My administration laying foundation cast in concrete, not on quicksand – Tinubu 

President Bola Ahmed Tinubu has assured Nigerians that his government is putting in place a durable economic structure designed to withstand future shocks.

Speaking during his Independence Day address while reviewing his administration’s performance, Tinubu said he “inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth”.

Highlighting recent gains, he noted that the naira is relatively more stable, the Nigerian stock market is recording historic growth, coal mining has been revived, and non-oil exports now account for 48 percent of total exports. He further disclosed that the country’s external reserves rose to $42.03 billion in September, while N330 billion has been distributed to support eight million households under the social intervention scheme.

“The alternative of allowing our country to descend into economic chaos or bankruptcy was not an option,” he declared.

Tinubu stressed that the government’s policies are yielding positive results.

“Our macro-economic progress has proven that our sacrifices have not been in vain. Together, we are laying a new foundation cast in concrete, not on quicksand.”

He added that state and local governments are now receiving higher allocations from the federation account than at any time in the past.

“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,” the president said.

He explained that success should be measured beyond numbers.

“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 channelled into these critical areas.

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

President Tinubu ended by calling on Nigerians to embrace innovation and enterprise.

He urged citizens to “turn on the taps of productivity, innovation, and enterprise”.