President Bola Tinubu says he is erecting a solid economic foundation for Nigerians.
Presenting his scorecard on the anniversary of the country’s independence, the president said he “inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth”.
The president said the nation’s currency is stronger, the stock market is experiencing an unprecedented boom, coal mining has recovered dramatically, non-oil exports now represent 48 percent of export trade, external reserves increased to $42.03 billion in September, and N330 billion has been disbursed to eight million households under the social investment programme.
“The alternative of allowing our country to descend into economic chaos or bankruptcy was not an option,” he said.
“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.”
The president added that state and local governments are receiving more in federation allocation than ever before.
“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 said.
“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.”
The president asked all Nigerians to “turn on the taps of productivity, innovation, and enterprise”.
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