Nigeria @64: Tinubu Highlights Progress in Economic Reforms and Security Achievements in Independence Day Speech

From Moshood Karim

President Bola Tinubu on Tuesday in a Democracy broadcast, outlined the significant strides made by his administration in economic reforms, security, and social development, while reaffirming his commitment to Nigeria’s growth and stability.

Economic Gains through Reforms
President Tinubu highlighted the success of his administration’s economic reforms, which have attracted over $30 billion in foreign direct investments over the past year.

“Thanks to the reforms, our country attracted foreign direct investments worth more than $30bn in the last year,” he stated, underscoring the government’s efforts to revitalise the economy.

The president also addressed the country’s foreign exchange (forex) management, stating that his government had successfully repaid the $7 billion forex backlog inherited from the previous administration. Furthermore, the nation’s foreign reserves, which stood at $33 billion 16 months ago, have grown to $37 billion, despite the global economic challenges. “We have managed to keep our foreign reserve at $37bn,” he noted.

In a bid to stabilize the economy, the president revealed that his administration had cleared over N30 trillion in ways and means debt and reduced the country’s debt service ratio from a high of 97% to 68%, a move aimed at ensuring fiscal responsibility.

Security and National Safety
On the security front, President Tinubu highlighted the success of military operations against insurgency and banditry. In the past year, over 300 Boko Haram and bandit commanders have been eliminated, contributing to improved security in affected regions.

“We have eliminated over 300 Boko Haram and bandit commanders in one year,” he stated, emphasizing the government’s dedication to eradicating terrorism and ensuring safety for all Nigerians.

In response to natural disasters, the president announced the creation of a Disaster Relief Fund, a collaborative initiative between the public and private sectors to provide swift aid in emergencies. Additionally, President Tinubu confirmed that all dams in the country are undergoing integrity tests to prevent future disasters, particularly in flood-prone areas.

Social Interventions and Infrastructure
In a significant move to address public transportation challenges, the Federal Government has committed to supporting the 36 states and the Federal Capital Territory (FCT) in acquiring Compressed Natural Gas (CNG) buses, providing a more affordable and sustainable transportation option for Nigerians.

On the education front, the government has been proactive in implementing the Nigerian Education Loan Fund (NELFUND), a program designed to support students in their educational pursuits. The president expressed satisfaction with the enthusiastic uptake of this initiative.

Youth Engagement and National Development
President Tinubu also stressed the importance of engaging the country’s youth in national development. He announced plans for a 30-day national youth conference to address key issues such as education, employment, and security, ensuring that the voices of the younger generation are heard in shaping Nigeria’s future.

Additionally, the president hinted at upcoming national recognitions, with the government soon to announce the 2024 national honours beneficiaries, a tradition that acknowledges individuals who have contributed to the nation’s progress.