In a speech marking Nigeria’s 64th Independence anniversary, President Bola Tinubu warned that the country must implement urgent reforms to avoid collapse. During his national address on Tuesday, the president outlined the critical challenges facing Nigeria, including economic and security issues, and emphasized the need for change.
“We found ourselves at a dizzying crossroads, where we must choose between two paths: reform for progress and prosperity or carry on business as usual and collapse,” Tinubu stated. He highlighted that his administration has been working on reforming Nigeria’s political economy and defense systems since assuming office 16 months ago.
Tinubu explained that Nigeria’s economy had been in a precarious state due to past mismanagement and missed opportunities. “If we do not correct the fiscal misalignments that have brought us to this point, we will face an uncertain future with unimaginable consequences,” he warned.
Economic Reforms
The president outlined several reforms his government has implemented to stabilize the economy. Tinubu announced that foreign direct investments worth more than $30 billion were attracted in the last year, crediting the reforms for making Nigeria more appealing to investors.
“We inherited a reserve of over $33 billion 16 months ago, and since then, we have paid back the inherited forex backlog of $7 billion,” Tinubu said, adding that the government had reduced the national debt service ratio from 97% to 68%. Despite the challenges, the country’s foreign reserves remained stable at $37 billion.
In an effort to stimulate economic growth, Tinubu revealed that the Federal Executive Council had approved the Economic Stabilization Bills. “These transformative bills will make our business environment more friendly, stimulate investment, and reduce the tax burden on businesses and workers,” he noted.
He also announced that the ExxonMobil-Seplat oil divestment would soon receive ministerial approval, signaling further changes in the country’s upstream petroleum sector.
Focus on Security and Agriculture
The president lauded the efforts of the Nigerian military in the fight against terrorism and banditry. “Within one year, our government has eliminated over 300 Boko Haram and bandit commanders,” he said, noting that security forces were making significant progress in restoring peace to troubled areas in the north.
Tinubu also addressed the agricultural sector, praising state governors who embraced government-backed production programs. He encouraged other states to follow suit, emphasizing the importance of mechanized farming to improve food production and reduce costs. The president highlighted a recent initiative that approved the establishment of a local assembly plant for 2,000 tractors and other farm equipment to aid farmers.
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Tackling High Cost of Living
Recognizing the hardship faced by Nigerians, Tinubu expressed his administration’s commitment to tackling the rising cost of living, particularly food prices. “We are implementing measures to reduce the cost of living in the country,” he said, while pointing out that inflation and high costs were challenges faced globally.
He also assured Nigerians that the government was working with private sector players to introduce Compressed Natural Gas (CNG) buses to help make public transportation more affordable.
Support for Youth and Local Government Autonomy
In a move to involve the youth in nation-building, Tinubu announced plans for a National Youth Conference, which will be held over 30 days to address issues like education, employment, and innovation. “We are creating a pathway for a brighter tomorrow,” he promised, stressing that young Nigerians would have a key role in shaping the country’s future.
The president also reiterated his administration’s stance on local government autonomy, pledging to implement the Supreme Court judgment granting financial independence to local governments.
Optimism for Nigeria’s Future
Despite the challenges Nigeria faces, Tinubu expressed optimism about the country’s potential. “If we are to become one of the greatest nations on earth, as God has destined us to be, our mistakes must not be allowed to follow us into the future,” he said, urging Nigerians to embrace the reforms and remain hopeful.
Reflecting on the country’s progress since independence in 1960, Tinubu said that Nigeria has overcome many crises and challenges. “The dreams our founding fathers envisaged are still a work in progress. Every day, we put our hands on the plough, determined to do a better job of it.”