While he acknowledged that his government's reforms were difficult and painful for Nigerians, he affirmed they were inevitable.
President Bola Tinubu addressed Nigerians Sunday in his first independence anniversary speech as president of the federal republic. Mr Tinubu spoke on different issues ranging from Nigeria's diversity, unity, justice, economic policies, and security.
While he acknowledged that some of his government's reforms were difficult and painful for Nigerians, the president affirmed they were inevitable, given that they hold the key to transforming the economy and advancing prosperity among the populace.
Here are the key highlights of his address:
1. Hope
On 1 October 1960, Nigeria gained its independence from Britain following years of struggle for sovereignty by leaders from various ethnic groups in the country.
This year marks Nigeria's 63rd anniversary of independence. The years since independence have been turbulent and unstable but Mr Tinubu said there is hope for the country.
"On this solemn yet hopeful day, let us commend our founding fathers and mothers. Without them, there would be no modern Nigeria. From the fading embers of colonialism, their activism, dedication, and leadership gave life to the belief in Nigeria as a sovereign and independent nation."
"The triumphs that Nigeria has achieved shall define us. The travails we have endured shall strengthen us. And no other nation or power on this earth shall keep us from our rightful place and destiny.
"This nation belongs to you, dear people. Love and cherish it as your very own," he said.
2. Unity
Mr Tinubu affirmed that one of the most important assets of the country is its diversity and human capital.
He urged citizens to remain united as that's the only path to success.
"Nigeria is remarkable in its formation and essential character," Mr Tinubu said, "We are a broad and dynamic blend of ethnic groups, religions, traditions and cultures. Yet, our bonds are intangible yet strong, invisible yet universal. We are joined by a common thirst for peace and progress, by the common dream of prosperity and harmony, and by the unifying ideals of tolerance and justice."
The president's speech is at a time when Nigeria's national integration is being threatened by separatists and insurgents.
But Mr Tinubu said Nigeria's unity is non-negotiable. He said forging a diverse and populous nation such as Nigeria has been a task of significant blessing but also a serial challenge.
"Some people have said an independent Nigeria should never have come into existence. Some have said that our country would be torn apart. They are forever mistaken. Here, our nation stands and here we shall remain."
3. Democracy
It's been 24 years of uninterrupted democracy in Nigeria. Even though some argue that democracy has not delivered dividends of development, Mr Tinubu said it remains the best form of government.
This year, Nigeria has also witnessed its seventh consecutive general election since 1999.
By this, the president said, "We passed a significant milestone in our journey to a better Nigeria" and the country has "proven that commitment to democracy and the rule of law remains our guiding light."
4. Fuel Subsidy
Mr Tinubu scrapped the decades-old petrol subsidy during his inauguration in May and ended foreign exchange restrictions, which has led to the soaring cost of living and angered labour unions.
In his Sunday speech, the president said this is part of bold reforms that were necessary to place the nation on the path of prosperity and growth. "I am attuned to the hardships that have come. I have a heart that feels and eyes that see."
He noted that those who sought to perpetuate the fuel subsidy and broken foreign exchange policies were people who would build their family mansion in the middle of a swamp.
"I am different. I am not a man to erect our national home on a foundation of mud," Mr Tinubu said.
5. Reforms
The president also noted that his administration has embarked on several public sector reforms to stabilise the economy and direct fiscal and monetary policy to fight inflation. He said the reforms aim to encourage production, ensure the security of lives and property, and lend more support to the poor and the vulnerable.
However, Mr Tinubu acknowledged that these reforms may be painful but are needed to acquire a great future for Africa's most populous country.
"We now carry the costs of reaching a future Nigeria where the abundance and fruits of the nation are fairly shared among all, not hoarded by a select and greedy few. A Nigeria where hunger, poverty, and hardship are pushed into the shadows of an ever-fading past," he said.
6. Palliatives
Mr Tinubu said he is aware of the hardship citizens are facing and that his administration is putting measures in place to ameliorate the stress of families and households.
"There is no joy in seeing the people of this nation shoulder burdens that should have been shed years ago. I wish today's difficulties did not exist. But we must endure if we are to reach the good side of our future.
"My government is doing all that it can to ease the load," he said.
This, according to the president, includes a provisional wage increment, an Infrastructural Support Fund for States, and conditional cash transfers to 15 million more vulnerable people.
"We are introducing a provisional wage increment to enhance the federal minimum wage without causing undue inflation. For the next six months, the average low-grade worker shall receive an additional Twenty-Five Thousand naira per month.
"To ensure better grassroots development, we set up an Infrastructure Support Fund for states to invest in critical areas. States have already received funds to provide relief packages against the impact of rising food and other prices.
"Commencing this month, the social safety net is being extended through the expansion of cash transfer programs to an additional 15 million vulnerable households."
7. Transportation
In addition, Mr Tinubu said he has taken steps to make the economy more robust by lowering transport costs.
"In this regard, we have opened a new chapter in public transportation through the deployment of cheaper, safer Compressed Natural Gas (CNG) buses across the nation," he said, noting, that these buses will operate at a fraction of current fuel prices, positively affecting transport fares.
"New CNG conversion kits will start coming in very soon as all hands are on deck to fast track the usually lengthy procurement process. We are also setting up training facilities and workshops across the nation to train and provide new opportunities for transport operators and entrepreneurs. This is a groundbreaking moment where, as a nation, we embrace more efficient means to power our economy. In making this change, we also make history."
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8. CBN Reform
The Nigeria leader said he has ordered a thorough housecleaning of the Central Bank of Nigeria because the institution has become a "den of malfeasance."
"My special investigator will soon present his findings on past lapses and how to prevent similar reoccurrences. Henceforth, monetary policy shall be for the benefit of all and not the exclusive province of the powerful and wealthy."
A new leadership for the Central Bank was constituted last week when the Senate confirmed the CBN governor and four deputy governors.
9 Tax Reform
The president also said he is resetting tax policies in the country.
"Wise tax policy is essential to economic fairness and development. I have inaugurated a Committee on Tax Reforms to improve the efficiency of tax administration in the country and address fiscal policies that are unfair or hinder the business environment and slow our growth."
To boost employment and urban incomes, the president they are providing investment funding for enterprises with great potential.
"Similarly, we are increasing investment in micro, small, and medium-sized enterprises."
10. Security
Protecting the lives of the people and their property remains the highest priority of his administration, Mr Tinubu said.
"Inter-service collaboration and intelligence sharing have been enhanced. Our Service Chiefs have been tasked with the vital responsibility of rebuilding the capacities of our security services."
He also commended the security forces for keeping us safe and securing our territorial integrity.
"Many have paid the ultimate sacrifice. We remember them today and their families. We shall equip our forces with the ways and means needed to perform their urgent task on behalf of the people."
