President Tunubu’s Renewed Hope Agenda VS Debt Burden: Any Hope before 2027 Elections?
By Abbati Bako, Political Strategy and Communication Consultant
What is the meaning of the word “hope” in contemporary English? The meaning is simple that I found out in English Dictionary 2024. Hope means “To want something to happen, with a sense of expectation that it might”. Meaning, positive expectations to come.
President Bola Ahmed Tinubu’s Renewed Hope initiative has ignited a sense of optimism among Nigerians, with many expecting prosperity, economic viability, and development.
Once again, what does “hope” really mean in contemporary English 2017? Simply put, hope is the desire for something to happen, coupled with the in another that it might. Nigerians are hopefully wanted to see the reversal of the country’s economic precarity to economic growth and development ASAP.
Under President Tinubu’s “Renewed Hope Agenda” Nigerians are hopeful for a better future, and it seems their hopes are not unfounded. The administration has launched several initiatives aimed at improving the lives of citizens, particularly in the areas of housing and urban development as well as economic viability.
*Renewed Hope Cities and Estates Development Programme:
This ambitious project aims to deliver 50,000 units of houses across the 36 states and the FCT by the end of 2024. The programme is expected to provide affordable housing options, create jobs, and stimulate economic growth. With sites already active in 12 states, this initiative is poised to make a significant impact on Nigeria’s housing deficit.
*Key Benefits of the Programme:
Nigeria lacks at least 28m housing for the citizens to occupy. Affordable Housing Providing low-cost urban housing projects to cater to the needs of low-income earners.
*Job Creation:
Estimated 25 direct and indirect jobs per house, with the potential to create 500,000 jobs in the Federal Capital Territory alone.
*Economic Growth:
Stimulating economic activity through construction and related industries. This will create massive employment in the country especially among the youth.
*President Tinubu’s Commitment:
President Tinubu has demonstrated his commitment to addressing Nigeria’s housing challenge, recognizing the importance of housing as a fundamental right and a catalyst for economic resurgence. With the Ministry of Housing and Urban Development working tirelessly to drive the Renewed Hope Vision, Nigerians can expect significant progress in the coming years.
While challenges remain, President Tinubu’s Renewed Hope initiative has undoubtedly brought a sense of optimism to Nigerians. With continued effort and commitment, perhaps their hopes for a prosperous, economically viable, and developed Nigeria will become a reality before the election year 2027.
Nigeria’s debt:
President Bola Ahmed Tinubu’s Renewed Hope Agenda has ignited a sense of optimism among Nigerians, with many expecting prosperity, economic viability, and development. But what does “hope” really mean in contemporary English? Simply put, hope is the desire for something to happen, coupled with the expectation that it might positively happen to the citizens of the country.
*President Tinubu’s Renewed Hope initiative is built around eight key pillars:
Food security, poverty eradication, economic growth, job creation, access to capital, improving security of life and property, rule of law, and fight against corruption. One of the notable projects under this agenda is the Renewed Hope Cities and Estates Development Programme, aiming to deliver 50,000 units of houses across the 36 states and the FCT by the end of 2024. This initiative not only addresses the country’s significant housing deficit but also creates jobs and stimulates economic growth.
For the attention of the Hon. Minister Y A Ata on Affordable Housing in Nigeria:
*Some of the key features of the Renewed Hope Cities initiative include:
Providing low-cost urban housing projects to cater to the needs of low-income earners. If the current government can try to fulfil the promise made to Nigerians on housing program; that will give a pass mark to the President Tunubu’s regime.
*Job Creation:
Estimated 25 direct and indirect jobs per house, with the potential to create 500,000 jobs in the Federal Capital Territory alone
*Economic Growth:
Stimulating economic activity through construction and related industries and Infrastructure.
Development:
Improving infrastructure associated with housing projects, such as roads, water supply, and sanitation facilities will definitely upgrade the support of the current government before the year 2027.
While challenges remain that, President Tinubu’s Renewed Hope initiative has undoubtedly brought a sense of optimism to Nigerians. With continued effort and commitment, perhaps their hopes for a prosperous, economically viable, and developed Nigeria will become a reality before 2027.
Nigeria’s debt burden:
Nigeria’s total debt, both domestic and foreign, stood at $103.11 billion as of Q4 2022, with domestic debt accounting for $61.41 billion and external debt at $41.69 billion. This represents a 4.96% growth in public debt in national currency during Q4 2022.
Breaking down the domestic debt, Lagos State had the highest debt of N807.21 billion, followed by Delta with N304.25 billion and Ogun with N270.45 billion. On the other hand, Jigawa had the lowest debt of N43.95 billion.
In terms of the national government’s debt, it reached $101.7 billion in December 2023, with a deficit equal to 4.8% of the country’s nominal GDP in September 2023
*The government debt accounted for 39.8% of Nigeria’s nominal GDP in December 2023.
Here’s a summary of Nigeria’s debt:
- Total Debt:
$103.11 billion (Q4 2022)
*Domestic Debt:
$61.41 billion (Q4 2022)
*External Debt: $41.69 billion (Q4 2022)
*National Government Debt: $101.7 billion (December 2023)
*Deficit: 4.8% of nominal GDP (September 2023)
Government Debt to GDP Ratio: 39.8% (December 2023).
What is the possibility of paying back the debt by the current Senator Bola Tunubu’s government before the elections year 2027? What will be the response of the United Nations, World Bank/IMF on the request made by the VP of Nigeria’s H/E Kassim Shettima on Nigeria’s debt to be forgiven as it happened in 2002 during the government of President Olusegun Obasanjo? Shall the debt be waived?
Dr. Abbati Bako,bsis,UK,Alumni Kent University and Treasurer Kaccima, Researcher in International Political Economy/Globalization Policy@Skyline University, Kano, Nigeria
