President Bola Ahmed Tinubu has assured Nigerians of his administration’s commitment to finding sustainable solutions to alleviate their suffering.
He gave the assurance in his national broadcast on the 64th Independence anniversary of Nigeria.
“I am deeply aware of the struggles many of you face in these challenging times. Our administration knows that many of you struggle with rising living costs and the search for meaningful employment. I want to assure you that your voices are heard,” he said.
Tinubu pleaded for Nigerians’ patience “as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel.”
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He noted that since independence, the nation has survived many crises and upheavals that led to the dissolution and disintegration of many other nations worldwide.
“Six years after independence, our country descended into a political crisis that led to a bitter and avoidable civil war. Since returning from the brink of that darkest moment, we have learned to embrace our diversity and manage our differences better as we continue to work towards engendering a more perfect union.
“Despite the many challenges that buffeted our country, we remain a strong, united and viable sovereign nation,” the president said.
According to him, “Our independence anniversary gives us another chance to reflect on how far we have gone in our journey to nation-building and to renew our commitment to building a better nation that will serve present and future generations of Nigerians.
“While we celebrate the progress we have made as a people in the last sixty-four years, we must also recognise some of our missed opportunities and mistakes of the past. 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.
He said his administration took over the leadership of the country 16 months ago at a critical juncture.
“The economy faced many headwinds, and our physical security was highly impaired. 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. We decided to reform our political economy and defence architecture,” he said.
The president said he was happy to announce that his administration was winning the war on terror and banditry.
On security, he said his government’s target was to eliminate all the threats of Boko Haram, banditry, kidnapping for ransom and the scourge of all forms of violent extremism.
“Within one year, our government has 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 North-east, North-west, 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 an 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,” he said.
He also said his government had been responding to the recent natural disasters, particularly the flooding in parts of the country.
“Our government has also ordered integrity tests of all our dams in the country to avert future disasters”, he said.
Tinubu said the economy was undergoing the necessary reforms and retooling to serve the nation better and more 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 in the last year,” he said.
The president further stated that his administration was committed to free enterprise, free entry and free exit in investments while maintaining the sanctity and efficacy of the regulatory processes.
“This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune 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 reserve at $37 billion. We continue to meet all our obligations and pay our bills”, he said.
Tinubu added that his administration was moving ahead with its 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”, he added.
The president said the central concern of Nigerians today, which is the high cost of living, especially food costs, is shared by many around the globe as prices and the cost of living continue to rise worldwide.
He assured that his administration was implementing many measures to reduce the cost of living at home.
He commended the governors of Kebbi, Niger, Jigawa, Kwara and Nasarawa states and their South-west counterparts that had embraced his administration’s agricultural production programme.
“I urge other states to join the federal government in investing in mechanised farming. We are playing our part by supplying fertiliser and making tractors and other farm equipment available. Last week, the Federal Executive Council approved establishing a local assembly plant for 2000 John Deere tractors, combine harvesters, disc riders, bottom ploughs and other farm equipment. The plant has a completion time of six months,” he said.
The president also said his administration’s 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 federal government is ready to assist the thirty-six states and FCT in acquiring CNG buses for cheaper public transportation.
“Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace,” he added.
