2025 Democracy Day: Our Economy At ‘Inflection Point’…We Don’t Have One-Party State In View-President Tinubu
President Bola Tinubu submitted on Thursday that the nation’s economy will soon cross the ‘inflection point’ noting that inflation is easing ‘gradually’ while asserting that the era of states borrowing money to pay salaries is gone.
‘Upon assuming office, my team and I moved to reform our ailing economy. We introduced fundamental reforms to correct structural imbalances that prevented maximum growth.
We are already seeing results. GDP grew by 3.4 per cent in 2024, with Q4 hitting 4.6 per cent, the highest quarter of growth in over a decade. Inflation is easing gradually, steadying the price of food staples like rice and beans. Our net foreign reserves have increased fivefold, and the Naira exchange rate has stabilized. Our balance of payments position is positive; our sovereign credit rating is improving as we continue to promote oil and non-oil exports. States now do not need to go about borrowing to pay salaries’ he said.
Team@orientactualmags.com learned that the president said this while delivering his ‘presidential speech’ to the joint sitting of senate and House of Representatives in Abuja on Thursday.
It was an event held to mark the 26th anniversary of Democracy Day.
The president has also emphasized the need for Nigerians to play important role in ensuring food security in the country urging them to grow their own food.
‘Our “Nigeria First” policy will further enhance progress as we consolidate market-driven growth. The improved economic performance is encouraging and validates the soundness of our policy measures. Our medium-term growth target remains an economy growing at a 7 per cent clip with a stronger manufacturing base. We must learn to produce and grow most of our food and we are on the path to achieving food sovereignty.
These and other reforms have placed the economy on a more rational footing where critical decisions regarding large-scale investment can now be made’ he added
Tinubu also commended the National Assembly for supporting his administration’s tax reform bills while urging continued support and cooperation.
‘I ask you, the legislature, to join me as we enter the second half of our term to put forth innovative legislation that further encourages industrial development and job creation in our urban centres while also drafting laws that improve food security and production.
To further underpin our economic vision, we introduced a comprehensive Tax Reform Package, a vital component of our economic re- engineering. I am deeply grateful to both chambers for your thorough consideration and deliberation of these bills, and I look forward to signing them into law soon.
Again, your collaboration across party lines on these bills has been a model of democratic partnership.
As elected leaders, we must continue to do more to make real the dream of Nigeria’s political and economic democracy’ he said.
‘Mr. Chairman, Nigeria is at an inflexion point, undergoing structural and fundamental change toward a secure future.
Our administration is fully committed to boosting the economy’s productive base. Through investment in critical infrastructure, roads, expansion of port operations, rail, and power we are creating a new environment in which industry and manufacturing can thrive. Our tax and fiscal policy reforms will streamline tax administration and eliminate burdensome and multiple taxes enabling our industrialists and entrepreneurs to operate in a more enabling environment.
Governance must work and deliver value to the people. As part of our tax reforms, we have provided small businesses with an exemption and established the Office of the Tax Ombudsman to ensure transparency and protect taxpayer rights. Digital tools now help us track performance and reduce waste. The Diaspora Bond and Non-Resident BVN are bringing Nigerians abroad into the national development fold’ he added.
Reacting to insinuations that there are plans to make the nation become a one-party state, President Tinubu, who called this a ‘terrible rumour’, clarified and asserted that his administration never had such a thing ‘in view’.
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The president however blamed the opposition parties for failing to put their house in order recalling that a scenario in semblance with this had gotten enacted while the PDP was the ruling party, but he had remained the last of the ‘progressive governors’ standing in his region.
‘For me, I would say try your best to put your house in order. I will not help you do so. It is, indeed, a pleasure to witness you in such a disarray’ he said.
President Tinubu also noted that it would be wrong for the APC leaders not to throw their arms around new members and welcome them.
‘A one-party state is not in the offing. Nor should it ever be. That said, we would be guilty of political malpractice if we closed the door on those from other parties who now seek to join the APC and I sincerely welcome our party’s newest members from Delta and Akwa Ibom States led by Governor Sheriff Oborevwori and Pastor Umo Eno and other members of this National Assembly.
Political parties fearful of members leaving may be better served by examining their internal processes and affairs rather than fearfully conjuring up demons that do not exist. For me, I would say try your best to put your house in order. I will not help you do so. It is, indeed, a pleasure to witness you in such a disarray.
We must welcome and accept the diversity and number of political parties just as we welcome and embrace the diversity of our population. Our efforts must never be to eliminate political competition but to make that competition salutary to the national well-being by working across the political aisle whenever possible’ he said.
While noting that our nation is not ‘perfect’, he however submitted that it is ‘strong’ adding that ‘our democracy is not invincible, but it is alive. And this means our dream of a prosperous, happy nation is still within reach and worth fighting for’.
He also commended former president Muhammadu Buhari for making June 12 become the nation’s Democracy Day.
‘Let me pay tribute to former President Muhammadu Buhari for reaching back into history to rectify a national misdeed by making June 12 Democracy Day and by officially acknowledging Chief Moshood Kashimawo Olawale Abiola and his running mate, Babagana Kingibe, as the victors and thus duly elected President and Vice President respectively of Nigeria after the June 12, 1993 elections’ he said.
The president also announced his decision to bestow posthumous national honour of CFR category on late Alhaji Kudirat Abiola, who he called the heroine of June 12 struggle while also announcing names of others who would be enjoying the same privilege and honour.
‘ I also confer posthumous national honours on Shehu Musa Yar’Adua (GCFR), Prof. Humphrey Nwosu (CON), Rear Admiral Ndubuisi Kanu (CON), Alhaji Balarabe Musa (CFR), Pa. Alfred Rewani (CFR), Bagauda Kaltho (OON), Chima Ubani (OON), Dr. Beko Ransome-Kuti (CON), Alao Aka Bashorun (CON), Chief Frank Kokori (CON), Emma Ezeazu (OON), Bamidele Aturu (OON), Fredrick Fasehun (CON), Professor Festus Iyayi (CON), Dr John Yima Sen (OON), Alhaja Sawaba Gambo (CON), Dr. Alex Ibru (CON), Chief Bola Ige (CFR), Sen. Ayo Fasanmi (CON), Sen. Polycarp Nwite (CON) and Dr. Nurudeen Olowopopo (CON).
I also confer national honours on Prof. Wole Soyinka (GCON), Pa. Reuben Fasoranti (CFR), Dr. Edwin Madunagu (CON), Prof. Olatunji Dare (CON), the journalist and journalism teacher; Kunle Ajibade (OON); Nosa Igiebor (OON), Dapo Olorunyomi (OON), Bayo Onanuga (CON), Ayo Obe (OON), Dare Babarinsa (CON), Bishop Matthew Hassan Kukah (CON), Senator Shehu Sani (CON), Governor Uba Sani (CON), Barrister Femi Falana, SAN (CON), Prof. Shafideen Amuwo (CON), Barrister Luke Aghanenu (OON), Senator Tokunbo Afikuyomi (CON), Hon. Labaran Maku (OON), Dr. Tunji Alausa (CON), Mr Nick Dazang (OON), Hon Abdul Oroh (OON), Odia Ofeimun (CON), Seye Kehinde (OON), Barrister Felix Morka (CON) Barrister Ledum Mitee (CON), Hon. Olawale Osun (CON), Dr. Amos Akingba (CON), Prof. Segun Gbadegesin (CON), Mobolaji Akinyemi (CFR), Dr. Kayode Shonoiki (CON), Prof. Julius Ihonvbere (CON), Prof. Bayo Williams (CON), Sen. Abu Ibrahim (CFR), and Sen. Ame Ebute (CFR).
Additionally, I confer the national honour of CON on Uncle Sam Amuka Pemu, a legendary journalist and publisher who remains true to his lifetime calling as he marks his 90th birthday tomorrow, June 13.
Furthermore, I also confer posthumous national honours on Ken Saro Wiwa (CON), the leader of the Ogoni Nine and his fellow travelers, Saturday Dobee (OON), Nordu Eawo (OON), Daniel Gbooko (OON), Paul Levera (OON), Felix Nuate (OON), Baribor Bera (OON), Barinem Kiobel (OON), and John Kpuine (OON). I shall also be exercising my powers under the prerogative of mercy to grant these national heroes a full pardon, together with others whose names shall be announced later in conjunction with the National Council of State’ he added-Team@orientactualmags.com Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08059100286, 09094171980 or get in touch via orientactualmag@gmail.com. Thank you
