President Bola Tinubu, in a national broadcast marking Nigeria’s 64th Independence anniversary, stressed the need for urgent reforms to ensure the country’s progress and prosperity. He warned that without these reforms, the nation risks collapse.
Tinubu highlighted that upon assuming office 16 months ago, his administration chose to reform Nigeria’s political economy and defense architecture, acknowledging the precarious situation the country found itself in due to past mistakes and missed opportunities. He urged Nigerians not to let these errors continue to impact the country’s future.
The President pointed out that when he took office, the economy was facing severe challenges, and national security was in disarray. “We found ourselves at a critical crossroads where we had to choose between reforming for progress or continuing with the status quo and facing collapse,” Tinubu said.
Tinubu emphasized that fiscal mismanagement had contributed to the nation’s economic decline, and without addressing these issues, Nigeria faced an uncertain future. However, he noted that reforms were already in motion, yielding positive results.
He shared that Nigeria attracted over $30 billion in foreign direct investments in the past year, despite significant challenges, and that the country’s debt service ratio had been reduced from 97% to 68%. The President also mentioned that the government had cleared substantial inherited debts and maintained foreign reserves at $37 billion.
The administration also announced plans to implement economic stabilization bills aimed at fostering a business-friendly environment and reducing tax burdens on both businesses and workers.
Tinubu further discussed upcoming developments in the oil and gas sector, including the anticipated ministerial approval of the ExxonMobil-Seplat divestment, which is expected to boost production and the economy.
On the security front, the President highlighted the government’s success in combating Boko Haram and banditry, with over 300 commanders eliminated within a year. He expressed optimism that restoring peace in troubled regions would lead to increased food production and lower food costs.
Addressing the challenges of rising living costs and unemployment, Tinubu reassured Nigerians that his administration is working on sustainable solutions, asking for patience as the reforms take hold. He also praised state governors, particularly in the North and Southwest, for embracing agricultural programs aimed at boosting production.
Tinubu concluded by urging Nigerians to learn from past mistakes, remain committed to reforms, and continue striving toward becoming one of the greatest nations on earth. He also announced a series of youth-focused initiatives, including a National Youth Conference and a job creation program, aimed at empowering the younger generation and ensuring their active role in nation-building.
