We decided to choose reform to avoid collapse — President Tinubu reflects on Nigeria @ 64
We decided to choose reform to avoid collapse — President Tinubu reflects on Nigeria @ 64
In a nationwide address this morning, President Bola Ahmed Tinubu marked Nigeria’s 64th independence anniversary, emphasising the need for reflection on the nation’s journey towards nationhood.
The broadcast, aired at 7 a.m. across television and radio channels, highlighted the administration’s commitment to significant economic reforms aimed at breaking the cycle of “business as usual” and preventing national decline.
The President also announced plans to reform Nigeria’s defense framework to effectively tackle insecurity and combat terrorism.
He asserted that despite ongoing challenges, Nigeria remains a strong, united, and viable sovereign nation.
This year’s anniversary, he stated, provides an opportunity to reflect on the progress made and to renew the collective commitment to building a better future for both current and future generations.
To further this goal, President Tinubu unveiled plans for a National Youth Conference focused on key areas such as education, employment generation, and development.
While specific details regarding the conference’s structure have yet to be disclosed, it is expected to last for 30 days.
The President also encouraged Nigerians to be patient and supportive of his economic and political reforms, assuring them that these initiatives will yield positive outcomes for the country.
He said: “My administration took over the leadership of our country 16 months ago at a critical juncture.
“The economy faced many headwinds, and our physical security was highly impaired.
“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.
“We decided to reform our political economy and defence architecture.
“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.”
The President stressed that the reforms have brought about foreign direct investments worth more than $30 billion to Nigeria in the last year.
He added: “The more disciplined approach adopted by the Central Bank to monetary policy management has ensured stability and predictability in our foreign exchange market.
“We inherited a reserve of over $33 billion 16 months ago. Since then, we have paid back the inherited forex backlog of $7 billion. We have cleared the ways and means debt of over N30 trillion.
“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 $37 billion. We continue to meet all our obligations and pay our bills.”
