President Bola Tinubu, in his Independence Day address on October 1st, assured Nigerians that his administration is actively working on solutions to ease the rising cost of living.
Speaking during the national broadcast marking Nigeria’s 64th Independence anniversary, Tinubu acknowledged that the country, like many others globally, is experiencing high inflation and increasing food prices, but efforts are underway to provide relief to citizens.
“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,” Tinubu stated.
He assured Nigerians that the government has implemented several strategies aimed at stabilizing the situation and reducing the financial pressure on families. “My fellow Nigerians, be assured that we are implementing many measures to reduce the cost of living here at home,” he added.
Addressing the state of the economy, Tinubu highlighted the ongoing economic reforms, which his administration initiated to ensure long-term sustainability and growth. He emphasized that correcting the “fiscal misalignments” that have plagued the economy is critical to preventing an uncertain future.
He said, “The economy is undergoing the necessary reforms and retooling to serve us better and more sustainably. If we do not correct the fiscal misalignments that led to the current economic downturn, our country will face an uncertain future and the peril of unimaginable consequences.
Thanks to the reforms, our country attracted foreign direct investments worth more than $30 billion in the last year.
“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.
“Fellow Nigerians, 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.”
