President Bola Tinubu has urged Nigeria to reform for progress and prosperity or risk collapse. He stated that his administration, which took over 16 months ago, decided to reform the political economy and defense architecture due to the country’s critical juncture. He lamented the country’s precarious situation due to past missed opportunities and mistakes and called on Nigerians not to let past mistakes continue into the future. This statement was part of a national broadcast on the 64th Independence anniversary of the Federal Republic of Nigeria.
Nigeria gained independence from Britain on October 1, 1960. President Tinubu faced economic challenges and security issues upon taking office. He decided to reform the political economy and defense architecture to ensure progress and prosperity. He warned that fiscal misalignments could lead to an uncertain future and unimaginable consequences if not corrected. The economy is currently undergoing necessary reforms to serve the people better and sustainably. The reforms attracted foreign direct investments worth over $30bn in the last year, thanks to the country’s efforts.
16 months ago, we inherited a reserve of more than $33 billion. We have since repaid the $7 billion inherited FX backlog.
We have paid off a debt of more than N30 trillion. The debt-to-income ratio has been lowered from 97% to 68%.
We’ve managed to maintain our $37 billion foreign reserve in spite of all of them. We still fulfill all of our commitments and make bill payments. Our adjustments to the fiscal policy are proceeding.
The Economic Stabilization Bills, which will now be forwarded to the National Assembly, were approved by the Federal Executive Council with the intention of boosting our productive capacity and generating more jobs and prosperity.”
Once these revolutionary legislation become law, they will improve the economic climate, attract investment, and lessen the tax burden on both workers and companies,” the speaker stated.
He declared that the ExxonMobil Seplat divestment, which had been completed in compliance with the Petroleum Industry Act by the Nigerian Upstream Petroleum Regulatory Commission, will soon be approved by the minister.
“Brothers and sisters, our government is dedicated to free business, free entrance, and free exit in the investment sector while upholding the integrity and effectiveness of our regulatory procedures.
Our upstream petroleum sector’s divestiture agreements are guided by this approach, as we are dedicated to improving the sector’s fortunes.
As a result, the regulator has decided that the ExxonMobil Seplat divestment will gain ministerial clearance in a couple of days. NUPRC, in line with the Petroleum Industry Act, PIA.
Tinubu has announced plans to divest from the oil and gas sector, aiming to boost the economy and increase oil and gas production. He praised the Central Bank of Nigeria for its monetary policy management, which has ensured stability and predictability in the foreign exchange market. The President also announced the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players, and stated that the Federal Government is ready to assist 36 states and the Federal Capital Territory in acquiring CNG buses. This move would also ensure cheaper public transportation for the masses and relief from hardship. The President reiterated his administration’s stand on Local Government autonomy, stating that it is resolute in its determination to implement the Supreme Court’s judgment on the financial autonomy of local governments. He emphasized the importance of recognizing past mistakes and addressing hardship and rising living costs with renewed vigor to become one of the greatest nations on earth.
Nigeria’s President Tinubu has expressed concern over rising living costs and the search for meaningful employment, stating that his administration is committed to finding sustainable solutions. He expressed his commitment to reducing the cost of living, particularly food, and praised the governors of Kebbi, Niger, Jigawa, Kwara, Nasarawa, and the South-West who have embraced the agricultural production programme. In July 2024, the Federal Government announced a comprehensive plan to ramp up agricultural production for the 2024/2025 farming cycle, including sustained support for smallholder farmers during wet season farming. The plan also includes intensive agricultural mechanisation and development to reduce drudgery, lower production costs, and boost productivity. The government is ready to collaborate with subnational entities to identify irrigable lands and increase cultivation area. In partnership with the Federal Ministry of Water Resources and Sanitation, the government promises to rehabilitate and maintain irrigation facilities under river basin authorities across the federation.
The President of Nigeria, Tinubu , has commended the governors in several states for their support in the agricultural production programme. He urged other states to join the Federal Government in investing in mechanised farming and supplied fertiliser and farm equipment. The Federal Executive Council approved the establishment of a local assembly plant for 2,000 John Deere tractors, combine harvesters, disc riders, bottom ploughs, and other farm equipment.
Tinubu highlighted the administration’s achievements in improved security, including the elimination of over 300 Boko Haram and bandit commanders within one year. He also announced that the government has restored peace to hundreds of communities in the North and ordered integrity tests of all dams to avert future disasters.
In response to recent natural disasters, Tinubu sympathized with victims and promised relief to those affected. He assured the people that the Federal Government would always stand by them during times of trouble. A Disaster Relief Fund was approved at the last meeting of the Federal Executive Council to mobilize private and public sector funds for emergency response.
The President announced a National Youth Conference to address the diverse challenges and opportunities confronting the youth, who constitute more than 60% of the population. This conference will provoke meaningful dialogue and empower young people to participate actively in nation-building, creating a pathway for a brighter tomorrow. By ensuring that their voices are heard in shaping policies that impact their lives, the government is creating a pathway for a brighter tomorrow.
He also announced a 30-day Confab to unite young people nationwide to develop solutions to issues such as education, employment, innovation, security, and social justice. The confab will be designed in close consultation with young people’s representatives, and the government will consider and implement the recommendations and outcomes. The government is also implementing several youth-centric programmes to give the youth an advantage in the rapidly changing world. These include the 3 million Technical Talents programme (3MTT) of the Ministry of Communications, Innovation and Digital Economy, the Nigerian Education Loan Fund (NELFUND), and the Renewed Hope Labour Employment and Empowerment Programme (LEEP), which aims to facilitate the creation of 2.5 million jobs on an annual incremental basis while ensuring the welfare and safety of workers across the country.
The President has praised the nation’s resilience and unity despite facing numerous crises and upheavals since independence. He praised the nation’s “can-do spirit,” intellectual capacity, and enterprise in all vocations, stating that Nigerians are living the dream of the founding fathers. He said that over the past 64 years, Nigeria has succeeded in realizing the lofty dreams of its founding fathers, who chose democracy as a form of government and launched the dream of a great country that would lead the rest of Africa out of poverty, ignorance, and underdevelopment.
The President also announced that the Senate President, Godswill Akpabio, and the Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, have been conferred with the Grand Commander of the Order of the Niger. He also listed the Deputy Senate President, Barau Jibrin, and the Speaker of the House of Representatives, Tajudeen Abbas, as recipients of the Commander of the Order of the Federal Republic.
The President also noted that the dreams of the founding fathers are still a work in progress, with Nigerians constantly striving to improve their efforts. The President also announced that the Deputy Speaker of the House of Representatives was awarded the Commander of the Order of Niger.
