Highlights from Tinubu’s Speech on Nigeria’s 64th Independence Anniversary
By Lawal Dahiru Mamman
Sixty-four (64) years ago, Nigeria gained independence from colonial rule and emerged as a sovereign nation, marking a pivotal moment in her storied history.
Following tradition, President Bola Ahmed Tinubu addressed Nigerians on this historic milestone. Below are key highlights from the President’s speech, outlining his administration’s impact and plans to steer the nation out of its current economic downturn.
1. Economic Reforms: The administration is implementing economic reforms to address fiscal misalignments and prevent an uncertain future.
2. Foreign Direct Investments: Due to ongoing reforms, Nigeria has attracted over $30 billion in foreign direct investments in the last year.
3. Free Enterprise: The administration supports free enterprise, free entry, and free exit in investments, while maintaining regulatory sanctity.
4. Divestment Transactions: The ExxonMobil Seplat divestment which will receive ministerial approval is expected to increase oil and gas production.
5. Monetary Policy: The Central Bank’s disciplined approach has ensured stability and predictability in the foreign exchange market
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6. Foreign Reserve: Nigeria’s foreign reserve increased to $37 billion from $33 billion with a reduced debt service ratio from 97% to 68% after clearing $7 billion forex backlog and over N20 trillion ways and means.
7. Fiscal Policy Reforms*: The Federal Executive Council has approved Economic Stabilisation Bills to business environment more friendly, and stimulate productive capacity, create jobs, and reduce tax burdens.
8. Agricultural Production: The government is investing in mechanized farming, with a local assembly plant for 2000 John Deere tractors to completed in six months. This is in addition to their effort in supplying fertilizer and other farm inputs.
9. Energy: The Presidential Initiative on Compressed Natural Gas which is ongoing will provide cheaper public transportation as the administration pledges to support 36 states of the Federation and FCT.
10. Job Creation: The Renewed Hope Labour Employment and Empowerment Programme (LEEP) is an initiative to create 2.5 million jobs, directly and indirectly, annually.
11. Youth Empowerment: Programmes like the 3 million Technical Talents (3MTT) and Nigerian Education Loan Fund support youth development. In addition, the President announced the National Youth Conference to gather youths across the country to drive meaningful conversations for nation-building.
12. Security: According to the President, his administration is winning the war on terror and banditry, with over 300 Boko Haram and bandit commanders eliminated.
