The current economic issues facing Nigeria are a result of a budgetary imbalance that President Bola Tinubu has said must be corrected.
This was said by the President in his nationwide broadcast on Tuesday, October 1, Independence Day.
“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 declared.
“Thanks to the reforms, our country attracted foreign direct investments worth more than $30 billion in the last year.”
Additionally, the President is certain that the nation cannot forget how far we have come. He mentioned that Nigeria had encountered more difficult circumstances but overcome them all.
He pointed out that the nation has a chance to consider its past faults around the anniversary of its independence, but the nation cannot let its mistakes to haunt it in the future.
He said that his government has been successful in bringing calm back to unrest-plagued northern communities, which will guarantee that more farmers will return to their fields and increase food production.
“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 defense architecture,” he continued.
“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.”
“We have restored peace to hundreds of communities in the North, and thousands of our people have been able to return home. It is an unfinished business, which our security agencies are committed to ending as quickly as possible. As soon as we can restore peace to many communities in the troubled parts of the North, our farmers can return to their farms. We expect to see a leap in food production and a downward spiral in food costs. I promise you, we shall not falter on this,” he concluded.
