President Bola Tinubu has said he is laying a strong economic foundation for Nigerians.
Delivering his scorecard on the nation’s Independence anniversary, the president noted that he “inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth.”
He highlighted key achievements under his administration, stating that the national currency has strengthened, the stock market is witnessing an unprecedented surge, coal mining has seen a remarkable revival, non-oil exports now account for 48 percent of export trade, external reserves rose to $42.03 billion in September, and N330 billion has been distributed to 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,” he said.
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“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 further stated that state and local governments are receiving higher federation allocations than at any time before.
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“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.”
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The president also urged Nigerians to “turn on the taps of productivity, innovation, and enterprise.”