Today – 1st October is a day of celebration for us Nigerians.
On this day, 56 years ago our people achieved the most important of all
human desires – freedom and independence. We should all therefore give
thanks and pray for our founding fathers without whose efforts and toil we
would not reap the bounties of today.
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2. I know that uppermost in your minds today is the
economic crisis. The recession for many individuals and families is real. For some
It means not being able to pay school fees, for others it’s not being able to
afford the high cost of food (rice and millet) or the high cost of local or
international travel, and for many of our young people the recession means
joblessness, sometimes after graduating from university or polytechnic.
3. I know how difficult things are, and how rough
business is. All my adult life I have always earned a salary and I know what it
is like when your salary simply is not enough. In every part of our nation
people are making incredible sacrifices.
4. But let me say to all Nigerians today, I ran for
office four times to make the point that we can rule this nation with honesty
and transparency, that we can stop the stealing of Nigeria’s resources so that
the resources could be used to provide jobs for our young people, security,
infrastructure for commerce, education and healthcare.
5. I ran for office because I know that good
government is the only way to ensure prosperity and abundance for all. I remain
resolutely committed to this objective.
6. I believe that this recession will not last.
7. Temporary problems should not blind or divert us
from the corrective course this government has charted for our nation. We
have identified the country’s salient problems and we are working hard at
lasting solutions.
8. To re-cap what I have been saying since the
inception of this administration, our problems are security, corruption and the
economy, especially unemployment and the alarming level of poverty.
9. On Security, we have made progress. Boko
Haram was defeated by last December – only resorting to cowardly attacks on
soft targets, killing innocent men, women and children.
10. Nigerians should thank our gallant men of the Armed Forces and Police for rescuing large areas of the country captured by insurgents. Now, residents in Borno, Yobe and Adamawa States, as well as several neighbouring states go about their daily business in relative safety. People can go to mosques, churches, market places in reasonable safety.
11. Commuters can travel between cities, towns and
villages without fear. Credit for this remarkable turn-round should go to
our Armed Forces, the Police, various sponsored and private vigilante groups,
the local traditional leaders. Security is a top to bottom concern and
responsibility.
12. Besides Boko Haram, we are confronting other
long-running security issues, namely herdsmen vs farmers, cattle rustling,
kidnappings. This Administration is firmly resolved to tackle these
challenges and to defeat them.
13. A new insurgency has reared up its head in the
shape of blowing up gas and oil pipelines by groups of Niger Delta Militants.
This Administration will not allow these mindless groups to hold the
country to ransom.
14. What sense is there to damage a gas line as a
result of which many towns in the country including their own town or village
is put in darkness as a result? What logic is there in blowing up an
export pipeline and as a result income to your state and local governments and
consequently their ability to provide services to your own people is reduced?
15. No group can unlawfully challenge the authority
of the Federal Government and succeed. Our Administration is fully
sympathetic to the plight of the good people of Niger Delta and we are in touch
with the State Governments and leaderships of the region. It is known
that the clean-up of the Ogoniland has started. Infrastructural projects
financed by the Federal Government and post amnesty programme financing will
continue.
16. We have however, continued to dialogue with all
groups and leaders of thought in the region to bring lasting peace.
17. Corruption is a cancer which must be fought with
all the weapons at our disposal. It corrodes the very fabric of
government and destroys society. Fighting corruption is Key, not only to
restoring the moral health of the nation, but also to freeing our enormous
resources for urgent socio-economic development.
18. In fighting corruption, however, the government
would adhere strictly by the rule of law. Not for the first time I am
appealing to the judiciary to join the fight against corruption.
19. The Third Plank in this Administration’s drive
to CHANGE Nigeria is re-structuring the economy. Economies behaviour is
cyclical. All countries face ups and downs. Our own recession has
been brought about by a critical shortage of foreign exchange. Oil price
dropped from an average of hundred USD per barrel over the last decade to an
average of forty USD per barrel this year and last.
20. Worse still, the damage perpetrated by Niger
Delta thugs on pipelines sometimes reduced Nigeria’s production to below One
million barrels per day against the normal two point two million barrels per
day. Consequently, the naira is at its weakest, but the situation will
stabilize.
21. But this is only temporary. Historically
about half our dollar export earnings go to importation of petroleum and food
products! Nothing was saved for the rainy days during the periods of
prosperity. We are now reaping the whirlwinds of corruption, recklessness
and impunity.
22. There are no easy solutions, but there are
solutions nonetheless and Government is pursuing them in earnest. We are
to repair our four refineries so that Nigeria can produce most of our petrol
requirements locally, pending the coming on stream of new refineries.
That way we will save ten billion USD yearly in importing fuel.
23. At the same time, the Federal Ministry of
Agriculture and the Central Bank have been mobilized to encourage local
production of rice, maize, sorghum, millet and soya beans. Our target is
to achieve domestic self-sufficiency in these staples by 2018.
24. Already farmers in thirteen out of thirty six
states are receiving credit support through the Central Bank of Nigeria’s
Anchor Borrowers Programme. Kebbi state alone this year is expected to
produce one million tonnes of locally grown rice, thanks to a favourable
harvest this year. As part of the 13 states, Lagos and Ogun are also
starting this programme. Rice alone for example costs Nigeria two billion USD
to import.
25. The country should be self-sufficient in basic
staples by 2019. Foreign exchange thus saved can go to industrial revival
requirements for retooling, essential raw materials and spare parts. It
is in recognition of the need to re-invigorate agriculture in our rural
communities that we are introducing the LIFE programme.
26. Government recognises that irrigation is key to
modern agriculture: that is why the Ministries of Agriculture and Water
Resources are embarking on a huge programme of development of lakes, earth dams
and water harvesting schemes throughout the country to ensure that we are no
longer dependent on rain-fed agriculture for our food requirements.
27. In addition, government is introducing Water Resources Bill
encompassing the National Water Resources Policy and National Irrigation and
Drainage Policy to improve management of water and irrigation development in
the country. We are reviving all the twelve River Basin Authorities,
namely;
I. Anambra – Imo
II. Benin – Owena
III. Chad Basin
IV. Cross River
V. Hadejia – Jama’are
VI. Lower Benue
VII. Lower Niger
VIII. Niger Delta
IX. Ogun – Osun
X. Sokoto – Rima
XI. Upper Benue
XII. Upper Niger
28. The intention is eventually to fully commercialise them
to better support crop production, aqua –culture and accelerated rural
development.
29. This Administration is committed to the revival
of Lake Chad and improvement of the hydrology and ecology of the basin.
This will tune in with efforts to rehabilitate the thirty million people
affected by the Boko Haram insurgency in the Lake Chad basin countries.
30. The second plank in our economic revival
strategy is centred on the Ministry of Power, Works and Housing. The
Ministry will lead and oversee the provision of critical infrastructure of
power, road transport network and housing development.
31. Power generation has steadily risen since our
Administration came on board from three thousand three hundred and twenty four
megawatts in June 2015, rising to a peak of five thousand and seventy
four megawatts in February 2016.
32. For the first time in our history the country
was producing five thousand megawatts. However, renewed militancy and
destruction of gas pipelines caused acute shortage of gas and constant drop in
electricity output available on the grid.
33. There has been during the period June 2015 to
September 2016 big improvement in transmission capacity from five thousand five
hundred megawatts to the present seven thousand three hundred megawatts.
34. There were only two system collapses between
June and December 2015, but due to vandalism by Niger Delta militants the
over-all system suffered 16 system collapses between March and July 2016 alone.
As I have said earlier, we are engaging with responsible leadership in the
region to find lasting solutions to genuine grievances of the area but we will
not allow a tiny minority of thugs to cripple the country’s economy.
35. In the meantime, government is going ahead with
projects utilizing alternate technologies such as hydro, wind, and solar to
contribute to our energy mix. In this respect, the Mambilla Hydro project,
after many years of delay is taking off this year. Contract negotiations are
nearing completion with Chinese firms for technical and financial commitments.
36. The project is to be jointly financed by Nigeria
and the Chinese-Export-Import Bank. In addition, fourteen Solar Power Projects
have had their power purchase agreements concluded. Hence the plan to produce
one thousand two hundred megawatts of solar electricity for the country would
be realized on schedule.
37. And in line with the objective of government to
complete all abandoned projects across the country, the Rural Electrification
Agency’s projects needing completion are provided for in the 2016 Budget.
Bringing electricity to rural areas will help farmers, small scale and cottage
industries to integrate with the national economy.
38. Roads Construction and Rehabilitation has taken off.
The sum of twelve billion naira was allocated to this sector in the 2015
Budget, not enough even to pay interest on outstanding unpaid claims.
39. Notwithstanding the budgetary constraints, the
current budget allocated two hundred and forty billion naira for highway
projects against twelve billion naira in 2015. Many contractors who have not
been paid for three years have now remobilized to sites. Seven hundred and
twenty point five billion naira has so far been released this budget year to
capital projects.
40. The Ministry of Power, Works and Housing has
received one hundred and ninety seven point five billion naira. Work on the
following highways has now resumed.
1. Dualization of Calabar – Itu Road in Cross River/Akwa
Ibom States.
2. Dualization of Lokoja – Benin Road, Ehor – Benin city,
Edo State.
3. Re-construction of outstanding sections of Benin –
Shagamu Express way, Edo/Ogun States.
4. Expansion works on Lagos – Ibadan Dual carriageway,
Ogun/Oyo States
5. Rehabilitation of Onitsha – Enugu Expressway,
Anambra/Enugu States.
6. Rehabilitation and Reconstruction of Enugu – Port
Harcourt Dual carriageway, Abia/Rivers States.
7. Rehabilitation of Hadejia – Nguru Road, Jigawa State.
8. Dualization of Kano – Katsina Road, Kano State.
9. Dualization of Kano – Maiduguri Road, Borno State.
10. Dualization of
Azare – Potiskum Road, Azare – Sharuri Road, Bauchi State.
11. Rehabilitation
of Ilorin – Jebba – Mokwa – Birnin Gwari Road, Kwara State.
12. Construction
of Oju/Lokoja – Oweto Bridge over River Benue, Benue State.
41. Other major highways are in the queue for
rehabilitation or new construction.
42. Already contractors have recalled about nine thousand
workers laid off and Government expects that several hundreds of thousands of
workers will be reengaged in the next few months as our public works programme
gains momentum.
43. On railways, we have provided our counterpart
funding to China for the building of our standard gauge Lagos -Kano railway.
Meanwhile, General Electric is investing two point two billion USD in a
concession to revamp, provide rolling stock, and manage the existing lines,
including the Port Harcourt-Maiduguri Line. The Lagos-Calabar railway will also
be on stream soon.
44. We have initiated the National Housing Programme. In
2014 four hundred million naira was voted for Housing. In 2015 nothing. Our
first budget this year is devoting thirty five point six billion naira. Much of
the house building will be private – sector led but Government is initiating a
pilot housing scheme of two thousand eight hundred and thirty eight units
uniformly spread across the 36 states and FCT.
45. We expect these units to be completed within 4 –
6 months. These experimental Nigeria House model Units will be constructed
using only made in Nigeria building materials and components. This initiative
is expected to reactivate the building materials manufacturing sector, generate
massive employment opportunities and develop sector capacity and expertise.
46. The programmes I have outlined will revive the
economy, restore the value of the naira and drive hunger from our land.
47. Abroad, Nigeria’s standing has changed beyond
belief in the last 18 months. We are no longer a pariah state. Wherever I go, I
have been received with un-accustomed hospitality. Investors from all over the
world are falling over themselves to come and do business in Nigeria. This
government intends to make business environment more friendly because we can
not develop ourselves alone.
48. All countries, no matter how advanced, welcome
foreign investments to their economy. This is the essence of globalization and
no country in the 21st century can be an island. Our reforms are therefore
designed to prepare Nigeria for the 21st century.
49. Finally, let me commend Nigerians for your
patience, steadfastness and perseverance. You know that I am trying to do the
right things for our country.
50. Thank you and may God bless our country.
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