Nigeria must correct its fiscal misalignment – Tinubu

President Bola Tinubu has insisted that the Nigeria must correct the fiscal misalignment that brought the current economic challenges to the country.

The President stated this in his October 1, Independence Day nationwide broadcast on Tuesday.

“The economy is undergoing the necessary reforms and retooling to serve us better and more sustainably. 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,” the president said.

“Thanks to the reforms, our country attracted foreign direct investments worth more than $30 billion in the last year.”

The President also insisted that the country must not lose sight of how far we have gone. He noted that Nigeria has faced more challenging situations but overcame all.

He noted that the Independence anniversary provides opportunities for the country to reflect on the mistakes of the past, adding that the mistakes must not follow the country into the future.

He disclosed that his administration has been able to restore peace to trouble communities in the north which will ensure that more farmers will return to their farms and produce more food.

“My administration took over the leadership of our country 16 months ago at a critical juncture. The economy faced many headwinds, and our physical security was highly impaired. We found ourselves at a dizzying crossroads, where we must choose between two paths: reform for progress and prosperity or carry on business-as-usual and collapse. We decided to reform our political economy and defence architecture,” he said.

“On the security front, I am happy to announce to you, my compatriots, that our administration is winning the war on terror and banditry. Our target is to eliminate all the threats of Boko Haram, banditry, kidnapping for ransom, and the scourge of all forms of violent extremism. Within one year, our government has eliminated Boko Haram and bandit commanders faster than ever. As of the last count, over 300 Boko Haram and bandit commanders have been eliminated by our gallant troops in the Northeast, Northwest, and some other parts of the country.

“We have restored peace to hundreds of communities in the North, and thousands of our people have been able to return home. It is an unfinished business, which our security agencies are committed to ending as quickly as possible. As soon as we can restore peace to many communities in the troubled parts of the North, our farmers can return to their farms. We expect to see a leap in food production and a downward spiral in food costs. I promise you, we shall not falter on this.”