*President Bola Ahmed Tinubu, in his national broadcast on the commemoration of Nigeria鈥檚 64th Independence Anniversary, explains several proactive measures his administration is implementing to reduce the cost of living, affirming despite current challenges, the West African country remains 鈥榓 beacon of hope to Africa, and the rest of the global world鈥�

Gbenga Kayode | 绿帽献妻

The Federal Government has said the Nigerian economy is currently undergoing the necessary reforms and retooling with a view to serving the citizenry better and more sustainably in the comity of nations.

绿帽献妻 reports President Bola Ahmed Tinubu stated this Tuesday, October 1, 2024, in his national broadcast on the commemoration of the country鈥檚 the 64th Independence Anniversary.

Speaking on the necessity of the economic reforms, President Tinubu averred that if Nigeria does not correct the identified fiscal misalignments that led to the current economic downturn, the West African country would face 鈥渁n uncertain future and the peril of unimaginable consequences鈥�.

In his broadcast to fellow Nigerians, the President also acknowledged that he is deeply aware of the struggles several consumers face in these challenging times in the economy.

He stated: 鈥淥ur 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.

鈥淎s your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens.鈥�

The Nigerian leaders equally pleaded with the citizenry for their patience, noting 鈥渢he reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel.鈥�

Tinubu intoned: 鈥淭he central concern of our people today is the high cost of living, especially food costs.

鈥淭his concern is shared by many around the globe as prices and the cost of living continue to rise worldwide.鈥�

He said: 鈥淢y fellow Nigerians, be assured that we are implementing many measures to reduce the cost of living here at home.鈥�

Tinubu: Nigeria remains beacon of hope to Africa and the world

Describing Nigeria as a beacon of hope to the rest of Africa, and the rest of the world, Tinubu said as it was the case in over six decades ago at Independence, the world is still witnessing and benefiting from the 鈥渃an-do spirit鈥� of the Nigerian people.

According to him, Nigerians have continued to showcase this unique attribute in their massive intellectual capacity, enterprise, and industry in all vocations, from arts to science, technology to infrastructure.

He further affirmed: 鈥淭he dreams that our founding fathers envisaged are still a work in progress. Every day, we put our hands on the plough, determined to do a better job of it.

鈥淲hile it is tempting to focus on what has been left undone and where we have stumbled as a nation, we must never lose sight of how far we have come in forging and holding our country together.鈥�

The President noted that Nigeria鈥檚 commemoration of its 64th Independence Anniversary presents the citizens yet another opportunity to reflect on the country鈥檚 journey to nation-building.

According to him, it is meant 鈥渢o renew our commitment to building a better nation that will serve present and future generations of Nigerians.鈥�

Gains of the war against terror and banditry

President Tinubu, in his October 1 broadcast, also announced to fellow compatriots that his administration is winning the war on terror and banditry in the country.

鈥淥ur target is to eliminate all the threats of Boko Haram, banditry, kidnapping for ransom, and the scourge of all forms of violent extremism.

鈥淲ithin one year, our government has eliminated Boko Haram and bandit commanders faster than ever.

鈥淎s 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,鈥� stated he.

The President also said: 鈥淲e have restored peace to hundreds of communities in the North, and thousands of our people have been able to return home.

鈥淚t is an unfinished business, which our security agencies are committed to ending as quickly as possible.

鈥淎s soon as we can restore peace to several communities in the troubled parts of the North, our farmers can return to their farms.鈥�

Fiscal policy reforms, FDIs and divestment transactions in economy

Attributing the benefits to the economic reforms, Tinubu disclosed the country had attracted Foreign Direct Investments (FDIs) worth over $30 billion in 2023.

He asserted that his administration is well-committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes.

鈥淭his principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively.鈥�

The ExxonMobil Seplat divestment, he noted, would also receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act (PIA) 2021.

The President also explained: 鈥淭his was done in the same manner as other qualified divestments approved in the sector.

鈥淭he move will create vibrancy and increase oil and gas production, positively impacting our economy.鈥�

鈥楨conomic Stabilisation Bills鈥� designed to boost production, job creation and prosperity

As part of the administration鈥檚 efforts at re-engineering the Nigerian political economy, President Tinubu, Tuesday, said in order to stimulate the country鈥檚 productive capacity and create more jobs and prosperity, the Federal Executive Council (FEC) had approved the Economic Stabilisation Bills, set to be transmitted to the National Assembly (NASS), in Abuja, FCT, for consideration.

He stated: 鈥淭hese transformative bills will make our business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once they are passed into law.

鈥淎s 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.鈥�

On high cost of living, mechanised farming, and self-sufficiency in food production

Recognising the central concern of Nigerian consumers as the high cost of living, especially food costs in recent times, President Tinubu assured that his administration is implementing several measures to reduce the cost of living in the economy.

In their collective effort at addressing the menace, Tinubu particularly, commended the efforts of the State Governors of Kebbi, Niger, Jigawa, Kwara, Nasarawa, and the South-West Governors that have embraced the Federal Government鈥檚 agricultural production programme for increased local food production and sufficiency.

鈥淚 urge other states to join the Federal Government in investing in mechanised farming. 鈥淲e are playing our part by supplying fertilizer and making tractors and other farm equipment available,鈥� he stated in his national broadcast.

Tinubu as well disclosed the Federal Executive Council has approved establishment of a local assembly plant for the 2,000 John Deere tractors, combine harvesters, disc riders, bottom ploughs, and other farm equipment the government has acquired to boost local food production.

The President said: 鈥淭he plant has a completion time of six months.鈥�

Energy transition programme on course, says President

In regard to energy transition programme, in respect of the downstream petroleum sector of the Nigerian economy, President Tinubu assured Nigerians that the initiative is 鈥渙n course鈥�.

He also noted: 鈥淲e are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players.

鈥淭he Federal Government is ready to assist the thirty-six states and FCT in acquiring CNG buses for cheaper public transportation.鈥�

Tinubu restated: 鈥淔ellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace.

鈥淎s we work to overcome the challenges of the day, we remain mindful of the next generation as we seek to galvanise their creative energy towards a better future.鈥�

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