On Sunday, October 1, President Bola Tinubu delivered his first independence speech as President of Nigeria.
Tinubu, who was inaugurated on May 29, serves as the country’s 16th consecutive head of state since independence. He is also the country’s fifth president since the beginning of democracy in 1999.
After his inauguration, Tinubu took certain economic steps in an attempt to reform the economic situation of Africa’s largest economy.
In his independence speech, he reaffirmed his commitment to the country’s economic growth and development, emphasizing the important policy initiatives that his administration has been implementing since its emergence. His speech, timed as the nation celebrates its independence, offers further insights into the country’s economic direction for the foreseeable future.
Below are five main points from the president’s economic plans as highlighted in his independence speech.
1. Modernization of the economy and security of life and property
In his speech, Tinubu reiterated his commitment as president to modernizing the country’s economy as well as securing the lives and property of Nigerians. According to the President, the security of lives and property is at the forefront of his economic initiatives to advance prosperity.
Recently, there have been multiple attacks by bandits and armed criminals against farmers and agricultural products, resulting in rising cost of food products as well as increased cost inflation in the agricultural sector. Hence, it becomes necessary for the state’s priority to be to secure the lives and property of individuals to reduce the high cost of food prices as well as the restrictions imposed on production resulting strictly from insecurity in the country.
Tinubu said
- “At my inauguration, I made important promises about how I would govern this great nation. Among those promises were pledges to reshape and modernize our economy and secure the lives, liberty, and property of the people. I said that bold reforms were necessary to put our nation on a path to prosperity and growth.
2. Dedication to bold economic reforms
Tinubu also reassured Nigeria that he was determined to move on the path of reforming the country’s economic structure, noting that he was not a president who built a palace in the mud. He stated that the country needs to make some long overdue reforms to ensure the future is secured for prosperity.
He said,
- “Those who sought to perpetuate fuel subsidies and dysfunctional foreign exchange policies are the people who will build their family palace in the middle of the swamp. I am someone different. I am not a man to build our national home on a foundation of clay. To endure, our home must be built on safe and pleasant ground.
- “Reform may be painful, but it is what greatness and the future require. We now bear the costs of reaching a future in a Nigeria where the nation’s abundance and fruits are fairly shared among all, not hoarded by a select and greedy few. A Nigeria where hunger, poverty and hardship are pushed to the shadows A past that is constantly fading away.
- “There is no joy in seeing the people of this nation carrying burdens that should have been shed years ago. I wish today’s difficulties did not exist. But we must endure if we want to get to the good side of our future.
- “My government is doing everything it can to ease the burden. I will now outline the path we take to ease the pressure on our families and families.
3. Public welfare and infrastructure
Furthermore, Tinubu also stated that his presidency is introducing temporary wage increases to enhance the federal minimum wage without it leading to undue inflation. In addition, the President said his attempt to stabilize public sector reforms led to the creation of an infrastructure support fund for states to invest in their local communities.
He said,
- “We are introducing a temporary wage increase to boost the federal minimum wage without causing undue inflation. For the next six months, the average low-grade worker should receive an additional twenty-five thousand naira per month.
- “To ensure better grassroots development, we have established the States Infrastructure Support Fund to invest in critical areas. States have already received funds to provide relief packages against the impact of rising food and other prices.
4. Investing in compressed natural gas
The President also pledged that his administration is ready to roll out new CNG conversion kits to enhance affordability in the public transportation sector. He stated that the government is also setting up training facilities to provide employment opportunities to transport operators and entrepreneurs.
“Making the economy stronger by reducing transportation costs will be key. In this regard, we have opened a new chapter in public transportation by deploying cheaper and safer compressed natural gas (CNG) buses across the country. These buses will operate at a fraction of Current fuel prices, which positively affects transportation prices.
- “New CNG conversion kits will start arriving very soon as all hands are ready to speed up the usually long procurement process. We are also setting up training facilities and workshops across the country to train and provide new opportunities for transport operators and entrepreneurs.” The president said.
5. CBN audit and house cleaning efforts
As part of his commitment to reform the country’s apex financial institution, the President also firmly stated that he is ensuring a thorough clean-up of the Central Bank of Nigeria (CBN). He added that a private investigator would soon present his findings about the foundation’s past activities.
It is worth noting that President Tinubu sacked the last governor of the CBN, Godwin Emefiele, over alleged mismanagement of the institution. He also established new leadership in the bank’s structure to ensure solid monetary policies to reduce inflation and stabilize the economy.
- “I have pledged to thoroughly clean up the den of wrongdoing that the CBN has become. House cleaning is well underway. A new leadership of the central bank has been put in place.
- “Also, my private investigator will soon present his findings on past lapses and how to prevent the recurrence of such mistakes. From now on, monetary policy should be for the benefit of everyone and not just for the powerful and the wealthy. he added.