October 1, 2022
FELLOW Nigerians, I address you today, with a deep sense of gratitude to God and a high level of appreciation to all Nigerians whose tremendous goodwill gave me the opportunity to provide leadership for our great country at one of the trying times in her history.
Conscious that today’s address would be my last on an Independence Day as your President; I speak to the millions of Nigerians, who believed in me, propelled and stood by me in my quest to bequeath a country where all citizens have equal opportunities to achieve their lives desires in a peaceful atmosphere.
I am honoured to say that my story in the annals of Nigeria’s history is no household secret. My various attempts, failures and eventual success in being elected as a Democratic President in 2015 was made possible by the majority of Nigerians.
When you elected me, I readily acknowledged that the tasks before me were daunting but surmountable because of the growing national consensus that our chosen route to national development was democracy.
This democracy was to be anchored on a clear understanding, application and the principles of separation of powers supported by a reformed public service that is more effective.
I then pledged to Improve the Economy, Tackle Corruption and Fight Insecurity and this was further strengthened by my commitment to lift 100 million Nigerians out of poverty in 10 years as the central plank of my second term in 2019.
To the Glory of God and His Grace as well as the commitment and passion displayed by many Nigerian supporters, we have made appreciable progress in these areas but not yet at our destination.
Mindful of the task before us, we took some time in settling down and we re-positioned the economy by providing strategic interventions in core areas at both the federal and sub-national levels.
One of the areas where we have made significant progress is in the eradication of deeply entrenched corruption that permeates all facets of our national development.
We strengthened the institutions for tackling corruption and also cultivated international support, which aided the repatriation of huge sums of money illegally kept outside the country.
The increasing number of prosecutions and convictions, with associated refunds of large sums of money is still ongoing. Furthermore, we would continue to block opportunities that encourage corrupt practices.
In order to address insecurity, we worked methodically in reducing Insurgency in the North East, Militancy in the Niger Delta, Ethnic and Religious Tensions in some sections of Nigeria along with other problems threatening our country.
Our efforts in re-setting the economy manifested in Nigeria exiting two economic recessions by the very practical and realistic monetary and fiscal measures to ensure effective public financial management. In addition, the effective implementation of the Treasury Single Account and cutting down on the cost of governance also facilitated early exits from recessions.
Fellow Nigerians, this administration removed several decades uncertainty for potential investors in the Oil & Gas sector with the passage of the Petroleum Industry Act, 2021. This landmark legislation created opportunities for foreign investments in addition to improving transparency in the management of the sector.
Our administration has given the desired priority to the Agricultural Sector through a series of incentives to Micro, Small and Medium Scale Enterprises that resulted in creating millions of jobs. Leading this initiative, the Central Bank of Nigeria’s intervention in a number of areas as well as the Anchor Borrowers Programme had created the required leverages for Nigerians towards self-sufficiency in food and the necessary attraction for farming as a business.
The growing contribution of non-oil exports, especially in agriculture, information and communication technology as well as the performing arts to our national economy will enhance our foreign exchange earning capacity.
We are confronting current economic challenges such as debt burden, growing inflation, living standards and increasing unemployment accentuated by our growing youthful population. These problems are globally induced and we would continue to ensure that their negative effects are addressed in our policies.
This administration will continue to ensure that our fiscal policies are supported by a robust and contemporary monetary policy that recognises our peculiarities in the midst of the growing global economic difficulties.
This is evidenced by the recent Monetary Policy Committee decision to maintain all parameters, especially interest rates and marginally increased the Monetary Policy Rate (MPR) from 14 per cent to 15.5 per cent and the Cash Reserve Ratio (CRR) from 27.5 per cent to 32.5 per cent. It is projected that this would further insulate our economy from over exposure to uncertainties at the international market by restraining growth in core inflation.
As we continue to de-escalate the security challenges that confronted us at inception of this administration, newer forms alien to our country began to manifest especially in the areas of kidnappings, molestations/killings of innocent citizens, banditry, all of which are being addressed by our security forces.
I share the pains Nigerians are going through and I assure you that your resilience and patience would not be in vain as this administration continues to reposition as well as strengthen the security agencies to enable them to deal with all forms of security challenges.
At the inception of this administration in 2015, I provided the funding requirements of the security agencies which was also improved in my second tenure in 2019 to enable them to surmount security challenges. We will continue on this path until our efforts yield the desired results.
As we put in place all measures to ensure that Nigeria takes her place in the Comity of Nations, we recognise the importance of a well-educated populace as a panacea to most of the challenges we face.
We have, therefore, pursued policies and implemented programmes designed to create a literate and proficient society that ensures that citizens are availed with opportunities for life-long achievements.
I must confess that I am very pained by the recurring disruption to our tertiary education system and I am using this Independence Day celebration to re-iterate my call for the striking Academic Staff Union of Universities (ASUU) to return to the classroom while assuring them to deal with their contending issues within the limits of the scarce resources available. This administration has made appreciable progress in redressing these issues that have been lingering for over eleven years.
The Federal Government will continue to mobilise resources both internationally and nationally towards funding education to ensure that our citizens are well educated and skilled in various vocations in view of the fact that education is a leading determinant of economic growth and employment generation.
Fellow Nigerians, we have also improved our health facilities, especially during and after the outbreak of the COVID-19 pandemic, which attracted commendation of the global community.
As you are aware, Nigeria was one of the countries that defied global predictions of the socio-economic impacts of the COVID-19 pandemic because of our resilience, commitment and passion with which we individually and collectively managed the pandemic.
This administration embarked on addressing critical ecological challenges across the country in order to mitigate the impact of Climate Change manifesting in the form of flood, soil erosion, desertification, air pollution amongst others
We will continue to ensure that our infrastructure drive remains the key to Nigeria’s economic growth and for which every Nigerian will feel the impact.
The Federal Government is already expanding ports operations to ensure that they provide opportunities for the growth of the Nigerian economy.
We have also continued to accelerate our infrastructure development through serviceable and transparent borrowing, improved capital inflow & increased revenue generation by expanding the tax bases and prudent management of investment proceeds in the Sovereign Wealth Fund.
To further open up our communities to economic activities, we have continued to boost our railway infrastructure with the completion of a good number of critical railways and at the same time rehabilitating as well as upgrading obsolete equipment.
I am pleased to inform my fellow citizens that besides our emphasis on infrastructural development with its attendant opportunities for job creation, employment generation and subsequent poverty reduction, our focused intervention directly to Nigerians through the National Social Investment Programme is also yielding benefits.
There is hardly any ward, village or local government in Nigeria today that has not benefited from one of the following: N-Power, trader-moni, market moni, subsidized loans, business grants or Conditional Cash Transfers.
All the aforementioned programmes along with various interventions by the National Social Investment programme, direct support to victims of flooding and other forms of disasters have provided succor to the affected Nigerians.
Fellow Nigerians, no matter what gains we make, without a good governance system anchored on electing credible leaders on the basis of free, fair, credible and transparent elections, our efforts would not be enough.
It is for this reason that I have resolved to bequeath a sustainable democratic culture, which will remain lasting. The signing of the Electoral Act 2021 as amended with landmark provisions further assures us of a more transparent and inclusive Electoral Process.
Having witnessed at close quarters, the pains, anguish and disappointment of being a victim of an unfair electoral process, the pursuit of an electoral system and processes that guarantee election of leaders by citizens remains the guiding light as I prepare to wind down our administration.
You would all agree that the recent elections in the past two years in some states (notably Anambra, Ekiti and Osun) and a few federal constituencies have shown a high degree of credibility, transparency and freedom of choice with the people’s votes actually counting. This I promise would be improved upon as we move towards the 2023 General Elections.
As we begin the transition process to another democratically elected government, I want to implore all aspirants to conduct issues-based campaigns devoid of hate speeches as well as other negative and divisive tendencies.I also want to express my wish that we see more female and youth participation in the forth-coming electoral cycle. I am sure that our teeming and energetic youths now realise that violence generally mar elections and so should desist from being used by politicians for this purpose.
Reforms in the public sector are already yielding results especially in the delivery of services. On this note, I urge the general public to demand for citizen-centred services from the relevant authorities.
On the international front, we have continued to take advantage of our bilateral and multilateral platforms to explore cooperation with friendly countries and partners whenever these areas of cooperation are to the advantage of Nigeria.
Fellow Nigerians, in the past few years we have witnessed and overcome a good number of challenges that would ordinarily have destroyed our Nation. However, the indefatigable spirit of the Nigerian people has ensured that we overcome our challenges.
It is in this spirit that I call on all of us to individually and collectively bring to the fore in dealing with all our development issues.
I was called to serve, along with my team, I saw an opportunity to create a better Nigeria which we have done with the support of Nigerians. Almighty God and the good people of Nigeria supported us in laying a solid foundation for the Nigeria of our dreams.
I thank you all and God bless the Federal Republic of Nigeria.