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Foundation of Nigeria’s economy flawed by over-reliance on oil revenues — Tinubu

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President Bola Tinubu said Nigeria’s economy is flawed because of its reliance on exploitation of oil revenues alone.

The president made this disclosure in his “democracy speech” on Wednesday at the State House in Abuja.

Tinubu stated that the reforms he initiated aim to correct these imbalances, and create a stronger, more robust foundation for the country’s future growth.

Moreover, he said he is aware the hardship the reforms have caused, but they are necessary repairs to fix the economy.

He assured that the reforms will guarantee fair pay and compensation for workers in the long haul.

“I understand the economic difficulties we face as a nation. Our economy has been in desperate need of reform for decades. It has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil.

“The reforms we have initiated are intended to create a stronger, better foundation for future growth. There is no doubt the reforms have occasioned hardship.

“Yet, they are necessary repairs required to fix the economy over the long run so that everyone has access to economic opportunity, fair pay and compensation for his endeavour and labour.

“As we continue to reform the economy, I shall always listen to the people and will never turn my back on you,” Tinubu said.

Speaking further, the president said democracy is still the best of government, adding that Nigeria made the right decision 25 years ago.

He, however, called on Nigerians to be conscious of those who seek to destroy the system from within.

According to the president, this is the greatest battle of the day and that’s why the country must be continue to celebrate democracy.

“As Nigerians, we must remind ourselves that no matter how complicated democracy may be, it is the best form of governance in the long run. we must also be aware that there are those among us who will try to exploit current challenges to undermine, if not destroy, this democracy for which so much has already been given.

 “These people do this not to make things better but to subject all other people and things to their control and dominance until the point that, if you are not counted among their elite, then your life will be small and no longer owned by you.

“This is the great battle of our day and the major reason we specially celebrate this Democracy day,” Tinubu said.

Nigeria over reliance on crude oil is a known fact, contributing to about 90% of the country’s export and a major means to foreign exchange into the country.

While the country is rich in mineral resources such as lithium, limestone and cobalt, Nigeria still relies on crude oil production for its revenue generation.

Upon his assumption into office , president Tinubu signed a new executive orders to boost the gas industry, and move the country away from dependence on oil alone.

President Tinubu also inaugurated three different gas plants, aiming to boost gas production in the country by at least 25%.

The gas plants are located in Delta and Imo respectively.

In addition, the president said that the country will be moving towards CNG-powered vehicles as part of his initiative to wean off the country’s dependence from petrol to gas-dependent transportation system.

 

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