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.
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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