Nigerian President Bola Tinubu says that the country must either reform for progress and prosperity or continue with business as usual and risk collapse.

In a nationwide broadcast on Tuesday to mark Nigeria’s 64th Independence Anniversary, Tinubu said that his administration, on assumption of office last year, embarked on reforms of the political economy and defence architecture, given the critical juncture the country found itself.

Nigeria got its Independence from Britain, its erstwhile colonial master, on October 1, 1960.

He, however, lamented that Nigeria found itself in a precarious situation because of the missed opportunities and mistakes of the past and called on Nigerians not to allow the mistakes to follow the country into the future.

In his address, President Tinubu stated that the rising cost of living and fading employment opportunities will soon be curbed substantially.

While pleading for patience from Nigerians, Tinubu expressed the commitment of his administration to finding long-term solutions to the problems besetting the country, noting that the economy was already turning the corner.

“Fellow Nigerians, as I address you today, I am deeply aware of the struggles many of you face in these challenging times. Our administration knows that many of you struggle with rising living costs and the search for meaningful employment. I want to assure you that your voices are heard.

“As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel,” Tinubu said.

On the economy, President Tinubu said that the Nigerian economy faced many headwinds and security highly impaired upon his assumption of office.

“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.

According to him, if the country did not correct the fiscal misalignments that led to the current economic downturn, it would face an uncertain future and the peril of unimaginable consequences.

He said the economy was undergoing the necessary reforms and retooling to serve the people better and more sustainably.

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

“We inherited a reserve of over $33bn 16 months ago. Since then, we have paid back the inherited forex backlog of $7bn.

“We have cleared the ways and means a debt of over N30tn. 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 $37bn. We continue to meet all our obligations and pay our bills. We are moving ahead with our fiscal policy reforms.

“To stimulate our productive capacity 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.

On the security front, he said: “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.”

And recognising that the country cannot design a future that belongs to the youths without making them its architects, President Tinubu announced the convocation of a National Youth Conference.

“This conference will be a platform to address the diverse challenges and opportunities confronting our young people, who constitute more than 60 per cent of our population.

“It will provoke meaningful dialogue and empower our young people 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. The modalities of this Confab and selection of delegates will be designed in close consultation with our young people through their representatives,” he said.