Economy
For the record: Buhari’s Democracy Day Speech
Here is the full text of President Muhammadu Buhari’s Democracy Day speech.
Protocols
1. All praise is due to GOD Almighty, who spared our lives to be present at this great occasion. We give thanks also that the democratic process has been further entrenched and strengthened.
2. Twenty years ago, a democratically elected government took over from the military in a historic transfer of political power for our country.
3. Today, we are privileged to mark the longest period of unbroken democratic leadership and 5th peaceful transfer of power from one democratically elected government to another in Nigeria.
4. Throughout the last four years, I respected the independence of INEC. I ensured that INEC got all the resources it needed for independent and impartial management of elections in the country.
5. All interested parties (are) agreed that the recent elections, which except for pockets of unrest, were free, fair and peaceful.
6. I thank all the people who worked for our party, who campaigned and who voted for us. I thank my fellow Nigerians, who, since 2003 have consistently voted for me.
7. Victory is your greatest reward; peace, unity and greater prosperity will be our collective legacy.
Your Excellencies, Fellow Nigerians,
8. I and Nigerians collectively must give adequate thanks to our Armed Forces, Police and other law enforcing agencies for working round the clock to protect us by putting themselves in harm’s way and defending our values and protecting our future.
9. Terrorism and insecurity are worldwide phenomena and even the best-policed countries are experiencing increasing incidents of unrest and are finding it hard to cope with things.
10. The principal thrust of this new Administration is to consolidate on the achievements of the last four years, correct the lapses inevitable in all human endeavours and tackle the new challenges the country is faced with and chart a bold plan for transforming Nigeria.
11. Fellow Nigerians, I have had the privilege of free education from Primary school to Staff College to War College.
12. I received my formative education in Katsina and Kaduna and my higher education in England, India and the United States.
13. I have worked and served in Kaduna, Lagos, Abeokuta, Makurdi, Port Harcourt, Maiduguri, Ibadan, Jos and finally here in Abuja. Throughout my adult life, I have been a public servant. I have no other career but public service. I know no service but public service.
14. I was involved at close quarters in the struggle to keep Nigeria one. I can, therefore, do no more than dedicate the rest of my life to work for the unity of Nigeria and upliftment of Nigerians.
15. In 2002-2003 campaigns and elections, I travelled by road to 34 of the 36 states of the Federation. This year I travelled by air to all 36 states of the Federation.
16. Before and during my time in the Armed Forces and in government, I have interacted with Nigerians of all ages and persuasions and different shades of opinion over a period of more than fifty years.
17. And my firm belief is that our people above all want to live in peace and harmony with their fellow Nigerians. They desire opportunity to better themselves in a safe environment.
18. Most of the instances of inter-communal and inter-religious strife and violence were and are still as a result of sponsorship or incitements by ethnic, political or religious leaders hoping to benefit by exploiting our divisions and fault lines, thereby weakening our country.
19. And our country Nigeria is a great country. According to United Nations estimates, our population will rise to 411 million by 2050, making us the third most populous nation on earth behind only China and India.
20. We have water, arable land, forests, oil and gas and vast quantities of solid minerals. We are blessed with an equable climate. However, the bulk of our real wealth lies in Agriculture, Livestock, Forestry and Mining. We possess all the ingredients of a major economic power on the world stage.
21. What we require is the will to get our acts together. And our strength is in our people – our youth, our culture, our resilience, our ability to succeed despite the odds.
22. A huge responsibility, therefore, rests on this and succeeding Administrations to develop, harness and fulfil our enormous potential into a force to be reckoned with globally.
23. Thus far, we Nigerians can be proud of our history since Independence in 1960. We have contributed to UN peace-keeping responsibilities all over the world; we have stabilized Liberia, Sierra Leone, Ivory Coast and two years ago we prevented the Gambia from degenerating into anarchy.
READ ALSO: Democracy Day: Nigerians have not betrayed Abiola — Daughter
24. Without Nigerian influence and resources, the liberation of Angola, Mozambique, Namibia, Zimbabwe and ultimately South Africa would have come at a greater cost. This fact had been attested by none other than the late Nelson Mandela himself.
25. Elsewhere, Nigeria is the Big Brother to our neighbours. We are the shock-absorber of the West African sub-region, the bulwark of ECOWAS and Lake Chad Basin Commission. We can, therefore, be proud to be Nigerians. We must continue to be Good Neighbours and Good Global Citizens.
26. At home, we have been successful in forging a nation from different ethnicities and language groups: our evolution and integration into one nation continue apace.
27. When, therefore we came to office in 2015 after a decade of struggle we identified three cardinal and existential challenges our country faced and made them our campaign focus, namely security, economy and fighting corruption.
28. None but the most partisan will dispute that in the last four years we have made solid progress in addressing these challenges.
29. When I took the oath of office on 29 May 2015, insecurity reigned. Apart from occupying 18 Local Governments in the North East, Boko Haram could at will attack any city including the Federal Capital, could threaten any institution including bombing the United Nations building and Police Headquarters in Abuja.
READ ALSO: Nigeria moving towards disaster under Buhari, says Obasanjo
30. Admittedly, some of the challenges still remain in kidnappings and banditry in some rural areas. The great difference between 2015 and today is that we are meeting these challenges with much greater support to the security forces in terms of money, equipment and improved local intelligence. We are meeting these challenges with superior strategy, firepower and resolve.
31. In the face of these challenges, our Government elected by the people in 2015 and re-elected in March has been mapping out policies, measures and laws to maintain our unity and at the same time lift the bulk of our people out of poverty and onto the road to prosperity.
32. This task is by no means unattainable. China has done it. India has done it. Indonesia has done it. Nigeria can do it. These are all countries characterized by huge burdens of population.
33. China and Indonesia succeeded under authoritarian regimes. India succeeded in a democratic setting. We can do it.
34. With leadership and a sense of purpose, we can lift 100 million Nigerians out of poverty in 10 years.
35. Following the 60 per cent drop in oil prices between 2015 and 2016, through monetary and fiscal measures, we stimulated economic growth, curbed inflation and shored up our external reserves.
36. We now have witnessed eight quarters of positive growth in the economy and our GDP is expected to grow by 2.7 per cent this year.
37. Furthermore, our external reserves have risen to $45 billion enough to finance over nine months of current import commitments.
38. This Administration is laying the foundation and taking bold steps in transforming our country and liberating our people from the shackles of poverty.
39. First, we will take steps to integrate rural economies to the national economic “grid” by extending access to small-scale credits and inputs to rural farmers, credit to rural micro-businesses and opening up many critical feeder roads.
40. Secondly, for small-scale enterprises in towns and cities, we shall expand facilities currently available so that we continue to encourage and support domestic production of basic goods and reduce our reliance of imported goods as I will outline later.
41. For the next four years, we will remain committed to improving the lives of people by consolidating efforts to address these key issues as well as emerging challenges of climate change, resettling displaced communities and dealing decisively with the new flashes of insecurity across the country, and the impacts on food scarcity and regional stability.
42. We are not daunted by the enormity of the tasks ahead. Instead, we are revived by this new mandate to work collaboratively with State and Local Governments, Legislators, the Diplomatic Corps and all Nigerians to rebuild and reposition our country as the heartbeat and reference point for our continent.
43. Fellow Nigerians, Your Excellencies, Ladies & Gentlemen:
a. Despite the enormous resources pledged to infrastructure development these past four years, there remains the urgent need to modernize our roads and bridges, electricity grid, ports and rail systems.
b. Whilst agriculture and industrial output have recovered since the recession, we are more committed than ever to work with the private sector to improve productivity and accelerate economic growth.
c. The Manufacturing Purchasing Managers Index which is the gauge of manufacturing activity in the country has also risen for 26 consecutive months since March 2017 indicating continuous growth and expansion in our manufacturing sector.
d. It still takes too long for goods to clear at our seaports and the roads leading to them are congested. It still takes too long for routine and regulatory approvals to be secured. These issues affect our productivity and we are committed to addressing them permanently.
e. Our Government will continue work to reduce social and economic inequality through targeted social investment programs, education, technology and improved information.
f. Our social intervention programs are a model for other nations. Together with state governments, we provide millions of school children with meals in primary schools, micro loans to traders and entrepreneurs, skills and knowledge acquisition support to graduates and of course, conditional cash transfers to the poorest and most vulnerable in our society.
g. A database of poor and vulnerable households is being carefully built based on age, gender, disability, educational levels for proper planning in this Administration’s war against poverty.
h. A database of unemployed but qualified youth has also been developed under the National Social Investment Programme which can be used by the public and private sectors for recruitment purposes. Cumulatively, nearly two million beneficiaries have received aid under this Programme apart from Anchors Borrowers Programme and School Feeding initiative each reaching 2 million recipients. And we will do more. Much more.
44. Fellow Nigerians, Your Excellencies, Ladies & Gentlemen, we know that there exists a strong correlation between economic inequality and insecurity.
45. When economic inequality rises, insecurity rises. But when we actively reduce inequality through investments in social and hard infrastructure, insecurity reduces.
46. The disturbing increase in rates of kidnapping, banditry and other criminal activities can be attributed to the decades of neglect and corruption in social investment, infrastructure development, education and healthcare.
47. This issue is further compounded by the impact of our changing climate and ecology.
48. The ECOWAS and Sahel regions, starting from Chad all the way to Mali, are also experiencing adverse impacts of drought and desertification, which have triggered waves of human displacement; conflicts between farmers and herdsmen; terrorism; and a fundamental socio-economic change to our way of life.
49. These issues are regional and not unique to Nigeria alone. The problems call for increased regional and international cooperation in developing a sustainable solution.
50. As Chairman of ECOWAS, I will be hosting a regional security summit of heads of states in the Sahel to develop a Joint Strategy to continue our efforts in addressing these issues.
51. Fellow Nigerians, Your Excellencies, Ladies & Gentlemen, at the heart of inequality and insecurity, is pervasive corruption. When we took office we realised that if you fight corruption, corruption will fight back – and we have seen this at all levels.
52. For Nigeria to progress, a collective resolution to address corruption and foster broad-based prosperity is required to create a country that is not only for a few privileged but for all Nigerians.
53. This charge is not only to Civil Servants, Ministers, Legislators and State Government functionaries but also to Corporate leaders.
54. We shall make greater investments in our rural economies. We shall aggressively source locally our raw materials.
55. We have incentives for investments specifically made in rural communities.
56. However, nationwide development cannot occur from Abuja alone; it must occur in States. And Government cannot do it alone.
57. I, therefore, implore all State Governments, especially those with large rural economies, to aggressively solicit investments in your states. Invest in developing human capital, reducing bureaucracy and corruption, hosting and attending investment summits and improving the ease of doing business.
58. At this point, I would like to express my sincere gratitude to the entrepreneurs, investors and venture capitalists who have built or are building agro-processing projects; petrochemical plants; crude oil and solid mineral refineries; energy exploration; software development projects; telecom infrastructure; health, education and manufacturing projects; and the like, across our country.
59. I would like to make special mention to promoters of our small businesses that are proudly making goods and services for export and for local consumption. The Nigerian economy rises and falls on the strength of your investments and productivity.
60. We will continue to listen to your ideas and plans not just about how we can secure more investment, but how your plans can help create a more equitable economy.
61. I also thank the labour unions, farmer groups and associations, organized private sector and the civil society organisations for their support and cooperation with our government these last four years.
62. We will continue to count on your support, guidance and understanding during the next four years.
63. I especially thank our traditional leaders and congratulate re-elected and newly elected State Governors and members of the National Assembly. Our Government will continue to count on your support so that we can together move our country forward.
64. Fellow Nigerians, Your Highnesses, Your Excellencies, Ladies & Gentlemen, despite the challenges over the last four years, my optimism about Nigeria’s future is unshaken and Nigeria’s role in the world as an emerging economic force is without a doubt.
65. Over the next four years, we are committed to assembling a strong team of Nigerians, and allies, to implement our transformative plans and proposals.
a. We will see significant focus, resource and, where necessary reform, in tertiary and technical education to reposition Nigeria’s workforce for the modern technological age.
b. We will accelerate investments in primary, secondary and tertiary healthcare programs, interventions and infrastructure as well as in upgrading of our medical personnel to stem the flight of our best-trained people.
c. On food security, our farmers have made great strides in local production of rice, maize, cassava, poultry, fertilizer, fisheries and sesame. We remain resolute in supporting private sector in emphasizing backward integration and export expansion plans.
d. Felling of trees to provide energy for domestic use is taking its toll on our rain forests, our ecology and our climate. Accordingly, we are taking steps to harness cleaner and more sustainable sources of electricity. We export over 2 million tons of cooking gas, yet we consume less than half a million tons.
e. We will work to address this issue and support rural communities with challenges of safely switching from firewood to cooking gas.
f. Dedicated agro-industrial processing zones will be developed on a PPP basis to increase farming yields, agricultural productivity and industrial output.
g. Over 2,000 kilometres of ongoing Federal road and bridge projects across the country will be completed to reduce journey times and the cost of doing business. As I mentioned earlier, critical feeder roads will be built to facilitate easier transportation for people and goods from rural areas to major roads.
h. We are at advanced stages of securing investments to modernize and expand our transmission and distribution infrastructure, ensuring that electricity is available and affordable for all Nigerians.
i. Several rail, seaport and airport projects are at various stages of completion. We will open the arteries of transportation nationwide.
j. It is a fact that Nigeria has more gas reserves than it has oil. Over the last four years, we have become a net exporter of urea, which is made from natural gas. We invite investors to develop more natural gas-based petrochemical projects.
k. Fellow Nigerians, This Government will not tolerate actions by any individual or groups of individuals who seek to attack our way of life or those who seek to corruptly enrich themselves at the expense of the rest of us. We will crack down on those who incite ordinary innocent people to violence and unrest.
l. We will ensure that such actions are met with the strong arm of the law.
66. Nation building takes time. But we must take solace in the knowledge that this country, our country, has everything we require to make Nigeria prosper.
67. Fellow Nigerians, Your Highnesses, Your Excellencies, Ladies and Gentlemen, I invite you to join me in this journey of rebuilding our nation.
68. Our focus will not be to help the privileged few but to ensure that Nigeria works for Nigerians of all persuasions. That is a more just arrangement.
69. As we all know, correcting injustice is a pre-requisite for peace and unity. As part of the process of healing and reconciliation, I approved the recognition of June 12 as Democracy Day and invested the late Chief M.K.O. Abiola and Babagana Kingibe with National Honours, as I did with the late Chief Gani Fawehinmi. The purpose was to partially atone for the previous damage done in annulling the Presidential elections of that year.
70. Today, I propose the re-naming of the Abuja National Stadium. Henceforth it will be called MOSHOOD ABIOLA NATIONAL STADIUM.
71. In my first term, we put Nigeria back on its feet. We are working again despite a difficult environment in oil on which we depend too much for our exports. We encountered huge resistance from vested interests who do not want CHANGE, But CHANGE has come, we now must move to the NEXT LEVEL.
72. By the Grace of God, I intend to keep the oath I have made today and to serve as President for all Nigerians.
73. I thank you for attending this august occasion from far and near, and for all your best wishes to me, to our party and to Nigeria.
74. God bless us all, and God bless the Federal Republic of Nigeria.
Business
Budgit: Akwa Ibom Most Creditworthy State in Nigeria
Akwa Ibom State has been identified as Nigeria’s most creditworthy state. This is attributed to its strong fiscal position, allowing it to sustain its debt obligations and borrow further.
The verdict was delivered by Budgit, a Nigerian civic organisation that examines state and national budgets and applies technology for citizen engagement with a view at institutional improvement, in its State of the States Report 2024 Edition themed “Moving Healthcare Delivery from suboptimal to optimal”
According to Budgit, Akwa Ibom came tops in the States Performance on Index C, scoring 0.227. The report declared that states who score high are determined “by their debt-to-revenue ratio, and personnel cost to revenue ratio”.
“In contrast, states that rank lower on Index C need to check their appetite for the acquisition of more debt as they appear to be either above or very close to solvency for debt-to-revenue ratio, foreign debt to total debt, debt service-to-revenue ratio, and personnel cost to revenue ratio.
“The lower ranking states may need to rapidly adopt Public-Private Partnership (PPP) models in delivering public goods due to their relatively poorer credit worthiness.
“The state (Akwa Ibom) owing to its relatively low foreign debt to total debt ratio, ranked the most debt-sustainable state among the 36 states”
For Governor Umo Eno of Akwa Ibom State who has not borrowed any funds either domestic or foreign since assumption of office, this report further validates the government’s position on prudent management of state resources for the greater good of the people.
In the same report, Budgit indicated that regarding health expenditure, the state allocated funds for purchasing health and medical equipment, construction and provision of hospitals and health centres, purchasing drugs, renovating and building new primary healthcare centres and boosting health training.
It then stated “Overall, Akwa Ibom is working towards enhancing its healthcare system having spent about N1billion on primary healthcare and medical equipment. Still, there may be opportunities to increase investment in the sector to fully meet the population’s healthcare needs”
Economy
FG Spends $600m on Fuel Importation Monthly, Says Finance Minister Wale Edun
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has disclosed that the country currently spends $600m on fuel importation monthly.
The minister revealed this during an interview on AIT’s Moneyline programme on Wednesday.
He said that the high import bill is due to neighbouring countries, up to Central Africa, benefiting from the country’s fuel imports.
Edun explained that the situation was the reason President Bola Tinubu removed fuel subsidy, as the country does not know the exact amount of fuel consumed internally.
According to a report by the National Bureau of Statistics (NBS), the country’s petrol import was reduced to an average of one billion litres monthly after President Bola Tinubu removed the fuel subsidy on May 29 last year.
He said, “The fuel subsidy was removed May 29, 2023, by Mr President, and at that time, the poorest of 40 per cent was only getting four per cent of the value, and basically, they were not benefitting at all. So it was going to be just a few.
“Another point that I think is important is that nobody knows the consumption in Nigeria of petroleum. We know we spend $600m to import fuel every month but the issue here is that all the neighbouring countries are benefitting.
The minister also clarified that the N570bn fund release to state governments was implemented last year December.
He said, “This actually refers to a reimbursement that they received from December last year onwards and it was a reimbursement I think under the COVID financing protocol but the point is that the states have received more money. They have received more money. Mr President has charged to ensure food production in the states.”
According to him, the recent decision to raise the maximum borrowing percentage in the Ways and Means from five to 10 per cent does not imply that the Federal Government tends to rely on the Central Bank of Nigeria financing.
He also said the welfare of Nigerians remained a key priority for the current administration, particularly ensuring food availability and affordability.
Edun said, “There is a concerted effort to ensure that we have homegrown food available. In the short term, apart from what is being distributed from reserves, there is a window that has been opened for importation because the commitment of Mr President is to drive down those prices now and make food available now.”
He assured all that the measure would not undermine local farmers, as importation would only be permitted after exhausting local supplies.
He said, “So, one of the conditions for this importation will be that everything available locally in the markets or with the millers and so forth has been taken up. We will have auditors that will check that.”
He said these interventions seek to reduce inflation, stabilise exchange rates, and lower interest rates, thereby creating a conducive environment for investment and job creation.
Economy
FG Dismisses Dangote Petroleum As Inferior, Says Refinery Not Yet Licenced, Completed
By Eric Elezuo
A Federal Government of Nigeria petroleum regulatory agency, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA), has dismissed petroleum products from the Dangote Refinery as inferior, in the guise of those f4om Watersmith and Aradel, making a case for superiority of imported ones.
The revelation was made by the Chief Executive Officer of NMDPRA, Mr. Farouk Ahmed, while responding to questions from a section of the press, a video of which is trending online, adding that the refinery is only 45% completed, and yet to be licenced for operation by the Nigerian government.
Earlier, the Vice President of Dangote Industries Limited, Devakumar Edwin, had alleged that most fuel products imported into Nigeria are substandard, blaming International Oil Companies (IOCs) of frustrating Dangote’s quest for production.
In the short video, which lasted a little over a minute, Mr. Ahmed debunked theories attached to the functionality of the Dangote Refinery, saying it does not have the capacity to ‘feed’ the nation of its petroleum needs, as it stands. He however, refuted arguments that some elements within the oil and gas sector were trying to scuttle the Dangote Refinery.
A transcript of the NMDPRA’s boss short response is as follows:
“It about concerns of supply of petroleum products acros the nationwide, and the claim that we are trying to scuttle Dangote. That is not so. Dangote Refinery is still in the pre-commissioning stage. It has not been licenced yet. We haven’t licenced them yet. I think they are about 45 per cent completed, or completion rather.
“We cannot rely on one refinery to feed the nation, because Dangote is requesting that we suspend or stop imports, especially of AGO and DPK, and direct all marketers to his refinery. That is not good for the nation in terms of energy security, and it is not good for the market because of the monopoly.
“Dangote Refinery, as well as some modular refineries like Watersmith Refinery and Aradel Refinery, are producing between 650 and 1,200 PPM. Therefore, in terms of quality, their products are inferior to imported ones,” he stated.
It will be recalled that only last Sunday, the President, Dangote Industries Limited, Aliko Dangote, while hosting senior journalists from across various media concerns, revealed that the Nigeria National Petroleum Company Limited (NNPCL) owns only 7.2% of stakes in the refinery, and not 20 percent as widely circulated. He also revealed that the refinery is set to begin fuel supply in August 2024.
Many stakeholders and respondents have alleged that there’s no love lost between the government of the day and the Dangote Group, and that explains the hiccup situation surrounding the takeoff the $19 billion refinery.
-
News6 years ago
Nigerian Engineer Wins $500m Contract to Build Monorail Network in Iraq
-
Featured7 years ago
WORLD EXCLUSIVE: Will Senate President, Bukola Saraki, Join Presidential Race?
-
Boss Picks7 years ago
World Exclusive: How Cabal, Corruption Stalled Mambilla Hydropower Project …The Abba Kyari, Fashola and Malami Connection Plus FG May Lose $2bn
-
Headline6 years ago
Rehabilitation Comment: Sanwo-Olu’s Support Group Replies Ambode (Video)
-
Headline6 years ago
Fashanu, Dolapo Awosika and Prophet Controversy: The Complete Story
-
Headline6 years ago
Pendulum: Can Atiku Abubakar Defeat Muhammadu Buhari in 2019?
-
Headline7 years ago
Pendulum: An Evening with Two Presidential Aspirants in Abuja
-
Headline6 years ago
2019: Parties’ Presidential Candidates Emerge (View Full List)