President Bola Tinubu stated that his administration is retooling the economy through necessary reforms to better and more sustainably serve Nigerians.
He made this remark during 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 noted that, thanks to the reforms initiated by his administration, the 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 positively changing the fortune.
“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 explained 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 16 months ago. Since then, we have paid back the inherited forex backlog of $7 billion.”