Nigeria At 64:Tinubu Reassures Hope Amidst Economic Hardship

As Nigeria celebrates its 64th Independence Day, President Bola Ahmed Tinubu has acknowledged the country’s current economic hardships while outlining his administration’s efforts to steer it towards prosperity.

In his national broadcast this morning, Tuesday October 1st, 2024, to mark Nigeria’s 64th independence anniversary, Tinubu emphasized the difficult economic situation his government inherited.

“My administration took over the leadership of our country 16 months ago at a critical juncture. The economy faced many headwinds, and our physical security was highly impaired”, He said.

“We found ourselves at a dizzying crossroads where we must choose between two paths: reform for progress and prosperity or carry on with business as usual and collapse. We decided to reform our political economy and defence architecture”.

Despite these challenges, the President appealed for patience and expressed optimism, assuring citizens that his administration was implementing many measures to reduce the cost of living.

“I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel,” he said.

On the security front, Tinubu announced that his administration was winning the war on terror and banditry”.

According to him, the target is to eliminate all threats from Boko Haram, banditry, kidnapping for ransom, and get rid of all forms of violent extremism.

Within one year, he mentioned that the government forces had eliminated Boko Haram and bandit commanders faster than ever.

“As of the last count, over 300 Boko Haram and bandit commanders have been eliminated by our gallant troops in the Northeast, Northwest, and some other parts of the country”.

“We have restored peace to hundreds of communities in the North, and thousands of our people have been able to return home. It is unfinished business, which our security agencies are committed to ending as quickly as possible”.

“As soon as we can restore peace to many communities in the troubled parts of the North, our farmers can return to their farms. We expect to see a leap in food production and a downward spiral in food costs. I promise you, we shall not falter on this”.

President Tinubu further stated that his government has been responding to the recent natural disasters, particularly the flooding in parts of the country.

He also mentioned, “After Vice President Kashim Shettima visited Maiduguri, I also visited to assure our people that this federal government will always stand with them in their times of trouble”.

“At the last meeting of the Federal Executive Council, we approved a Disaster Relief Fund to mobilise private and public sector funds to help us respond faster to emergencies. Our government has also ordered integrity tests of all our dams in the country to avert future disasters”.

Tinubu highlighted several economic achievements, including attracting over $30 billion in foreign direct investments in the past year.

He also noted an increase in foreign reserves from $33 billion to $37 billion despite clearing a $7 billion forex backlog and reducing the debt service ratio from 97% to 68%.

The President vowed to move ahead with fiscal policy reforms, announcing the approval of Economic Stabilisation Bills by the Federal Executive Council.

Once passed into law, these bills aim to create a more business-friendly environment and reduce the tax burden on businesses and workers.

According to him, the economy is undergoing the necessary reforms and retooling to serve the country better and sustainably.

“If we do not correct the fiscal misalignments that led to the current economic downturn, our country will face an uncertain future and the peril of unimaginable consequences. Thanks to the reforms, our country attracted foreign direct investments worth more than $30 billion last year,” he said.

“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes.

“This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing fortunes positively.

“As such, the ExxonMobil-Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.

“The move will create vibrancy and increase oil and gas production, positively impacting our economy.

“The more disciplined approach adopted by the Central Bank to monetary policy management has ensured stability and predictability in our foreign exchange market.

“We inherited a reserve of over $33 billion 16 months ago. Since then, we have paid back the inherited forex backlog of $7 billion. We have cleared the ways and means debt of over N30 trillion.

“We have reduced the debt service ratio from 97 per cent to 68 per cent. Despite all these, we have managed to keep our foreign reserves at $37 billion. We continue to meet all our obligations and pay our bills.

“We are moving ahead with our fiscal policy reforms. To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly. These transformative bills will make our business environment more friendly, stimulate investment, and reduce the tax burden on businesses and workers once they are passed into law.

“As part of our efforts to re-engineer our political economy, we are resolute in our determination to implement the Supreme Court judgment on the financial autonomy of local governments.

“The central concern of our people today is the high cost of living, especially food costs. This concern is shared by many around the globe as prices and the cost of living continue to rise worldwide.

“My fellow Nigerians, be assured that we are implementing many measures to reduce the cost of living here at home.”

Tinubu mentioned governors, particularly in Kebbi, Niger, Jigawa, Kwara, Nasarawa, and the Southwest Governors, who have embraced the agricultural production programme, and urged other states to join the federal government in investing in mechanised farming as the government is playing its part by supplying fertiliser and making tractors and other farm equipment available.

Last week, the President said the Federal Executive Council approved establishing a local assembly plant for 2,000 John Deere tractors, combine harvesters, disc riders, bottom ploughs, and other farm equipment.

According to him, the plant has a completion time of six months.

“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players”, The President concluded.