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To convene a national youth conference
President Bola Tinubu has assured Nigerians that his administration is retooling the economy through necessary reforms to serve them better and more sustainably.
In his Independence Day broadcast early this morning (Tuesday, October 1), the president said: “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 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 of 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.
“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.
FG to convene national youth conference
Meanwhile, President Tinubu also said on Tuesday that his administration would convene a National Youth Conference to address the diverse challenges and opportunities confronting youths.
The President made the announcement in his Independence Day broadcast.
He said the conference would provoke meaningful dialogue and empower our young people, who constituted more than 60 per cent of the population, to participate actively in nation-building.
“By ensuring that their voices are heard in shaping the policies that impact their lives, we are creating a pathway for a brighter tomorrow.
“The 30-day Confab will unite young people nationwide to collaboratively develop solutions to issues such as education, employment, innovation, security, and social justice,” said the President.
He added that the modalities of this Confab and selection of delegates would be designed in close consultation with young people through their representatives.
“Through this confab, it will be our job as leaders to ensure that their aspirations are at the heart of the conference’s deliberations.
“The government will thoroughly consider and implement the recommendations and outcomes from this forum as we remain resolute in our mission to build a more inclusive, prosperous, and united Nigeria.
“Our government is implementing several other youth-centric programmes to give our young people an advantage in the rapidly changing world,” said Tinubu.
He also said his administration was implementing, amongst others, the 3 million Technical Talents programme (3MTT) of the Ministry of Communications, Innovation and Digital Economy, aimed at building Nigeria’s technical talent backbone.
“We have also enthusiastically implemented the Nigerian Education Loan Fund (NELFUND), which provides cheap loans to our students to pursue their tertiary educational dreams.
“In addition, later this month, we shall launch The Renewed Hope Labour Employment and Empowerment Programme (LEEP).
“It is conceived as a comprehensive suite of interventions at job creation by the Federal Ministry of Labour and Employment,” he said.
He said the programme was aimed at facilitating the creation of 2.5 million jobs, directly and indirectly, on an annual incremental basis whilst simultaneously ensuring the welfare and safety of workers across the country.
