President Bola Tinubu warned on Tuesday that Nigeria must choose between reforming its political economy and defense systems or face potential collapse if it continues with business as usual. The President made these remarks during his national address celebrating Nigeria’s 64th Independence Anniversary.
Tinubu emphasized that the country’s precarious position was caused by missed opportunities and past mistakes, stressing that those errors must not be repeated if Nigeria is to thrive.
“We found ourselves at a critical crossroads, where the choice was between reform for progress and prosperity or continuing business as usual and risking collapse,” Tinubu said. He highlighted that his administration, which began 16 months ago, has already implemented vital reforms to address economic and security challenges.
The President noted that the economy has undergone significant restructuring, leading to the attraction of over $30 billion in foreign direct investment in the last year. Tinubu also mentioned key milestones such as raising Nigeria’s foreign reserves to $37 billion, paying off $7 billion in forex backlogs, and clearing a N30 trillion “Ways and Means” debt.
Addressing the high cost of living and rising food prices, Tinubu reassured Nigerians that the government is implementing measures to ease hardships, including stimulating agricultural production and providing support to farmers. He also praised the Central Bank for ensuring stability in the foreign exchange market and committed to advancing Nigeria’s economic reforms.
The President also lauded the security forces for eliminating over 300 Boko Haram and bandit commanders within the past year, restoring peace to affected communities in the North. Tinubu called on Nigerians to remain patient and united as the country moves forward with reforms designed to ensure long-term prosperity.
