President Bola Tinubu has reiterated the critical nature of his administration’s economic reforms, stating that Nigeria’s economy faced imminent collapse without decisive action. In a televised Independence Day address, Tinubu explained that his government, which took office 16 months ago, was confronted with two stark choices—either enact bold reforms or continue with the status quo and risk economic failure.
“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,” Tinubu said. The president emphasized that his administration chose the path of reform, reshaping both the economy and the country’s defence systems.
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Among the key reforms was the removal of fuel subsidies, a move that had long drained the national treasury. The Nigerian National Petroleum Company Limited (NNPC Ltd) responded by adjusting fuel prices from below N200 to between N480 and N570 per litre, leading to a sharp increase in transportation costs and prices of goods and services. Additionally, the government unified the foreign exchange market, allowing the naira to trade more freely.
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While these reforms have caused significant short-term hardship, Tinubu maintained that they are essential for laying the foundation for future growth. “Fellow Nigerians, while we are working to stabilize the economy and secure the country, we also seek to foster national unity and build social harmony,” he noted, adding that peace and stability are necessary for economic progress.
The president acknowledged the ongoing challenges faced by many Nigerians but expressed optimism that the reforms would secure a better future. He called on the nation to work together, especially in galvanizing the youth to play a vital role in shaping Nigeria’s future.
For more on how these economic strategies are affecting the nation, including insights from key industry figures like Aliko Dangote, visit the full article on Premium Times here.
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