Victor Ezeja
Nigeria’s President Bola Ahmed Tinubu, has said that the economy is undergoing necessary reforms to serve the citizens better and more sustainably.
The president stated this on Tuesday morning during his nationwide broadcast to mark the country’s 64th independence anniversary.
Join our WhatsApp ChannelThe president, who acknowledged the current hardship faced by Nigerians, said his administration embarked on economic reforms to correct decades of structural defects that led to the current economic downturn, insisting that if not done, the country “will face an uncertain future and the peril of unimaginable consequences.”
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.”
READ ALSO: Nigeria At 64: We’re Celebrating Unprecedented Hunger – Citizens Lament
Some of the economic reforms of the Tinubu’s administration include, removal of petrol subsidy, which led to increase in price of the commodity, harmonisation of the foreign exchange windows and floatation of the naira which consequently led to devaluation of the local currency.
These have exacerbated the cost of living crisis across the country.
However, Tinubu assured that his administration is committed to finding sustainable solutions to alleviate the suffering of the citizens.
Reflecting on past events since independence in 1960, the president stated that the country has survived many economic and political crises that led to the disintegration of many other nations worldwide.
“Despite the many challenges that buffeted our country, we remain a strong, united, and viable sovereign nation.”
He emphasised that the independence anniversary is an opportunity to reflect on how far the people have gone in the journey to nation-building and to renew their commitment to building a better nation that will serve present and future generations of Nigerians.
Our reforms spurred the attraction of $30 billion FDI in 2023
The Nigerian leader boasted that his administration’s reforms enabled the country to attract foreign direct investments worth more than $30 billion in 2023.
He further stated that his administration is committed to promoting a free-market economy, allowing free entry and exit by investors, “while maintaining the sanctity and efficacy of our regulatory processes.”
The president stated that this principle guides the divestment transactions in the country’s upstream petroleum sector, as they remain committed to changing the fortune positively.
The president also defended the approach adopted by the Central Bank to monetary policy management, claiming that it has “ensured stability and predictability in our foreign exchange market.”
Highlighting achievements on the monetary side so far, Tinubu said his administration has cleared $7 billion inherited as forex backlog, cleared the ways and means debt of over N30 trillion and 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 $37 billion,” he added.
Mechanised farming to boost agricultural production
The president also highlighted Federal Government efforts in investing in mechanised farming and other activities to boost agricultural production across the country.
According to the president, the Federal Executive Council has approved the establishment of a local assembly plant for 2,000 John Deere tractors, combine harvesters, disc riders, bottom ploughs and other mechanised farm equipment, adding that the plant has a completion time of six months.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
