President Bola Tinubu, on Tuesday, stated that Nigeria must either reform for progress and prosperity or continue with business as usual and risk collapse.
He, however, said his administration, upon taking over the leadership of the country 16 months ago, decided to reform the political economy and defence architecture, given the critical juncture the country found itself.
He lamented that Nigeria found itself in a precarious situation because of the missed opportunities and mistakes of the past while calling on Nigerians not to allow the mistakes to follow the country into the future.
This was part of the text of the national broadcast by the President, on the occasion of the 64th Independence anniversary of the Federal Republic of Nigeria, delivered on Tuesday morning.
Nigeria got its Independence from Britain, its erstwhile colonial master, on October 1, 1960.
Tinubu, in the national broadcast made available to The PUNCH, said the economy faced many headwinds and security highly impaired 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 added that if the country did not correct the fiscal misalignments that led to the current economic downturn, it would face an uncertain future and the peril of unimaginable consequences.
The President further said the economy was undergoing the necessary reforms and retooling to serve the people better and more sustainably.
“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 announced that the ExxonMobil Seplat divestment would receive ministerial approval shortly, having been concluded by the Nigerian Upstream Petroleum Regulatory Commission, in line with the Petroleum Industry Act.
"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.
Tinubu also lauded the Central Bank of Nigeria for its monetary policy management which, he said, had ensured stability and predictability in the foreign exchange market.
The President said the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players was on course.
He said the Federal Government was ready to assist the 36 states and the Federal Capital Territory in acquiring CNG buses.
He said the move would also help to ensure cheaper public transportation for the masses and relief to the hardship.
The President reiterated the stand of his administration on Local Government autonomy, saying it was resolute in its determination 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.
The President said the past mistakes landed the country in its present state.
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