During a national broadcast marking Nigeria’s 64th Independence Day, President Bola Tinubu emphasized the need for urgent reforms to prevent the country from facing a potential collapse.
He explained that Nigeria stands at a critical juncture and must choose between reforming for progress or continuing its current trajectory, which could lead to dire consequences.
Speaking to the nation, Tinubu highlighted the challenges he inherited when he assumed office 16 months ago, including economic hardships and security issues. He said his administration immediately embarked on reforms, particularly focusing on the political economy and the defense architecture, to address these pressing concerns.
“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,” he stated.
The President lamented missed opportunities from previous administrations and warned that failing to correct past mistakes would jeopardize the country’s future. He pointed out the ongoing economic reforms that aim to stabilize the nation’s finances and attract foreign investments.
He proudly announced that Nigeria secured more than $30 billion in foreign direct investments within the past year, while reducing the debt service ratio from 97% to 68%.
“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.
