By Jeph Ajobaju, Chief Copy Editor
Muhammadu Buhari promised on Monday that the N75 billion investment fund he established for the youth will create jobs for them, provide access to finance, and help lift the economy to the benefit of all.
He said the 11.9 km Second Niger Bridge, 120 km Lagos-Ibadan Expressway and other key projects under the Presidential Infrastructure Development Fund (PIDF) will be completed within the second term of his administration.
The President was speaking in Abuja at the Mid-Term Ministerial Performance Review Retreat assessing progress made in achieving the nine key priorities of this administration. The retreat is the third since the beginning of his second term.
He highlighted some notable achievements in the past two years in infrastructure, transportation, economy, electricity supply, the petroleum industry, among others.
‘‘On transportation, we are growing the stock and quality of our road, rail, air and water transport infrastructure.
‘‘The PIDF projects are also advancing remarkably. These include the 11.9 km Second Niger Bridge, 120 km Lagos-Ibadan Expressway, 375 km Abuja-Kaduna- Zaria-Kano Expressway and the East West Road.
“Most of these projects are expected to be completed within this 2nd term of our Administration,’’ he said.
Buhari expressed delight that over the past two years, Ministers have rendered reports to the Federal Executive Council (FEC) on their activities related to the achievement of their Ministerial Mandates.
‘‘Some of the notable achievements include the establishment of InfraCo Plc in 2020, as a world class infrastructure development vehicle, wholly focused on Nigeria, with combined debt and equity take-off capital of N15 trillion, to be managed by an independent infrastructure fund manager.
‘‘The Presidential Infrastructure Development Fund was also established in 2020 with more than USD 1Billion in funding.
‘‘In addition, we have launched the Nigeria Innovation Fund by the Nigerian Sovereign Investment Authority (NSIA). This is aimed at addressing investment opportunities in the domestic technology sector: data networking, datacenters, software, Agri-tech, Bio-tech, and more.”
Buhari reiterated that his administration had made tremendous progress on railway projects, noting that upgrading the railway network is being extended with the recent completion of the Lagos-Ibadan line.
‘‘The Itakpe-Ajaokuta rail line has finally been completed and commissioned after 30 years of its conception.
‘‘Work is expected to commence very soon on the Port-Harcourt Maiduguri line and Calabar-Lagos Coastal Line to connect the Southern and Eastern States of our Country. Progress is also being made on the upgrading of our Airports, with the state-of-the-art facilities in line with world class safety standards.”
GDP growth
He said the country witnessed three consecutive quarters of growth this year, after negative growth rates in the second and third quarters of 2020.
‘‘The GDP grew from 0.8% in 2017 to 2.2% in 2019, but declined in the first quarter of 2020, as a result of the downward trend in global economic activities triggered by the COVID-19 Pandemic.
‘‘As at Second Quarter 2021, GDP growth rate was at 5.01%, the highest since the inception of this Administration.
He disclosed that he has instructed the Ministry of Defence to create a modest military industrial complex for the local production of weapons to meet some of the requirements of the armed forces.
Buhari explained that the establishment of the industrial complex would address Nigeria’s over-dependence on other countries for military equipment and logistics.
He said the project is being implemented under the Defence Industries Corporation of Nigeria (DICON) which is responsible for arms manufacture.
He added that said it is gratifying to note that Nigeria has received six A-29 Super Tucano, propeller-driven aircraft being used for training, surveillance and attack by the military.
‘‘As part of the efforts towards strengthening our national security, we have increased investments in arms, weapons and other necessary equipment; expanded the National Command and Control Centre to nineteen states of the Federation; and established a Nigerian Police Trust Fund, which will significantly improve funding for the Nigeria Police Force.
‘‘We have also approved the sum of N13.3 billion for the take-off of the Community Policing initiative across the Country, as part of measures adopted to consolidate efforts aimed at enhancing security nationwide.”
Buhari noted that the implementation of a ‘Willing Buyer-Willing Seller’ Policy has opened up opportunities for increased delivery of electricity to underserved homes and industries.
He expressed the hope that the execution of critical projects through the Transmission Rehabilitation and Expansion Programme will help improve power supply by 2025.
NSP, PIA, performance review
On the Petroleum Industry Act (PIA) he signed into law on August 6, Buhari reiterated his directive to the Implementation Committee to complete all processes for the successful operationalisation of the Act within 12 months.
He said he has approved the expansion of the National Social Register (NSP) by one million additional households and empower the youth and other vulnerable groups by enhancing investments in the Social Intervention Programmes.
The NSP is the official database for the implementation of the Conditional Cash Transfer programme.
‘‘We have established the N75 billion Nigerian Youth Investment Fund created to boost the Nigerian economy through leverage and access to finance for youths.
‘‘The Fund should serve as a catalyst to unleash the potential of the youth and to enable them to build businesses that will stimulate economic growth and create jobs.
“These accomplishments are a testament to the fact that all hands are on deck in establishing a solid foundation for even greater successes in future.”
He warned ministers and permanent secretaries to take seriously all issues on the implementation of their mandates to attain the laudable objectives of this government.
Buhari explained that the Performance Management System and Dashboard, which has been in effect since January, has enabled him track projects in real-time with live data.
‘‘In our continuing drive to ensure accountability, we have incorporated a Performance Management Framework into the functions of the Central Delivery Coordination Unit for ease of tracking of the Ministerial Deliverables along the lines of the 9 priority areas of this administration.
‘‘This initiative has provided me the opportunity to track the performance of all Ministries and by extension my Administration.
‘‘This process has been in effect since January 2021 and today it gives me great pleasure to unveil the Performance Management System and Dashboard to track projects in real-time with live data and early warning system to proactively resolve bottlenecks.”
Buhari said he would sit through all the retreat sessions to listen to the cumulative assessment of this administration’s performance over the past two years.
He would join in discussions on the best strategies to implement policies, programmes and projects to diversify the economy away from its dependence on oil revenue, while sustaining the current economic growth trajectory.
