In his last Independence Day’s broadcast, President Muhammadu Buhari has recounted the achievements he has racked up in his second term in office.
The president, however, empathized with Nigerians over the suffering they have had to endure, assuring that all efforts are underway to see that security challenges across the country are de-escalated.
“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,” he said.
On his administration’s achievements, the President noted the improvement of the economy, and efforts at tackling corruption and insecurity as well as taking 100 million Nigerians out of poverty.
He said: “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.
“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% to 15.5% and the Cash Reserve Ratio (CRR) from 27.5% to 32.5%.
“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.”
Buhari lamented that as the administration continues to de-escalate the security challenges that have confronted it from inception, “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.
“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,” he added.