President Bola Tinubu has confidently defended his administration, stating that he is erecting a solid economic foundation for Nigerians, one that is built on concrete and not quick sand.
The president claimed to have “inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth” when he presented his scorecard on the anniversary of the nation’s independence.
According to president Bola Tinubu, the country’s currency is stronger, the stock market is experiencing an unprecedented boom, coal mining has recovered significantly, non-oil exports now account for 48% of export trade, external reserves reached $42.03 billion in September, and eight million households have received N330 billion through the social investment program.
Also Recommended: No religious genocide in Nigeria, President Bola Tinubu denies bold claims
“The alternative of allowing our country to descend into economic chaos or bankruptcy was not an option,” he said.
“Our macro-economic progress has proven that our sacrifices have not been in vain.
“Together, we are laying a new foundation cast in concrete, not on quicksand.”
Additionally, president Bola Tinubu said that state and local governments are now receiving more in federation allocation than ever before.
“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.
“The accurate measure of our success will not be limited to economic statistics alone, but rather in the food on our families’ tables, the quality of education our children receive, the electricity in our homes, and the security in our communities.
“Let me assure you of our administration’s determination to ensure that the resources we have saved and the stability we have built are channelled into these critical areas.
“Today, the governors at the state level, and the local government autonomy are yielding more developments.”
Join Our Social Media Channels:
WhatsApp: NaijaEyes
Facebook: NaijaEyes
Twitter: NaijaEyes
Instagram: NaijaEyes
TikTok: NaijaEyes
