In a speech marking Nigeria’s 64th Independence Anniversary on October 1st, President Bola Tinubu outlined key reforms and plans his administration is implementing to address the nation’s challenges.
Here are the top ten points from the President’s address:
1. Acknowledgement of Challenges: Tinubu acknowledged the economic difficulties facing many Nigerians, particularly rising living costs and employment struggles, reassuring citizens that their concerns are being heard and that his administration is working on sustainable solutions.
He said, “I am deeply aware of the struggles many of you face in these challenging times. Our administration knows that many of you struggle with rising living costs and the search for meaningful employment. I want to assure you that your voices are heard.
“As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel.”
2. Reforming Political Economy and Defence: The President highlighted the efforts to overhaul Nigeria’s political economy and security architecture. He stated that his administration faced a critical decision to reform or risk collapse, choosing to pursue progress and prosperity.
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.”
3. Progress in Security: Tinubu announced that his administration is winning the war against terrorism and banditry, with over 300 Boko Haram and bandit commanders eliminated in the past year, particularly in the Northeast and Northwest regions.
He added, “On the security front, I am happy to announce to you, my compatriots, that our administration is winning the war on terror and banditry. Our target is to eliminate all the threats of Boko Haram, banditry, kidnapping for ransom, and the scourge of all forms of violent extremism.
“Within one year, our government has eliminated Boko Haram and bandit commanders faster than ever. As of the last count, over 300 Boko Haram and bandit commanders have been eliminated by our gallant troops in the Northeast, Northwest, and some other parts of the country.”
4. Disaster Relief Fund: Tinubu discussed the Federal Executive Council’s approval of a Disaster Relief Fund, which aims to mobilize both public and private sector support to respond more effectively to natural disasters, particularly recent floods.
He said, “Our government has been responding to the recent natural disasters, particularly the flooding in parts of the country. After Vice President Kashim Shettima visited Maiduguri, I also visited to assure our people that this federal government will always stand with our people in their times of trouble. At the last meeting of the Federal Executive Council, we approved a Disaster Relief Fund to mobilise private and public sector funds to help us respond faster to emergencies.”
5. Attraction of Foreign Investments: The President revealed that Nigeria has attracted over $30 billion in foreign direct investments due to ongoing reforms, demonstrating the government’s commitment to fostering free enterprise.
The President said, “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.”
6. Stabilization of the Forex Market: Tinubu praised the Central Bank’s disciplined approach to monetary policy, leading to more stability in the foreign exchange market. He also noted the reduction of the nation’s debt service ratio from 97% to 68%.
President Tinubu said, “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.”
7. Local Government Financial Autonomy: Tinubu reaffirmed his commitment to implementing the Supreme Court’s ruling on the financial independence of local governments as part of wider efforts to re-engineer Nigeria’s political economy.
“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, ”Tinubu further stated.
8. Tackling the Cost of Living: Acknowledging the high cost of living, especially food prices, Tinubu assured Nigerians that his government is taking active steps to ease the financial burden on households.
Tinubu disclosed, “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.
“My fellow Nigerians, be assured that we are implementing many measures to reduce the cost of living here at home.”
9. Compressed Natural Gas (CNG) Initiative: The President reiterated his administration’s commitment to the energy transition plan, including the adoption of CNG for public transportation, in collaboration with private sector players, to reduce transport costs.
He said, “Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.”
10. National Youth Conference: Tinubu announced plans to hold a National Youth Conference to address the challenges facing Nigeria’s youth. The month-long event will focus on issues such as education, employment, and innovation, ensuring that young voices are integral to shaping the country’s future.
He said, “I am pleased to announce the gathering of a National Youth Conference. This conference will be a platform to address the diverse challenges and opportunities confronting our young people, who constitute more than 60 per cent of our population.
“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.
“The 30-day Confab will unite young people nationwide to collaboratively develop solutions to issues such as education, employment, innovation, security, and social justice. The modalities of this Confab and selection of delegates will be designed in close consultation with our young people through their representatives.”
