On Tuesday, President Bola Tinubu declared that Nigeria must either reform for growth and prosperity or maintain business as usual, risking collapse.

He did, however, say that when his administration took over the country’s leadership 16 months ago, it chose to change the political economy and defense architecture in light of the country’s precarious situation.

He bemoaned that Nigeria had found itself in a hazardous situation as a result of past wasted chances and blunders, and urged Nigerians not to allow those failures to follow the country into the future.

This was part of the text of the President’s nationwide broadcast commemorating the Federal Republic of Nigeria’s 64th independence day, which was delivered on Tuesday morning. Nigeria gained its independence from Britain, its former colonial overlord, on October 1, 1960.

In a national broadcast, Tinubu stated that when he took government, the economy faced several headwinds and security was severely compromised.

“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,” he said.

He added that if the country did not correct the fiscal misalignments that led to the current economic downturn, it would face an uncertain future and the peril of unimaginable consequences.

The President further said the economy was undergoing the necessary reforms and retooling to serve the people better and more sustainably.

“Thanks to the reforms, our country attracted foreign direct investments worth more than $30bn in the last year.

“We inherited a reserve of over $33bn 16 months ago. Since then, we have paid back the inherited forex backlog of $7bn.

“We have cleared the ways and means a debt of over N30tn. We have reduced the debt service ratio from 97 per cent to 68 per cent.

“Despite all these, we have managed to keep our foreign reserve at $37bn. We continue to meet all our obligations and pay our bills. We are moving ahead with our fiscal policy reforms.

“To stimulate our productive capacity and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilization Bills, which will now be transmitted to the National Assembly.

“These transformative bills will make our business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once they are passed into law,” he said.

He announced that the ExxonMobil Seplat divestment would receive ministerial approval shortly, having been concluded by the Nigerian Upstream Petroleum Regulatory Commission, in line with the Petroleum Industry Act.

“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes.

“This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively.

“As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA.

“This was done in the same manner as other qualified divestments approved in the sector.

“The move will create vibrancy and increase oil and gas production, positively impacting our economy,” he said.

Tinubu also lauded the Central Bank of Nigeria for its monetary policy management, which, he said, had ensured stability and predictability in the foreign exchange market.

The President said the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players was on course.

He said the Federal Government was ready to assist the 36 states and the Federal Capital Territory in acquiring CNG buses. He said the move would also help to ensure cheaper public transportation for the masses and relief from the hardship.

The President reiterated the stand of his administration on local government autonomy, saying it was resolute in its determination to implement the judgment of the Supreme Court.

“As part of our efforts to re-engineer our political economy, we are resolute in our determination to implement the Supreme Court judgment on the financial autonomy of local governments,” he said.

The president said the past mistakes landed the country in its present state. He, however, said that to become one of the greatest nations on earth, as destined by God, the country must not repeat such mistakes.

“We celebrate the progress we have made as a people in the last sixty-four years; we must also recognise some of our missed opportunities and mistakes of the past.

“If we are to become one of the greatest nations on earth, as God has destined us to be, our mistakes must not be allowed to follow us into the future.”

He vowed to tackle hardship and the rising cost of living with renewed vigour.

“Fellow Nigerians, as I address you today, I am deeply aware of the struggles many of you face in these challenging times.

“Our administration knows that many of you struggle with rising living costs and the search for meaningful employment. I want to assure you that your voices are heard.

“As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel.”

He lamented the high cost of living, especially food costs, a situation he said was shared by many around the globe as prices and the cost of living continued to rise worldwide.

Tinubu, however, assured Nigerians that his administration was implementing measures to reduce the cost of living in the country.

He lauded the governors of Kebbi, Niger, Jigawa, Kwara, Nasarawa and those in the South-West who had embraced the agricultural production programme.

The Federal Government, in July 2024, announced a comprehensive plan to ramp up agricultural production for the 2024–2025 farming cycle.

The plan included sustained support for smallholder farmers through existing government initiatives during the ongoing wet season farming.

Other initiatives, as unveiled by the Minister of Agriculture and Food Security, Abubakar Kyari, included the intensive agricultural mechanisation and development aimed at reducing drudgery, lowering production costs, and boosting productivity.

The government also disclosed readiness to collaborate with subnational entities to identify irrigable lands and increase the area under cultivation.

In partnership with the Federal Ministry of Water Resources and Sanitation, the government also promised to rehabilitate and maintain irrigation facilities under river basin authorities across the federation.

Speaking on the initiative, the President said, “I commend the governors particularly in Kebbi, Niger, Jigawa, Kwara, Nasarawa, and the Southwest Governors, that have embraced our agricultural production programme.

“I urge other states to join the Federal Government in investing in mechanised farming. We are playing our part by supplying fertiliser and making tractors and other farm equipment available.

“Last week, the Federal Executive Council approved establishing a local assembly plant for 2,000 John Deere tractors, combine harvesters, disc riders, bottom ploughs and other farm equipment. The plant has a completion time of six months.”

Tinubu listed the achievements of the administration in the area of improved security, adding that it was winning the war on terror and banditry.

He announced that within one year, the security forces had eliminated over 300 Boko Haram and bandit commanders in the Northeast, Northwest and some other parts of the country.

“On the security front, I am happy to announce to you, my compatriots, that our administration is winning the war on terror and banditry.

“Our target is to eliminate all the threats of Boko Haram, banditry, kidnapping for ransom, and the scourge of all forms of violent extremism.

“Within one year, our government has eliminated Boko Haram and bandit commanders faster than ever. As of the last count, over 300 Boko Haram and bandit commanders have been eliminated by our gallant troops in the Northeast, Northwest, and some other parts of the country.

“We have restored peace to hundreds of communities in the North, and thousands of our people have been able to return home. It is an unfinished business, which our security agencies are committed to ending as quickly as possible.

“As soon as we can restore peace to many communities in the troubled parts of the North, our farmers can return to their farms.

“We expect to see a leap in food production and a downward spiral in food costs. I promise you, we shall not falter on this,” the text of the broadcast read.

Speaking on the recent natural disasters, particularly the flooding in parts of the country, Tinubu sympathised with victims and promised relief to those affected.

“After Vice President Kashim Shettima visited Maiduguri, I also visited to assure our people that this Federal Government will always stand with our people in their times of trouble.

“At the last meeting of the Federal Executive Council, we approved a Disaster Relief Fund to mobilise private and public sector funds to help us respond faster to emergencies.

“Our government has also ordered integrity tests of all our dams in the country to avert future disasters,” he stated.

The President announced a 30-day gathering of the youth in the country, where their diverse challenges and opportunities would be addressed.

“As we work to overcome the challenges of the day, we remain mindful of the next generation as we seek to galvanise their creative energy towards a better future.

“We lead today with the future we wish to bequeath to our children in focus, recognising that we cannot design a future that belongs to them without making them its architects.

“Considering this, I am pleased to announce the gathering of a National Youth Conference. This conference will be a platform to address the diverse challenges and opportunities confronting our young people, who constitute more than 60 percent of our population.

“It will provoke meaningful dialogue and empower our young people to participate actively in nation-building. By ensuring that their voices are heard in shaping the policies that impact their lives, we are creating a pathway for a brighter tomorrow.

“The 30-day Confab will unite young people nationwide to collaboratively develop solutions to issues such as education, employment, innovation, security, and social justice.

“The modalities of this confab and selection of delegates will be designed in close consultation with our young people through their representatives.

“Through this confab, it will be our job as leaders to ensure that their aspirations are at the heart of the conference’s deliberations. The government will thoroughly consider and implement the recommendations and outcomes from this forum as we remain resolute in our mission to build a more inclusive, prosperous, and united Nigeria,” he said.

He said the government was implementing several other youth-centric programs to give the youth an advantage in the rapidly changing world.

Tinubu added, “We are implementing, amongst others, the 3 million Technical Talents program (3MTT) of the Ministry of Communications, Innovation, and Digital Economy, aimed at building Nigeria’s technical talent backbone.

“We have also enthusiastically implemented the Nigerian Education Loan Fund (NELFUND), which provides cheap loans to our students to pursue their tertiary educational dreams.

“In addition, later this month, we shall launch The Renewed Hope Labour Employment and Empowerment Programme (LEEP). It is conceived as a comprehensive suite of interventions at job creation by the Federal Ministry of Labour and Employment that is aimed at facilitating the creation of 2.5 million jobs, directly and indirectly, on an annual incremental basis whilst simultaneously ensuring the welfare and safety of workers across the country.”

Tinubu said though it was tempting to focus on what had been left undone and where the people had stumbled as a nation, the sight of how far Nigerians had come in forging and holding the country together must not be lost.

“Since independence, our nation has survived many crises and upheavals that led to the dissolution and disintegration of many other nations worldwide.

“Six years after independence, our country descended into a political crisis that led to a bitter and avoidable civil war. Since returning from the brink of that darkest moment, we have learned to embrace our diversity and manage our differences better as we continue to work towards engendering a more perfect union.

“Despite the many challenges that buffeted our country, we remain a strong, united, and viable sovereign nation.”

He lauded the “can-do spirit” of the Nigerian people, the massive intellectual capacity, and enterprise and industry in all vocations, saying that Nigerians were living the dream of the founding fathers.

He said looking back to the past 64 years, Nigerians could see how well the country had succeeded in realising the lofty dreams of the founding fathers.

“Exactly 64 years ago, our founding fathers chose democracy as a form of government and launched the dream of a great country that would lead the rest of Africa out of poverty, ignorance, and underdevelopment, a beacon of hope to the rest of Africa and the world.

“Over six decades later, we can look back, and Nigerians worldwide can see how well we have succeeded in realising the lofty dreams of our founding fathers.

“The world is witnessing and benefiting from the can-do spirit of the Nigerian people, our massive intellectual capacity, and our enterprise and industry in all vocations, from arts to science, technology to infrastructure.

“The dreams that our founding fathers envisaged are still a work in progress. Every day, we put our hands on the plough, determined to do a better job of it,” he added.

The President announced that the Senate President, Godswill Akpabio, and the Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, have been conferred with the honour of the Grand Commander of the Order of the Niger.

He listed the Deputy Senate President, Barau Jibrin, and the Speaker of the House of Representatives, Tajudeen Abbas, as recipients of the Commander of the Order of the Federal Republic.

The Deputy Speaker of the House of Representatives, according to the President, was awarded the Commander of the Order of Niger.