President Bola Tinubu declared that his administration is revamping the economy by implementing the required changes to better and more sustainably serve Nigerians.

The President made this statement during his Tuesday Independence Day broadcast.

“Our country will face an uncertain future and the peril of unimaginable consequences if we do not correct the fiscal misalignments that led to the current economic downturn,” he declared.

According to him, the country has received over $30 billion in foreign direct investments in the past year as a result of the reforms his administration has implemented.

“My fellow Nigerians, our government is dedicated to preserving the integrity and effectiveness of our regulatory procedures while promoting free business, free entry, and free exit in the investment sector.

“In our upstream petroleum business, where we are dedicated to improving the fortunes, this principle directs the divestiture transactions. “As such, having been completed by the regulator, NUPRC, by the Petroleum Industry Act, PIA, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days,” Tinubu stated.

According to him, this was carried out in the same way as past qualified divestments that the industry had approved because the action would boost oil and gas output and add vibrancy, both of which would be beneficial to the economy.

“Our foreign currency market is now stable and predictable thanks to the Central Bank’s more methodical approach to managing monetary policy. Sixteen months ago, we inherited a stockpile of more than thirty-three billion dollars. We have since repaid the $7 billion inherited FX debt.

“We have paid off nearly N30 trillion in ways and means debt. The debt-to-income ratio has been lowered from 97% to 68%. We have maintained our foreign reserve at 37 billion dollars despite all of this. We still fulfill all of our commitments and make bill payments. We are making progress on our reforms to fiscal policy,” he declared.

He said that the Economic Stabilization Bills, which will now be forwarded to the National Assembly, were adopted by the Federal Executive Council to boost the economy’s productive potential and generate more jobs and prosperity. Once enacted into law, he said these revolutionary laws would improve the economic climate, encourage investment, and lessen the tax burden on both employers and employees.

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