Economy is undergoing reform – Tinubu

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President Bola Tinubu has affirmed that the Nigerian economy is currently undergoing essential reforms and restructuring aimed at delivering more sustainable and efficient services to the nation.

The president made this statement during his Independence Day nationwide address on Tuesday.

“If we do not correct the fiscal misalignments that led to the current economic downturn, our country will face an uncertain future and the peril of unimaginable consequences. Thanks to the reforms, our country attracted foreign direct investments worth more than $30 billion in the last year.

“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”, he said.

He stated that this initiative will inject vitality into the oil and gas sector, boosting production and driving positive growth in the economy.

He highlighted the Central Bank’s adoption of a more disciplined approach to monetary policy management, which has fostered stability and predictability in the foreign exchange market.

He disclosed that when his administration took office 16 months ago, it inherited a foreign reserve of over $33 billion and has since repaid a $7 billion backlog in forex liabilities.

Additionally, he noted that his administration has successfully cleared over N30 trillion in ways and means of debt while reducing the debt service ratio from 97 per cent to 68 per cent.

“Despite all these, we have managed to keep our foreign reserve at $37 billion. 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 Stabilisation 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.”