Nigeria@64: Reform Inevitable for Nigeria to Survive – Tinubu

Paul Orude

President Bola Tinubu has reiterated the need for Nigeria to carry out reform for sustainability or risked being a collapsed state.

Tinubu made this known on Tuesday in a nationwide broadcast to mark Nigeria’s 64th independence anniversary.

He explained that since he became the leader of the country 16 months ago, his administration decided to carry out reform to address the critical areas to rescue the country from doldrums.  

The President said that the country had found itself in a messy situation because many opportunities had been squandered in the past.

He assured that his administration would avoid the past mistakes urging citizens the not to allow the mistakes to follow the country into the future.

Tinubu lamented that the economy faced many changes while insecurity plagued the country upon his assumption of 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 assured that his administration would take steps to correct the fiscal errors that led to the  depression in the economy to give the country a future

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

“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.

“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.

The President commended the Central Bank of Nigeria (CBN) for its monetary policy management saying it had ensured stability and predictability in the foreign exchange market.

He believed that the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector was in the pipeline

He disclosed that his administration would assist the 36 states and the Federal Capital Territory in acquiring CNG buses to help ensure cheaper public transportation for the masses and relief to the hardship.

On the recent Supreme Court verdict that gave autonomy to Local Governemnt Councils in the country, he said,“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 was optimistic that Nigeria will become great again as deliberate efforts are made to correct past mistakes that had adversely affected the fortunes of the country.

“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,” he stated.

“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.”

“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.”