President Bola Tinubu addressed the nation during his national broadcast marking Nigeria's 64th Independence Anniversary on Tuesday, emphasizing the urgent need for Nigeria to either pursue reforms for progress and prosperity or risk continuing with the status quo, which could lead to collapse.
In his address, Tinubu reflected on the critical challenges Nigeria faces, attributing the current precarious situation to past mistakes and missed opportunities.
He urged citizens to learn from history and not let previous errors dictate the future. "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.
He acknowledged that the economy is experiencing challenges, including high inflation rates and security issues.
The President highlighted several achievements of his administration, including attracting over $30 billion in foreign direct investments in the past year.
He reported that Nigeria's foreign reserves have increased from over $33 billion to $37 billion since he took office, despite facing a debt service ratio reduction from 97% to 68%.
Tinubu also announced upcoming legislative measures designed to enhance the business environment, reduce tax burdens, and stimulate investments.
He specifically mentioned the approval of the Economic Stabilization Bills by the Federal Executive Council, which are intended to boost business operations.
On security matters, he expressed satisfaction with progress made against terrorism and banditry, noting that over 300 Boko Haram commanders have been eliminated in the past year.
He reiterated his commitment to restoring peace in troubled regions, which he believes will lead to increased agricultural productivity and lower food costs.
The president in his speech further stated that the government has launched initiatives to boost agricultural production and supporting smallholder farmers as part of its broader economic strategy.
