Nigerian President, Bola Ahmed Tinubu has said his administration inherited a reserve of over $33 billion 16 months ago, since then, has paid back the inherited forex backlog of $7 billion and cleared the ways and means debt of over N30 trillion.
Tinubu, who in his address to the nation to celebrate 64th Independence anniversary, disclosed this, revealed that his government have reduced the debt service ratio from 97 per cent to 68 per cent and managed to keep our foreign reserve at $37 billion.
According to him, “We continue to meet all our obligations and pay our bills. We’re moving ahead with our fiscal policy reforms to stimulate our productive capacity and create more jobs and prosperity.
“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”.
Speaking of cost of living especially food costs, which the President said it’s a shared concern by many around the globe as prices and cost of living continue to rise worldwide, but assured Nigerians that his administration is implementing many measures to reduce the cost of living here at home.
He urged other states to join the Federal Government in investing in mechanised farming. “We’re 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”.
Tinubu said further that while his administration is working to stabilise the economy and secure the country, it also seeking to foster national unity and build social harmony and cohesion.
“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”, he added.
In view of this, the President announced the gathering of a National Youth Conference which he said will be a platform to address the diverse challenges and opportunities confronting young people, who constitute more than 60 per cent of Nigeria’s population.
According to him, “It will provoke meaningful dialogue and empower our young people to participate actively in nation-building. By ensuring that their voices are heard in shaping the policies that impact their lives, we are creating a pathway for a brighter tomorrow”.
“Through this confab, it will be our job as leaders to ensure that their aspirations are at heart of the conference’s deliberations. The govt will thoroughly consider and implement the recommendations and outcomes from this forum as we remain resolute in our mission to build a more inclusive, prosperous, and united Nigeria”.
The President who assured Nigerians of better days are ahead, said the challenges of the moment must always make Nigerians believe in theirselves and their resilient and tenacious, saying Nigerians always prevail and rise above their circumstances.
Tinubu appealed to Nigerians to believe in the nation’s promise. “The road ahead may be challenging, but we’ll forge a path toward a brighter future with your support.
“Together, we will cultivate a Nigeria that reflects the aspirations of all its citizens, a nation that resonates with pride, dignity, and shared success. As agents of change, we can shape our destiny and build a brighter future by ourselves, for ourselves and for future generations.
The President urged Nigerians to join his administration in this journey towards a brighter future. “Let us work together to build a greater Nigeria where every citizen can access opportunities and every child can grow up with hope and promise”, he said.