Olusegun Ariyo
President Bola Ahmed Tinubu has declared that his government is building a durable economic base to secure Nigeria’s future.
Speaking during the Independence anniversary address, Tinubu reflected on the state of the economy he met on assumption of office, noting that he “inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth.”
He stated that the nation’s currency has gained strength, the capital market is recording historic growth, coal mining has revived significantly, and non-oil trade now accounts for 48 per cent of the country’s exports.
He also disclosed that foreign reserves climbed to $42.03 billion in September, while N330 billion has been released to assist eight million households through the social investment programme.
“The alternative of allowing our country to descend into economic chaos or bankruptcy was not an option,” the president stressed.
According to him, “Our macro-economic progress has proven that our sacrifices have not been in vain. Together, we are laying a new foundation cast in concrete, not on quicksand.”
Tinubu further stated that states and local councils are now benefitting more than ever from federation allocations.
“As a result of the tough decisions we made, the Federal and State governments, including Local Governments, now have more resources to take care of the people at the lower level of the ladder, to address our development challenges,” he explained.
He added that success would be measured beyond economic indices.
“The accurate measure of our success will not be limited to economic statistics alone, but rather in the food on our families’ tables, the quality of education our children receive, the electricity in our homes, and the security in our communities.
“Let me assure you of our administration’s determination to ensure that the resources we have saved and the stability we have built are channelled into these critical areas.
“Today, the governors at the state level, and the local government autonomy are yielding more developments,” he added.
The president urged citizens to embrace productivity and innovation, charging all Nigerians to “turn on the taps of productivity, innovation, and enterprise.”
