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President Bola Tinubu on Tuesday reiterated that he was deeply aware of the economic hardship faced by Nigerians as a result of the current reforms by his administration, but assured that the inevitable changes he embarked upon had begun to yield appreciable results.
President Bola Tinubu on Tuesday reiterated that he was deeply aware of the economic hardship faced by Nigerians as a result of the current reforms by his administration, but assured that the inevitable changes he embarked upon had begun to yield appreciable results. Speaking during a nationwide broadcast to mark Nigeria’s 64th Independence Anniversary, the President stated that the rising cost of living and fading employment opportunities will soon be curbed substantially.
While pleading for patience from Nigerians, Tinubu expressed the commitment of his administration to finding long-term solutions to the problems besetting the country, noting that the economy was already turning the corner.
He reiterated that the central concern of the people today is the high cost of living, especially food costs. This concern, he said, is shared by many around the globe as prices and the cost of living continue to rise worldwide. The President assured that he was implementing many measures to reduce the cost of living at home and particularly singled out the Governors of Kebbi, Niger, Jigawa, Kwara, Nasarawa, and the Southwest Governors that had embraced the federal government’s agricultural production programme. He urges other states to join the federal government in investing in mechanised farming. The Government plays its part by supplying fertiliser and making tractors and other farm equipment available. Last week, the Federal Executive Council (FEC) approved establishing a local assembly plant for 2000 John Deere tractors, combine harvesters, disc riders, bottom ploughs and other farm equipment.
The President has since taking over the reins of power on May 29 last year embarked on some reforms, including the ‘removal’ of subsidy on petrol, raising the price from N194 to over N800 per litre. He has also attempted to remove the government’s tight control of the foreign exchange market, with the ‘floating’ of the naira against other global currencies, a development that has led to the massive depreciation of the local currency.
In addition, these measures have pushed inflation to a multi-decade high of 33.4 per cent in July this year, before falling marginally to 32.15 per cent in August. While it is tempting to focus on what has been left undone and where Nigeria has stumbled as a nation, the President argued that Nigerians must never lose sight of how far its people have come in forging and holding the country together.
According to the President, Nigeria found itself at a dizzying crossroads, where it must choose between two paths: reform for progress and prosperity or carry on business-as-usual and collapse, stressing that he decided to choose the former. On the security front, he expressed happiness that the administration was winning the war on terror and banditry. The President said the focus 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.
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The economy, he said, is undergoing the necessary reforms and retooling to serve us better and more sustainably. This principle, he explained, guides the divestment transactions in Nigeria’s upstream petroleum sector, where he said the government is committed to changing the fortune positively.
