In a recent address to the nation, President Bola Tinubu announced that the federal government has successfully cleared the Ways and Means debt of over N30 trillion. This significant milestone comes as a result of the necessary reforms implemented by his administration to address fiscal imbalances and ensure economic stability.
President Tinubu emphasized the importance of these reforms in preventing a collapse of the economy, stating that without them, the country would have faced an uncertain future with unimaginable damage. Thanks to these reforms, Nigeria has attracted foreign direct investment worth more than $30 billion in the last year.
The President also highlighted the disciplined approach taken by the Central Bank in managing monetary policy, which has led to stability and predictability in the foreign exchange market. Despite challenges such as the rising cost of living, particularly food prices, President Tinubu reassured citizens that the government is taking steps to address these issues.
President Tinubu commended certain state governors for their support of agricultural programs and urged others to invest in mechanized farming. He announced that the Federal Government is supplying fertilizers and farm equipment, and a local plant for assembling 2,000 John Deere tractors and other farm tools has been approved for completion within six months.
The President also highlighted the rising cost of living, especially food prices, as a major concern in Nigeria and globally. He reassured citizens that the government is taking steps to reduce these costs.