Nigeria @64: Why We Must Reform Or Collapse — Tinubu

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Tuesday, October 1st, 2024

(AFRICAN EXAMINER) – President Bola Tinubu, on Tuesday, disclosed that the country must either reform for progress and prosperity or go along with the business as usual and risk collapse.

Tinubu also stated that when he came into office 16 months ago, he decided to reform the political economy and defence architecture because of the phase the country was in.

According to him, Nigeria is in a difficult situation because of the missed opportunities and mistakes of the past leaders and he tasked Nigerians to prevent the country from taking the mistakes into the future.

The president stated this in the national broadcast by the President, on the occasion of the 64th Independence anniversary of the Federal Republic of Nigeria, delivered on Tuesday morning.

In the national broadcast the Nigerian leader stated that the economy is plagued with many issues when he assumed office.

“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.

He also disclosed that if the country did not rectify the fiscal misalignments that cause the present economic downturn, it would lead to an uncertain future and the consequences could be great.

The President also stated that the economy was undergoing the necessary reforms and in time it will serve the people better.

“Thanks to the reforms, our country attracted foreign direct investments worth more than $30bn in the last year.

“We inherited a reserve of over $33bn 16 months ago. Since then, we have paid back the inherited forex backlog of $7bn.

“We have cleared the ways and means a debt of over N30tn. 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 $37bn. 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,” he said.

He also stated that the ExxonMobil Seplat divestment would get ministerial approval shortly, as the Nigerian Upstream Petroleum Regulatory Commission, in line with the Petroleum Industry Act have concluded their findings.

“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 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,” he said.

He also heaped praises on the Central Bank of Nigeria for its monetary policy management which, according to him, had ensured stability and predictability in the foreign exchange market.

He also talked about the stand of his administration on Local Government autonomy, stressing that it is determined to implement the judgment of the Supreme Court.

“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 said.

He also stated that the past mistakes made the country to be in its present condition and to be great, the country must not repeat the mistakes.

He said: “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 assured Nigerians that he will tackle hardship and the rising cost of living.

He said: “Fellow Nigerians, as I address you today, 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.

“As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, 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.”