My Administration Building a Solid Economic Foundation for Nigerians – Tinubu

President Bola Tinubu has revealed that he is building a solid economic foundation for Nigerians.

Marking the anniversary of the country’s independence, the president presented his administration’s scorecard, stating that he had inherited an economy on the brink of collapse—crippled by decades of distorted fiscal policies and misaligned economic strategies that had stifled real growth.

He highlighted several signs of recovery: a stronger national currency, an unprecedented surge in the stock market, a significant rebound in coal mining, and a shift in trade dynamics with non-oil exports now accounting for 48% of total exports.

He also noted that external reserves had risen to $42.03 billion as of September, and N330 billion had been disbursed to eight million households through the social investment programme.

Tinubu said: “The alternative of allowing our country to descend into economic chaos or bankruptcy was not an option.

“Our macro-economic progress has proven that our sacrifices have not been in vain.

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“Together, we are laying a new foundation cast in concrete, not on quicksand.”

The president further noted that both state and local governments are 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 channeled into these critical areas.

“Today, the governors at the state level, and the local government autonomy are yielding more developments.”

The president urged all Nigerians to “turn on the taps of productivity, innovation, and enterprise”.