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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 to mark Nigeria’s 64th independence anniversary, Tinubu emphasised the difficult economic situation his government inherited.
He said, “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.
“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 the scourge of all forms of violent extremism.
Within one year, he said, 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,” he said.
President Tinubu further stated that his government has been responding to the recent natural disasters, particularly the flooding in parts of the country.
He said, “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 commended the 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.
According to him, 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.
He said, “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 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.
“As we work to overcome the challenges of the day, we remain mindful of the next generation as we seek to galvanise their creative energy towards a better future.
“We lead today with the future we wish to bequeath to our children in focus, recognising that we cannot design a future that belongs to them without making them its architects.
In a bid to engage the youth, who constitute over 60% of Nigeria’s population, Tinubu announced plans for a National Youth Conference.
“This conference will be a platform to address the diverse challenges and opportunities confronting our young people,” he said.
The 30-day confab will bring together young people from across the nation to develop solutions to issues such as education, employment, and social justice.
He said, “The 30-day Confab will unite young people nationwide to collaboratively develop solutions to issues such as education, employment, innovation, security, and social justice.
“The modalities of this Confab and selection of delegates will be designed in close consultation with our young people through their representatives.
“Through this confab, it will be our job as leaders to ensure that their aspirations are at the heart of the conference’s deliberations. The government will thoroughly consider and implement the recommendations and outcomes from this forum as we remain resolute in our mission to build a more inclusive, prosperous, and united Nigeria.
“Our government is implementing several other youth-centric programmes to give our young people an advantage in the rapidly changing world.
“We are implementing, amongst others, the three million Technical Talents programme (3MTT) of the Ministry of Communications, Innovation and Digital Economy, aimed at building Nigeria’s technical talent backbone.
“We have also enthusiastically implemented the Nigerian Education Loan Fund (NELFUND), which provides cheap loans to our students to pursue their tertiary educational dreams.
“In addition, later this month, we shall launch The Renewed Hope Labour Employment and Empowerment Programme (LEEP). It is conceived as a comprehensive suite of interventions aimed at job creation by the Federal Ministry of Labour and Employment, facilitating the creation of 2.5 million jobs, directly and indirectly, on an annual incremental basis while simultaneously ensuring the welfare and safety of workers across the country.
Reflecting on Nigeria’s journey since independence, Tinubu acknowledged both progress and setbacks.
“While it is tempting to focus on what has been left undone and where we have stumbled as a nation, we must never lose sight of how far we have come in forging and holding our country together,” he remarked.
Tinubu also urged citizens to reflect on the nation’s progress while acknowledging the challenges that remain.
President Tinubu celebrated Nigeria’s resilience, highlighting how far the country has come since gaining independence in 1960.
“Exactly 64 years ago, our founding fathers chose democracy and launched the dream of a great country,” Tinubu said, recalling the vision of a Nigeria that would lead Africa out of poverty and underdevelopment.
He pointed to the nation’s success in many areas, such as science, technology, and infrastructure, while acknowledging that realizing those dreams remains an ongoing effort.
The president urged Nigerians not to focus solely on past missteps, reminding them of the significant progress made in keeping the country united despite numerous crises, including the civil war that nearly tore the nation apart just six years after independence.
“Since returning from the brink of that darkest moment, we have learned to embrace our diversity,” Tinubu said, emphasizing that despite challenges, Nigeria remains strong and sovereign.
He also called for renewed commitment from all citizens to continue the work of nation-building, acknowledging that while much has been achieved, there are lessons to learn from the past to ensure a brighter future for generations to come.
Tinubu stressed that Nigeria’s past mistakes should not hinder its path forward as the nation strives to fulfill its destiny as one of the greatest on earth.
President Tinubu called on citizens to remain steadfast in their belief in the country’s potential.
He announced the upcoming release of the list of 2024 national honours recipients, a tradition that acknowledges individuals’ contributions to the nation’s progress.
Among the honourees, the Senate President and Chief Justice of the Federation will be conferred with the prestigious Grand Commander of the Order of the Niger (GCON).
Additionally, the Deputy Senate President and Speaker of the House of Representatives will receive the Commander of the Order of the Federal Republic (CFR), while the Deputy Speaker of the House will be awarded the Commander of the Order of Niger (CON).
President Tinubu expressed optimism about Nigeria’s future, urging citizens to remain resilient despite present challenges.
“Fellow Nigerians, better days are ahead of us,” he said, emphasizing the nation’s tenacity. “We are Nigerians—resilient and tenacious. We always prevail and rise above our circumstances.”
He urged Nigerians to maintain faith in the country’s promise, acknowledging that while the road ahead may be difficult, unity and perseverance would help the nation achieve its goals.
“Together, we will cultivate a Nigeria that reflects the aspirations of all its citizens, a nation that resonates with pride, dignity, and shared success,” Tinubu declared.
He emphasized that every Nigerian has a role to play as an agent of change, working to secure a future filled with hope and promise.
“As agents of change, we can shape our destiny and build a brighter future by ourselves, for ourselves and future generations,” Tinubu stated.
He concluded with a plea for unity, urging Nigerians to join the administration in its quest for a greater Nigeria where every citizen can thrive and every child can grow up with hope.
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