President Bola Tinubu says his administration is retooling the economy through necessary reforms to serve Nigerians better and more sustainably.
The President said this in his Independence Day broadcast 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," he said.
He said thanks to the reforms embarked upon by his administration, the country attracted foreign direct investments worth more than 30 billion dollars 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," said Tinubu.
He said that this was done in the same manner as other qualified divestments approved in the sector, as the move would create vibrancy and increase oil and gas production, positively impacting the economy.
"The more disciplined approach adopted by the Central Bank to monetary policy management has ensured stability and predictability in our foreign exchange market.
"We inherited a reserve of over 33 billion dollars 16 months ago. Since then, we have paid back the inherited forex backlog of 7 billion dollars.
"We have cleared the ways and means debt of over N30 trillion. 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 37 billion dollars. We continue to meet all our obligations and pay our bills.
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"We are moving ahead with our fiscal policy reforms," he said.
According to him, to stimulate the productive capacity of the economy and create more jobs and prosperity, the Federal Executive Council approved the Economic Stabilisation Bills, which will now be transmitted to the National Assembly.
He said these transformative bills would make the business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once passed into law.
