta Edu, by suspending and ordering her investigation.
“Without prejudice to the outcome of the ongoing investigation, we urge the President to not bow to pressure but ensure that the report of that investigation and those of other government officials under investigation be made public in the spirit of transparency.
“This will go a long way to sending clear signals to local and international audiences about the Tinubu administration’s seriousness to tackle the scourge of corruption as recently observed by the US Secretary of State, Anthony Blinken during a recent visit to Nigeria.”
