The Permanent Secretary of the Ministry of Foreign Affairs, Ambassador Dunoma Umar Ahmed, on Wednesday updated members of the Diplomatic Corps at Tafawa Balewa House, Abuja, on the wide-ranging reforms and developmental achievements of President Bola Ahmed Tinubu’s administration.
Speaking on behalf of Foreign Affairs Minister Ambassador Yusuf Maitama Tuggar, Ambassador Ahmed commended the envoys for their continued partnership and engagement with Nigeria, emphasising the government’s dedication to strengthening both bilateral and multilateral relations for mutual growth and global stability.
Since the last diplomatic briefing in August 2024, Ambassador Ahmed noted, the administration has recorded substantial progress across economic, security, and social sectors under its Renewed Hope Agenda.
He highlighted transformative economic measures, including the unification of multiple foreign exchange windows into a single market-driven rate, the removal of fuel subsidies, and prudent fiscal and monetary policies, which have stabilized the naira and bolstered investor confidence.
The Permanent Secretary explained that eliminating fuel subsidies has freed over N4 trillion annually, now redirected to social investments, infrastructure projects, and education.
He also pointed to initiatives such as the Infrastructure Support Fund (ISF) for states and the Renewed Hope Conditional Cash Transfer Scheme, which aim to cushion short-term impacts while promoting long-term economic growth.
On energy, Ambassador Ahmed reported that Nigeria’s crude oil production has surpassed 1.6 million barrels per day, supported by enhanced security in oil-producing regions and renewed investor confidence.
He added that the phased operation of the Dangote Refinery, alongside the ongoing rehabilitation of the Port Harcourt, Warri, and Kaduna refineries, is expected to reduce fuel import dependence and improve the nation’s trade balance.
The briefing also highlighted efforts to diversify the economy through tax reforms, expansion of the digital economy, and agricultural modernization.
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The Presidential Committee on Fiscal Policy and Tax Reforms seeks to increase Nigeria’s tax-to-GDP ratio from under 10 percent to 18 percent by 2026.
Meanwhile, fintech, e-commerce, and creative industries continue to attract global investment, while agricultural programs like the National Agricultural Growth Scheme and Special Agro-Processing Zones enhance food security and generate rural employment.
In the social sector, Ambassador Ahmed cited the implementation of the Student Loan (Access to Higher Education) Act, providing interest-free loans to students in public tertiary institutions via NELFUND, alongside efforts to revitalize vocational and technical education to address youth unemployment.
Reaffirming Nigeria’s commitment to transparency, accountability, and sustainable development, the Permanent Secretary assured diplomats that the government remains focused on deepening reforms to position Nigeria as a globally competitive and resilient economy. He thanked the envoys for their continued support and pledged the Ministry’s readiness to collaborate closely in advancing shared goals of peace, prosperity, and sustainable development.
