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Tinubu, Bola

President Tinubu's Administration Spends N45.9 Billion on Healthcare, Empowers Nigerians

Strategic Insights

— 2 min read

President Bola Ahmed Tinubu's administration has made significant strides in repositioning the Nigerian economy through tough but necessary reforms rooted in macroeconomic stability, inclusive growth, and restored productivity. Some of the key achievements include removing the long-standing fuel subsidy, unifying the exchange rate system, and advancing reforms under the Renewed Hope Agenda. The administration has also recorded 3.4% GDP growth in 2024 with broad sectoral contributions, with oil production rebounding to 1.5 million barrels per day with a 2.5 million target in view.

Key Takeaways:

  • The President's administration has spent N45.9 billion on healthcare to upgrade 8,800 primary health centres, improving maternal care and diagnostics in neglected communities.
  • Over 100,000 Nigerians have accessed the new national consumer credit scheme, with 400,000 more queued for the next phase.
  • The administration has deployed thousands of fibre-optic cables for digital inclusion to bridge connectivity gaps and power innovation.
  • Over 279 roads have been completed on infrastructure, with 65 under construction and 260 rural road interventions executed.
  • The President has urged African leaders to work towards greater integration and streamlining of payment systems, trade facilitation, and partnerships for regional development.
  • Afrexim Bank has grown its assets from $5 billion to over $37 billion under the leadership of President Benedict Oramah.
  • Nigeria has benefited from over $52 billion in support from Afrexim Bank, directed into energy, agriculture, infrastructure, manufacturing, healthcare, and creative industries.
  • The President's administration has recorded significant strides in empowering citizens and thriving enterprises, with the passage of four tax bills by the National Assembly.
  • Fundamental transformation has been recorded in the fertilizer sector, with a plan to scale it up to 7.5 million tonnes annually.
  • Transformative projects such as the 3.5 billion dollar Bakassi Deep Seaport enhance trade infrastructure and market access.
  • The President has called for the adoption of PAPSS (Pan-African Payment and Settlement System) to reduce costs, conserve foreign reserves, and empower SMEs.

Statistics:

  • N45.9 billion spent on healthcare to upgrade 8,800 primary health centres.
  • Over 100,000 Nigerians have accessed the new national consumer credit scheme, with 400,000 more queued for the next phase.
  • 3.4% GDP growth recorded in 2024 with broad sectoral contributions.
  • 1.5 million barrels per day oil production, with a 2.5 million target in view.
  • $37 billion - Afrexim Bank's assets under President Benedict Oramah's leadership.
  • $52 billion - Nigeria's benefit from Afrexim Bank's support.
  • $5 billion - Afrexim Bank's initial assets.
  • 120 billion dollars - invested in Africa in 2020.
  • 250 billion dollar growth projected for Afrexim Bank in the next ten years.
  • 50-70% - the percentage of shareholders' dividend reinvested in the bank.
  • 4 - the number of tax bills passed by the National Assembly.
  • 7.5 million tonnes - planned increase in fertilizer production annually.
  • 3.5 billion dollars - the cost of the Bakassi Deep Seaport project.

Sources:

  • [President Tinubu's speech at the 32nd Annual Meetings of the African Export-Import Bank]
  • [Bayo Onanuga's statement on the President's recognition of President Benedict Oramah]
  • [Prof. Oramah's ten-year report]
  • [Reports from the 32nd Annual Meetings of the African Export-Import Bank]

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