In the early hours of Tuesday, President Bola Tinubu addressed the nation in celebration of Nigeria’s 64th Independence Anniversary. The address came at a crucial time for the country, and President Tinubu seized the moment to outline the significant achievements and the way forward under his administration. During this October 1st speech, the President not only acknowledged the current challenges faced by Nigerians but also assured the public that the reforms being implemented by his administration were beginning to show positive signs. He highlighted the efforts made in various sectors, such as the economy, security, and governance.
Here are ten major points from the President’s Independence Day speech, where he touched upon critical aspects that will shape the nation’s future.
– Tinubu, in his speech, expressed his deep awareness of the struggles many Nigerians face, particularly in this difficult period of rising living costs and the search for employment. He acknowledged the economic hardships and said, “I am deeply aware of the struggles many of you face in these challenging times. Our 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.” This expression of empathy reassured many citizens that the government was not oblivious to their daily struggles.
– Furthermore, President Tinubu stated, “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel.” This was a call for patience from Nigerians as the President reaffirmed his commitment to addressing the country’s pressing challenges through sustainable measures.
– President Tinubu noted that his administration has reformed both the political economy and the defence architecture of the nation. He said, “My administration took over the leadership of our country 16 months ago at a critical juncture. The economy faced many headwinds, and our physical security was highly impaired. We found ourselves at a dizzying crossroads, where we must choose between two paths: reform for progress and prosperity or carry on business-as-usual and collapse. We decided to reform our political economy and defence architecture.” This statement reflects the President's acknowledgment of the country’s precarious situation and his resolve to make bold reforms.
– Additionally, the President provided an update on the security situation, confirming that Nigeria is winning the war on terror and banditry. He added, “On the security front, I am happy to announce to you, my compatriots, that our administration is winning the war on terror and banditry. Our target is to eliminate all the threats of Boko Haram, banditry, kidnapping for ransom, and the scourge of all forms of violent extremism.” Tinubu credited the efforts of the country’s military and security forces, stating that they had significantly reduced the presence of terrorist and bandit commanders, “Within one year, our government has eliminated Boko Haram and bandit commanders faster than ever. As 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.”
– The President also mentioned the approval of a Disaster Relief Fund by the Federal Executive Council (FEC), which was created to mobilize private and public sector funds to respond swiftly to natural disasters and emergencies. “Our government has been responding to the recent natural disasters, particularly the flooding in parts of the country. After Vice President Kashim Shettima visited Maiduguri, I also visited to assure our people that this federal government will always stand with our people in their times of trouble. At the last meeting of the Federal Executive Council, we approved a Disaster Relief Fund to mobilise private and public sector funds to help us respond faster to emergencies.” This approval underscores the administration’s focus on better managing and responding to national disasters.
– On the economic front, Tinubu shared that the administration has attracted over $30 billion in foreign direct investments over the past year, emphasizing the government's commitment to promoting free enterprise and encouraging investments in Nigeria. He said, “Thanks to the reforms, our country attracted foreign direct investments worth more than $30 billion in the last year.” The President assured that this is just the beginning, and the government will continue to create an environment conducive to business and investment. He stated, “Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes.”
– Tinubu also spoke on the decision by the Central Bank to adopt a more disciplined approach in monetary policy management, which has brought greater stability to the foreign exchange market. He added, “The more disciplined approach adopted by the Central Bank to monetary policy management has ensured stability and predictability in our foreign exchange market. We inherited a reserve of over $33 billion 16 months ago. Since then, we have paid back the inherited forex backlog of $7 billion. We have cleared the ways and means debt of over N30 trillion. We have reduced the debt service ratio from 97 per cent to 68 per cent. Despite all these, we have managed to keep our foreign reserve at $37 billion. We continue to meet all our obligations and pay our bills.”
– In the realm of governance, Tinubu reiterated his administration’s commitment to the financial autonomy of local governments, stating, “As 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.” This highlights the government's dedication to decentralizing power and empowering local authorities to better serve their communities.
– Acknowledging the public’s concern over rising living costs, especially food prices, the President emphasized that his administration is implementing several measures to address these issues. “The central concern of our people today is the high cost of living, especially food costs. This concern is shared by many around the globe as prices and the cost of living continue to rise worldwide. My fellow Nigerians, be assured that we are implementing many measures to reduce the cost of living here at home,” he said. This acknowledgment of the global nature of inflation, paired with domestic solutions, seeks to reassure the public of the government's efforts.
– Tinubu also discussed the adoption of the Presidential Initiative on Compressed Natural Gas (CNG) for mass transit in collaboration with private sector players. “Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.” This is a crucial step toward reducing transportation costs and promoting cleaner energy alternatives.
– Finally, Tinubu announced the organization of a National Youth Conference, which will serve as a platform for young Nigerians to voice their concerns and actively participate in nation-building. He said, “I am pleased to announce the gathering of a National Youth Conference. This conference will be a platform to address the diverse challenges and opportunities confronting our young people, who constitute more than 60 per cent of our population. It will provoke meaningful dialogue and empower our young people to participate actively in nation-building. By ensuring that their voices are heard in shaping the policies that impact their lives, we are creating a pathway for a brighter tomorrow.” The President emphasized that the Confab would last for 30 days and involve collaborative discussions on issues like education, employment, innovation, and security.
These ten key points from President Bola Tinubu’s Independence Day speech outline the administration's efforts to address the pressing challenges faced by Nigeria, while also outlining a roadmap for future progress in the country’s economy, security, governance, and youth empowerment.