President Bola Tinubu has claimed to have inherited a near-collapsed economy allegedly caused by decades of fiscal policy distortions and misalignment that had impaired real growth.
Tinubu made the claim during his address in National Broadcast in celebration of Nigeria’s 65th Independence Day anniversary on Wednesday.
The President held that his administration had embarked on a courageous and fundamental reform as against the choice of watching the nation drift further into economic crisis.
He reiterated that the worst is now over the economic reforms which kickstarted with his fuel subsidy removal and end of multiple foreign exchange rates are now yielding fruits.
“Upon assuming office, our administration inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth.
“As a new administration, we faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous, fundamental reform path.
“We chose the path of reform. We chose the path of tomorrow over the comfort of today. Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit.
“In resetting our country for sustainable growth, we ended the corrupt fuel subsidies and multiple foreign exchange rates that created massive incentives for a rentier economy, benefiting only a tiny minority.” He said.
Tinubu stressed further that the economy has been redirected towards more inclusive path and generally improve quality of life.
He noted that the tough economic decisions have made more funds available to the three levels of government- federal, state, and local, thereby addressing the country’s development challenges.
“At the same time, the masses received little or nothing from our Commonwealth.
“Our administration has redirected the economy towards a more inclusive path, channeling money to fund education, healthcare, national security, agriculture, and critical economic infrastructure, such as roads, power, broadband, and social investment programmes.
“These initiatives will generally improve Nigerians’ quality of life.
“As a result of the tough decisions we made, the Federal and State governments, including Local Governments, now have more resources to take care of the people at the lower level of the ladder, to address our development challenges.” He said.
Tinubu held that the socio-economic and infrastructural deficit experienced by Nigerians were borne out of lack of investment.
He said his administration is however setting things right with the economy now turning the corner.
“Fellow Nigerians, we are racing against time. We must build the roads we need, repair the ones that have become decrepit, and construct the schools our children will attend and the hospitals that will care for our people.
“We have to plan for the generations that will come after us. We do not have enough electricity to power our industries and homes today, or the resources to repair our deteriorating roads, build seaports, railroads, and international airports comparable to the best in the world, because we failed to make the necessary investments decades ago. Our administration is setting things right.
“I am pleased to report that we have finally turned the corner. The worst is over, I say.
“Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour.” He added.
