… Says NUPRC’s Successful Divestment Of ExxonMobil/Seplat Will Unlock Oil And Gas Investments
President Bola Ahmed Tinubu has said that his economic reforms which induced severe hardship on Nigerians have attracted foreign direct investments worth $30bn in the last year.
Tinubu gave the figure on Tuesday during his presidential address to mark Nigeria’s 64th Independent Day celebration, monitored by NewsNGR.
“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.
“Thanks to the reforms, our country attracted foreign direct investments worth more than $30bn in the last year.”
The president also said that his administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes.
He said, “This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in line with the Petroleum Industry Act, PIA.
“This was done in the same manner as other qualified divestments approved in the sector. The move will create vibrancy and increase oil and gas production, positively impacting our economy.”
On the reserves, Tinubu said he inherited a reserve of over $33bn when he took over office in May 2023 adding that he has paid back the inherited forex backlog of $7bn.
He added, “The more disciplined approach adopted by the Central Bank to monetary policy management has ensured stability and predictability in our foreign exchange market. We have cleared the ways and means 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.
“These transformative bills will make our business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once they are passed into law.”