President Bola Tinubu has disclosed that the country attracted Foreign Direct Investments (FDI) worth more than $30 billion in the last year.
This, he said, was made possible through the economic reforms introduced by the administration since assumption of office.
The President disclosed this while addressing Nigerians in a nationwide broadcast on Tuesday, October 1, 2024, on the occasion of the nation’s 64th Independence Day Celebration.
He noted that the economy was undergoing the necessary reforms and retooling to serve the nation better and more sustainably.
Tinubu contended that if the fiscal misalignments that led to the current economic downturn were not corrected, the country would face an uncertain future and the peril of unimaginable consequences.
He said the administration was committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of the nation’s regulatory processes.
“This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively,” he said.
Tinubu announced that the ExxonMobil Seplat divestment would receive ministerial approval in a matter of days, having been concluded by the regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in line with the Petroleum Industry Act, PIA.
“This was done in the same manner as other qualified divestments approved in the sector,” he said, adding that “the move would create vibrancy and increase oil and gas production, positively impacting our economy.”
The President also disclosed that the more disciplined approach adopted by the Central Bank to monetary policy management has ensured stability and predictability in our foreign exchange market.
While affirming that the administration inherited a reserve of over $33 billion 16 months ago, Tinubu said, “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.”
He said, the administration is moving ahead with its fiscal policy reforms.
“To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly.
“These transformative bills will make our business environment more friendly, stimulate investment, and reduce the tax burden on businesses and workers once they are passed into law,” he said.
Tinubu also said that as part of the administration’s efforts to re-engineer the nation’s political economy, it’s resolute in its determination to implement the Supreme Court judgement on the financial autonomy of local governments.
He assured of the administration’s commitment to implementing many measures to reduce the cost of living in the country.
While commending the governors, particularly in Kebbi, Niger, Jigawa, Kwara, Nasarawa, and the Southwest Governors that have embraced the administration’s agricultural production programme, President Tinubu urged other states to join the Federal Government in investing in mechanised farming.
“We are playing our part by supplying fertiliser and making tractors and other farm equipment available. Last week, the Federal Executive Council approved establishing a local assembly plant for 2000 John Deere tractors, combine harvesters, disc riders, bottom ploughs, and other farm equipment. The plant has a completion time of six months,” he noted.
The President also disclosed that the nation’s energy transition programme is on course, disclosing that the administration is expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players.
According to him, the Federal Government is ready to assist the thirty-six states and FCT in acquiring CNG buses for cheaper public transportation.
