Fellow Nigerians,
Today, as I stand before you, I am keenly aware of the difficulties many of you face. Our nation is going through trying times, and many of you are burdened by the rising cost of living and the search for meaningful employment. As your President, I want to assure you that your voices are being heard, and we are fully committed to finding sustainable solutions to ease the suffering of our citizens. I ask for your continued patience as we navigate these reforms that, while difficult, are starting to show positive signs. We are beginning to see light at the end of the tunnel.
Sixty-four years ago, our founding fathers made a deliberate choice to embrace democracy, setting in motion the dream of a great nation that would be a beacon of hope for Africa and the world. As we look back over these six decades, we can take pride in how far we have come. The world is witnessing and benefiting from the resilience and ingenuity of Nigerians, who excel in all walks of lifeāfrom arts to science, from technology to infrastructure. Though we still have work to do, the dreams our founders envisioned are very much alive. Each day, we are determined to make more progress and build a stronger Nigeria.
It is easy to focus on our nation's missteps and shortcomings, but we must not lose sight of how far we have come. Since gaining independence, Nigeria has survived challenges that have torn other nations apart. Just six years after our independence, a political crisis led to a bitter civil war. But from that darkest moment, we emerged stronger, learning to embrace our diversity and manage our differences. Despite all we have been through, Nigeria remains a united and sovereign nation.
Our Independence Day provides us with an opportunity to reflect on our progress and renew our commitment to building a better country for ourselves and future generations. While we celebrate the achievements of the past 64 years, we must also recognize the missed opportunities and mistakes that have held us back. If we are to fulfill our destiny as one of the greatest nations on earth, we must not allow these past errors to hinder our future progress.
Sixteen months ago, our administration took office at a crucial time. Our economy was facing serious challenges, and our security situation was dire. At that point, we had to make a choice: continue with business as usual and risk collapse, or embark on much-needed reforms. We chose the path of reform to ensure progress and prosperity.
On the security front, I am pleased to inform you that we are making significant strides in the fight against terrorism and banditry. Within a year, our military has eliminated over 300 Boko Haram and bandit commanders, restoring peace to numerous communities in the North. Many displaced persons have been able to return home, and as we continue to restore security, our farmers will soon return to their fields. This will lead to increased food production and a reduction in food costs. Our efforts are far from over, but we are making significant progress.
In response to recent natural disasters, including flooding in parts of the country, the government has acted swiftly. We have approved a Disaster Relief Fund and ordered integrity tests on all our dams to prevent future calamities. We are standing with affected communities, and we will continue to provide support wherever needed.
Economically, we are undergoing necessary reforms to ensure long-term sustainability. Without addressing the fiscal misalignments that have contributed to our current economic difficulties, our nation would face a perilous future. Thanks to these reforms, we have attracted over $30 billion in foreign direct investments over the past year. Our administration remains committed to fostering free enterprise and investment while ensuring that our regulatory processes are efficient and fair.
We are also making progress in stabilizing our monetary policy. When we took office, our foreign reserves stood at $33 billion. Since then, we have paid off a $7 billion foreign exchange backlog and reduced our debt service ratio from 97% to 68%. Despite these payments, our foreign reserves have increased to $37 billion, and we are continuing to meet all our obligations.
Our fiscal policy reforms will further stimulate growth, reduce the tax burden, and create more jobs. The Federal Executive Council has approved the Economic Stabilization Bills, which will be sent to the National Assembly. These bills will improve the business environment and stimulate investment.
We are also committed to implementing the Supreme Court's ruling on the financial autonomy of local governments as part of our broader effort to restructure our political economy.
I know that the rising cost of living, especially food prices, is a significant concern for many Nigerians. This is a global issue, but I want to assure you that we are doing everything we can to bring down costs here at home. Several governors, particularly in Kebbi, Niger, Jigawa, Kwara, Nasarawa, and the Southwest, have embraced our agricultural production programs, and I encourage other states to follow suit.
In addition to our efforts in agriculture, we are committed to empowering our young people, who make up over 60% of our population. I am pleased to announce the National Youth Conference, which will provide a platform for addressing the challenges and opportunities facing our youth. This 30-day conference will bring together young people from across the country to discuss critical issues such as education, employment, innovation, security, and social justice. The government will take these recommendations seriously as we continue our mission to build a more inclusive and prosperous Nigeria.
Our administration is also implementing youth-centric programs like the 3 Million Technical Talents (3MTT) initiative and the Nigerian Education Loan Fund (NELFUND) to help young Nigerians succeed in today's rapidly changing world. Later this month, we will launch the Renewed Hope Labour Employment and Empowerment Programme (LEEP), aimed at creating 2.5 million jobs annually.
In conclusion, fellow Nigerians, I am confident that better days lie ahead. We are a resilient and determined people. Though the road ahead may be difficult, I urge you to remain hopeful and believe in the promise of our nation. Together, we can forge a brighter future for ourselves and for future generations.
May God bless our nation, and may He continue to protect our armed forces.
Happy Independence Day, my fellow Nigerians!
-President Bola Ahmed Tinubu
