- Safiu Kehinde
President Bola Ahmed Tinubu has, on Tuesday, explained the reasons for the need for reform Nigeria.
Addressing the nation in celebration of its 64th independence anniversary, Tinubu harped on the poor state of the economy before his administration as reason for his bold decisions aimed towards propelling economic and political reforms.
He revealed that the country was a mt a critical junction of economic downturn before he took over the administration 16 months ago.
“My administration took over the leadership of our country 16 months ago at a critical juncture.
“The economy faced many headwinds, and our physical security was highly impaired. We found ourselves at a dizzying crossroads, where we must choose between two paths: reform for progress and prosperity or carry on business-as-usual and collapse.
“We decided to reform our political economy and defence architecture.” The president said.
Recall that the President had, at the inception of his administration, removed fuel subsidy which took toil on Nigerians.
The country also experienced changes in fiscal and monetary policies which gravely impacted the Naira value.
However, Tinubu claimed the reform had surmounted to N30 billion increase in the country’s foreign direct investment.
He also maintained that out of the N33 billion foreign exchange backlog that his administration inherited, the country has been able to pay back N7 billion.
There has also been a reduction in the country’s debt ratio, according to the President