Daud Olatunji
In a nationwide broadcast on Sunday, President Bola Ahmed Tinubu has said that his government has taken some measures to reduce Nigeria’s debt service expenditure from 97% to 68 percent of revenues and cleared legitimate outstanding foreign exchange obligations of about $5 billion.
He said “coming from a place where our country spent 97% of all our revenue on debt service; we have been able to reduce that to 68% in the last 13 months.
“ We have also cleared legitimate outstanding foreign exchange obligations of about $5billion without any adverse impact on our programmes.
Tinubu while addressing the Nigerian populace, acknowledged the recent unrest and violent protests in various states, including Borno, Jigawa, Kano, and Kaduna.
He expressed deep sorrow over the loss of lives and the destruction of public facilities and businesses, which contradicts the organizers’ promise of peaceful protests.
President Tinubu emphasized his commitment to maintaining public order and protecting lives and property, as mandated by his constitutional oath.
He urged protesters to suspend further demonstrations and open channels for dialogue to reshape Nigeria’s future collectively.
He warned those exploiting the situation for political gains that the law would catch up with them,saying, there is no place for ethnic bigotry in the Nigeria he envisions.
The President outlined the significant steps taken to stabilize Nigeria’s economy over the past 14 months.
He highlighted the painful but necessary decisions to remove fuel subsidies and abolish multiple foreign exchange systems.
Tinubu pointed out the government’s achievements in increasing government revenues, with a record 9.1 trillion Naira in the first half of 2024, and enhancing productivity in the non-oil sector.
He noted that these efforts have allowed for more spending on essential social services, resulting in the highest allocations ever received by state and local governments from the Federation Account.
The President also mentioned ongoing infrastructure projects, such as the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway, which will connect 16 states and create thousands of jobs.
He highlighted reforms in the oil and gas industry, which have led to increased oil production and significant foreign direct investments.
Tinubu announced the launch of the Compressed Natural Gas Initiative to reduce transportation costs and curb inflation.
He also referenced the student loan scheme, which has processed 45.6 billion Naira for payment to students, and the establishment of the Consumer Credit Corporation with over N200 billion to help Nigerians acquire essential products without immediate cash payments.
Additionally, he spoke about various youth empowerment programs, including the Digital and Creative Enterprises initiative and the Skill-Up Artisans Programme.
The President reassured the nation that the government is committed to food security, with plans to cultivate over 10 million hectares of land and import mechanized farming equipment.
Tinubu called for unity and collective effort to build a prosperous future for Nigeria.
He urged Nigerians to reject violence and division and work together towards progress and stability.
He affirmed the government’s dedication to improving infrastructure, creating opportunities, and ensuring that the benefits of economic recovery reach every Nigerian.
Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 Email: platformtimes@gmail.com
We are committed to impactful investigative journalism for human interest and social justice. Your donation will help us tell more stories. Kindly donate any amount HERE
