In his October 1st Independence Day broadcast, President Bola Tinubu reaffirmed his administration’s commitment to addressing the economic challenges facing Nigeria through comprehensive reforms and strategic investments.
He emphasized that fiscal realignment is critical to preventing an economic collapse, noting that the country had already attracted over $30 billion in foreign direct investment in the past year.
“The economy is undergoing the necessary reforms and retooling to serve us better and more sustainably,” Tinubu said, adding that failure to correct fiscal misalignments could lead to “unimaginable consequences.”
The president revealed that his administration has taken bold steps to enhance economic growth, with specific focus on the upstream petroleum sector. Tinubu announced that the ExxonMobil-Seplat divestment would receive ministerial approval shortly, a move he believes will increase oil and gas production and positively impact the economy.
To stabilize the country’s financial landscape, Tinubu praised the Central Bank’s disciplined approach to monetary policy, which he credits for stabilizing the foreign exchange market.
“We inherited a reserve of over $33 billion 16 months ago,” he noted, highlighting that despite clearing a $7 billion foreign exchange backlog and reducing the national debt service ratio from 97% to 68%, Nigeria’s foreign reserves have risen to $37 billion.
Further emphasizing the administration’s efforts to create a more conducive business environment, Tinubu pointed to the approval of the Economic Stabilisation Bills by the Federal Executive Council. These bills, once passed by the National Assembly, are expected to stimulate investment, reduce tax burdens, and ultimately create more jobs.
On food security and the rising cost of living, Tinubu urged state governments to embrace mechanised farming, commending the efforts of governors in states like Kebbi, Niger, and Kwara. He announced the approval for the establishment of a local assembly plant for 2,000 John Deere tractors and other farm equipment, with completion slated within six months.
In addition to agricultural reforms, Tinubu reaffirmed that his government is advancing the energy transition programme, specifically through the Presidential Initiative on Compressed Natural Gas (CNG) for mass transit. He expressed readiness to support states in acquiring CNG buses, which will offer cheaper public transportation options.
As Tinubu continues to push for economic reforms, he concluded by emphasizing the need for peace and unity to ensure the country’s growth.
“Our economy can only thrive when there is peace,” he remarked, calling on Nigerians to join in the government’s efforts to overcome present challenges and build a brighter future.