Nigerian economy undergoing the necessary reforms and retooling to serve the prople better and more sustainable has started yielding dividends, President Bola Tinubu has said.
He gave the hope in his 64th independence celebration broadcast entitled *Better Days ahead of us”.
He told the nation that if we do not correct the fiscal misalignments that led to the current economic downturn, thr country will face an uncertain future and the peril of unimaginable consequences.
Thanking the reforms, he said the country has attracted foreign direct investments worth more than $30 billion in the last year.
He said the administration was 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.
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 reserve 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.
He said 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.
He assured Nigerians that we are implementing many measures to reduce the cost of living here at home.
He commended the Governors particularly, in Kebbi, Niger, Jigawa, Kwara, Nasarawa, and the Southwest Governors that have embraced agricultural production programme.
“I urge other states to join the Federal Government in investing in mechanised farming.
” We are playing our part by supplying fertilizer and making tractors and other farm equipment available. Last week, the Federal Executive Council approved establishing a local assembly plant for 2000 John Deere tractors, combine harvesters, disc riders, bottom ploughs and other farm equipment.
The plant has a completion time of six months.
Explaining that energy transition programme was on course, he said “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.
” 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 galvanize their creative energy towards a better future.
We lead today with the future we wish to bequeath to our children in focus, recognizing that we cannot design a future that belongs to them without making them its architects.
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