PMB SPEECHES

I am immensely grateful to God Who has preserved us to witness this day and this occasion. Today marks a triumph for Nigeria and an occasion to celebrate her freedom and cherish her democracy. Nigerians have shown their commitment to democracy and are determined to entrench its culture. Our journey has not been easy but thanks to the determination of our people and strong support from friends abroad we have today a truly democratically elected government in place.

I would like to thank President Goodluck Jonathan for his display of statesmanship in setting a precedent for us that has now made our people proud to be Nigerians wherever they are. With the support and cooperation, he has given to the transition process, he has made it possible for us to show the world that despite the perceived tension in the land we can be a united people capable of doing what is right for our nation. Together we co-operated to surprise the world that had come to expect only the worst from Nigeria. I hope this act of graciously accepting defeat by the outgoing President will become the standard of political conduct in the country.

I would like to thank the millions of our supporters who believed in us even when the cause seemed hopeless. I salute their resolve in waiting long hours in rain and hot sunshine to register and cast their votes and stay all night if necessary, to protect and ensure their votes count and were counted. I thank those who tirelessly carried the campaign on the social media. At the same time, I thank our other countrymen and women who did not vote for us but contributed to make our democratic culture truly competitive, strong and definitive.

I thank all of you.

Having just a few minutes ago sworn on the Holy Book, I intend to keep my oath and serve as President to all Nigerians.

I belong to everybody and I belong to nobody.

A few people have privately voiced fears that on coming back to office I shall go after them. These fears are groundless. There will be no paying off old scores. The past is prologue.

Our neighbors in the Sub-region and our African brethenen should rest assured that Nigeria under our administration will be ready to play any leadership role that Africa expects of it. Here I would like to thank the governments and people of Cameroon, Chad and Niger for committing their armed forces to fight Boko Haram in Nigeria.

I also wish to assure the wider international community of our readiness to cooperate and help to combat threats of cross-border terrorism, sea piracy, refugees and boat people, financial crime, cybercrime, climate change, the spread of communicable diseases and other challenges of the 21st century.

At home we face enormous challenges. Insecurity, pervasive corruption, the hitherto unending and seemingly impossible fuel and power shortages are the immediate concerns. We are going to tackle them head on. Nigerians will not regret that they have entrusted national responsibility to us. We must not succumb to hopelessness and defeatism. We can fix our problems.

In recent times Nigerian leaders appear to have misread our mission. Our founding fathers, Mr Herbert Macauley, Dr Nnamdi Azikiwe, Chief Obafemi Awolowo, Alhaji Ahmadu Bello, the Sardauna of Sokoto, Alhaji Abubakar Tafawa Balewa, Malam Aminu Kano, Chief J.S. Tarka, Mr Eyo Ita, Chief Denis Osadeby, Chief Ladoke Akintola and their colleagues worked to establish certain standards of governance. They might have differed in their methods or tactics or details, but they were united in establishing a viable and progressive country. Some of their successors behaved like spoilt children breaking everything and bringing disorder to the house.

Furthermore, we as Nigerians must remind ourselves that we are heirs to great civilizations: Shehu Othman Dan fodio’s caliphate, the Kanem Borno Empire, the Oyo Empire, the Benin Empire and King Jaja’s formidable domain. The blood of those great ancestors flow in our veins. What is now required is to build on these legacies, to modernize and uplift Nigeria.

Daunting as the task may be it is by no means insurmountable. There is now a national consensus that our chosen route to national development is democracy. To achieve our objectives we must consciously work the democratic system. The Federal Executive under my watch will not seek to encroach on the duties and functions of the Legislative and Judicial arms of government. The law enforcing authorities will be charged to operate within the Constitution. We shall rebuild and reform the public service to become more effective and more serviceable. We shall charge them to apply themselves with integrity to stabilize the system.

For their part the legislative arm must keep to their brief of making laws, carrying out over-sight functions and doing so expeditiously. The judicial system needs reform to cleanse itself from its immediate past. The country now expects the judiciary to act with dispatch on all cases especially on corruption, serious financial crimes or abuse of office. It is only when the three arms act constitutionally that government will be enabled to serve the country optimally and avoid the confusion all too often bedeviling governance today.

Elsewhere relations between Abuja and the States have to be clarified if we are to serve the country better. Constitutionally there are limits to powers of each of the three tiers of government but that should not mean the Federal Government should fold its arms and close its eyes to what is going on in the states and local governments. Not least the operations of the Local Government Joint Account. While the Federal Government can not interfere in the details of its operations it will ensure that the gross corruption at the local level is checked. As far as the constitution allows me I will try to ensure that there is responsible and accountable governance at all levels of government in the country. For I will not have kept my own trust with the Nigerian people if I allow others abuse theirs under my watch.

However, no matter how well organized the governments of the federation are they can not succeed without the support, understanding and cooperation of labour unions, organized private sector, the press and civil society organizations. I appeal to employers and workers alike to unite in raising productivity so that everybody will have the opportunity to share in increased prosperity. The Nigerian press is the most vibrant in Africa. My appeal to the media today – and this includes the social media – is to exercise its considerable powers with responsibility and patriotism.

My appeal for unity is predicated on the seriousness of the legacy we are getting into. With depleted foreign reserves, falling oil prices, leakages and debts the Nigerian economy is in deep trouble and will require careful management to bring it round and to tackle the immediate challenges confronting us, namely; Boko Haram, the Niger Delta situation, the power shortages and unemployment especially among young people. For the longer term we have to improve the standards of our education. We have to look at the whole field of medicare. We have to upgrade our dilapidated physical infrastructure.

The most immediate is Boko Haram’s insurgency. Progress has been made in recent weeks by our security forces but victory can not be achieved by basing the Command and Control Centre in Abuja. The command centre will be relocated to Maiduguri and remain until Boko Haram is completely subdued. But we can not claim to have defeated Boko Haram without rescuing the Chibok girls and all other innocent persons held hostage by insurgents.

This government will do all it can to rescue them alive. Boko Haram is a typical example of small fires causing large fires. An eccentric and unorthodox preacher with a tiny following was given posthumous fame and following by his extra judicial murder at the hands of the police. Since then through official bungling, negligence, complacency or collusion Boko Haram became a terrifying force taking tens of thousands of lives and capturing several towns and villages covering swathes of Nigerian sovereign territory.

Boko Haram is a mindless, godless group who are as far away from Islam as one can think of. At the end of the hostilities when the group is subdued the Government intends to commission a sociological study to determine its origins, remote and immediate causes of the movement, its sponsors, the international connexions to ensure that measures are taken to prevent a reccurrence of this evil. For now the Armed Forces will be fully charged with prosecuting the fight against Boko haram. We shall overhaul the rules of engagement to avoid human rights violations in operations. We shall improve operational and legal mechanisms so that disciplinary steps are taken against proven human right violations by the Armed Forces.

Boko Haram is not only the security issue bedeviling our country. The spate of kidnappings, armed robberies, herdsmen/farmers clashes, cattle rustlings all help to add to the general air of insecurity in our land. We are going to erect and maintain an efficient, disciplined people – friendly and well – compensated security forces within an over – all security architecture.

The amnesty programme in the Niger Delta is due to end in December, but the Government intends to invest heavily in the projects, and programmes currently in place. I call on the leadership and people in these areas to cooperate with the State and Federal Government in the rehabilitation programmes which will be streamlined and made more effective. As ever, I am ready to listen to grievances of my fellow Nigerians. I extend my hand of fellowship to them so that we can bring peace and build prosperity for our people.

No single cause can be identified to explain Nigerian’s poor economic performance over the years than the power situation. It is a national shame that an economy of 180 million generates only 4,000MW, and distributes even less. Continuous tinkering with the structures of power supply and distribution and close on $20b expanded since 1999 have only brought darkness, frustration, misery, and resignation among Nigerians. We will not allow this to go on. Careful studies are under way during this transition to identify the quickest, safest and most cost-effective way to bring light and relief to Nigerians.

Unemployment, notably youth un-employment features strongly in our Party’s Manifesto. We intend to attack the problem frontally through revival of agriculture, solid minerals mining as well as credits to small and medium size businesses to kick – start these enterprises. We shall quickly examine the best way to revive major industries and accelerate the revival and development of our railways, roads and general infrastructure.

Your Excellencies, My fellow Nigerians I can not recall when Nigeria enjoyed so much goodwill abroad as now. The messages I received from East and West, from powerful and small countries are indicative of international expectations on us. At home the newly elected government is basking in a reservoir of goodwill and high expectations. Nigeria therefore has a window of opportunity to fulfill our long – standing potential of pulling ourselves together and realizing our mission as a great nation.

Our situation somehow reminds one of a passage in Shakespeare’s Julius Ceasar

There is a tide in the affairs of men which,

taken at the flood, leads on to fortune;

Omitted, all the voyage of their life,

Is bound in shallows and miseries.

We have an opportunity. Let us take it.

Thank you.

Muhammadu Buhari

President Federal Republic of NIGERIA

Nigerian president Buhari sent a beautiful and hopeful message to his people, 2016 motivational speech from our president is a good way to start the year. Read below

Welcome to the beginning of a New Year of the continuation of CHANGE in our beloved nation. I am aware that Nigerians have experienced a number of significant hardships over the past months. Living in the State House has not alienated me from your daily sufferings. I am aware of the lengthy queues at fuel stations and of the difficulties businesses have faced in acquiring foreign exchange.

These challenges are only temporary; we are working to make things better. When I presented myself to you as a presidential candidate and asked you to vote for me, I wanted to be a leader who keeps his promises. I wanted to be a leader who restores the people’s hope in those elected to serve them. I wanted to be a leader who initiates positive and enduring CHANGE.

I am still totally committed to being that kind of leader. Unforeseen circumstances and other distractions notwithstanding, I shall still do my utmost best to keep every promise I made to Nigerians during my election campaign. In the past seven months since our inauguration on May 29, 2015, my administration has focused on laying the right foundation for the CHANGE you voted for during our historic presidential election. Nigerians will in due course begin to enjoy the fruits of all our ongoing work.

The effective and efficient implementation of our 2016 budget proposals will address many of the socio-economic issues that are of current concern to our people. One area in which Nigerians, especially those in the northeast, have already begun to experience major CHANGE is in the war on terror. I commend our Armed Forces for significantly curtailing the insurgency which has ravaged the northeast of Nigeria over the past few years.

However, there is still a lot of work to be done in the area of security. Our Armed Forces will maintain, consolidate and build on their successes in the war against Boko Haram and violent extremism. This government will not consider the matter concluded until the terrorists have been completely routed and normalcy restored to all parts of the country that have been adversely affected by the Boko Haram insurgency.

Our crackdown on corruption will continue to be vigorously undertaken. I urge the courts to support our efforts and help in the recovery of stolen funds by speedily concluding trials and showing that impunity no longer has a place in our country.

There is much work to do in other areas as well and I have charged all my ministers and other appointees to ensure that Nigerians experience positive changes in their lives in 2016. We must reduce our country’s reliance on oil. We must diversify our economy.

And we must do all we can to promote job creation. Our challenges are many but our determination to succeed is strong and unshaken. So too is our confidence in God. I wish you all a very

Happy New Year.

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.

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.

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.

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.

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.

I believe that this recession will not last.

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.

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.

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.

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.

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.

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.

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.

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?

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.

We have however, continued to dialogue with all groups and leaders of thought in the region to bring lasting peace.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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;

1. Anambra–Imo
   II. Benin–Owena
   III.     ChadBasin
   IV.     Cross River
2. Hadejia–Jama’are
   VI. Lower Benue

VII.    Lower Niger

VIII.   Niger Delta

1. Ogun– Osun
   X. Sokoto– Rima
2. Upper Benue

XII.    Upper Niger

The intention is eventually to fully commercialise them to better support crop production, aqua –culture and accelerated rural development.

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.

The second plank in our economic revival strategy is centered 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.
2. Rehabilitation of Ilorin – Jebba – Mokwa – Birnin Gwari Road, Kwara State.
   12. Construction of Oju/Lokoja – Oweto Bridge over River Benue, Benue State.

Other major highways are in the queue for rehabilitation or new construction.

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.

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.

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.

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.

The programmes I have outlined will revive the economy, restore the value of the naira and drive hunger from our land.

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.

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.

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.

Thank you and may God bless our country.

My dear Compatriots,

I am happy to welcome you to the beginning of a New Year in our beloved country Nigeria.

I felicitate with you today at a time when our nation is witnessing a new and impressive turnaround in our security and socio-economic situation.

I know you will join me to, once again, congratulate the heroic and gallant efforts of our military and other security agencies on their remarkable successes to rid the nation of terrorism.

Following the successful capture of Sambisa Forest, spearheaded by troops of Operation Lafiya Dole, we have entered a new phase in our battle against our common enemy, Boko Haram.

When we see our beloved 21 Chibok girls reuniting with their families and community for Christmas, it gives us the hope that those who are still in captivity will one day return to the loving arms of family, friends and well-wishers.

I urge all Nigerians to be on the alert and watch out for strange figures settling in their communities, and report to the nearest security agencies, as our armed forces intensify the pursuit of fleeing terrorists from the captured Sambisa Forest.

Misguided elements who decided to take up arms against constituted authorities must be brought to face the full weight of the law.

The support of all Nigerians to security agencies to enable them successfully execute their mandate is crucial in our bid to effectively secure our country.

Seeing the joyful return of thousands of Internally Displaced Persons (IDPs) to Damasak town in Borno State, following the reopening of Maiduguri/Gubio/Damasak road in Northern Borno on December 25, 2016, reassured us that the voluntary return of IDPs in other parts of the country is imminent.

The Federal Government will spare no effort in seeing to the resettlement and rehabilitation of the unfortunate victims of terrorism and insurgency. I urge state governments, privileged Nigerians, donor agencies and countries to redouble their contributions towards this goal.

Government is aware of some mistakes and wrongdoings in handling the affairs of IDPs. We are taking measures to correct those mistakes and punish the culprits.

In this New Year, I want to reassure all Nigerians that our defence and security forces are more than ever before ready to perform their constitutional role of protecting lives and property in the country; and we will surely overcome all other forms of security challenges.

The lingering security issues in several states will be frontally addressed. These ugly crises cannot be allowed to fester as they strain the unifying bonds of brotherhood and neighbourliness.

Some sections of the press and some politicians should avoid provocative and inflammatory statements, while the government is painstakingly trying to find solutions to our challenges.

I want to remind you on the first day of this New Year of an African proverb that says “it is easy to break a broomstick but not a bunch”. Nigeria is a bunch and is more than equal to troublemakers.

I have interacted with a broad spectrum of Nigerians, the old and the young, and they have told me unequivocally that they believe in the unity and stability of Nigeria.

The year 2017 provides an opportunity for us to build on those aspects of our national life that unite us. We are courageous, hardworking, hospitable, steadfast and resilient people, even in the face of difficulties.

These are the attributes that define us and have for years confounded the pessimists who do not believe in our continued existence as a united and indivisible nation. We are a remarkable nation that has succeeded in harnessing our multiple diversities for national development.

We must continue to support and tolerate one another and live together as one.

We will continue to pursue peace initiatives in the Niger Delta as I again, call on our brothers in that region who have taken to violent disruptions of economic infrastructure to come to the negotiating table.

As for our brothers and sisters of the Shia Community, we urge them, too, to embrace peace. They must accept the laws of the country they live in. They cannot be islands by themselves.

At the same time, the law enforcement agencies must treat them humanely and according to the rule of law.

On our part, in the past 20 months since our inauguration on May 29, 2015, we have focused our energies to turn around the economy, create jobs, fight corruption, and transform agriculture to replace oil and gas as a major revenue earner for the nation. I am encouraged that we are getting things right.

The agricultural revolution has begun. Farmers in different parts of the country are experiencing bumper harvests; states are getting into strategic partnership towards attaining self-sufficiency in rice, and the era of over-dependence on oil for foreign exchange revenues is gradually waning.

I am optimistic that the CHANGE we all yearned for in voting this administration to power in 2015 will manifest more and be sustained in different sectors, particularly agriculture, in 2017.

As you may be aware, our economic recovery and growth plan in 2017 is anchored on optimizing the use of local content and empowering local businesses.

In pursuit of this administration’s philosophy, we will continue to appeal that we buy “Made In Nigeria” goods. Like I said during the 2017 Budget presentation to the National Assembly, farmers, small and medium-sized manufacturers, agro-allied businesses, dressmakers, entertainers and technology start-ups, will remain the true drivers of our economic future.

They are the engine of our economic recovery and their needs underpin our Economic Recovery and Growth Plan.

On job creation, this administration will sustain existing programmes aimed at lifting a vast number of our youth out of poverty, while at the same time creating the opportunities for people to fend for themselves.

Our determination to wrestle corruption to the ground remains unshaken. This fight, which will be guided by respect for the rule of law and due process, will not spare anybody or organ of government.

It is a collective undertaking and resolve that must be seen to its logical conclusion in spite of certain distractions. The fate of our country lies partly in the success of this campaign. It will be unthinkable on my part to allow the boat of this crucial campaign promise capsize mid-stream.

I thank you for the public support for our administration’s efforts to transform Nigeria. I assure you again that the current pains are temporary and will ease when the economic seeds in gestation begin to bloom to fruition.

I urge you to continue to support this administration in its effort to transform Nigeria for the good of all.

I wish you a Happy New Year, 2017.

PROTOCOL

1. It is my pleasure to present the 2017 Budget Proposals to this distinguished Joint Assembly: the Budget of Recovery and Growth.
2. We propose that the implementation of the Budget will be based on our Economic Recovery and Growth Strategy. The Plan, which builds on our 2016 Budget, provides a clear road map of policy actions and steps designed to bring the economy out of recession and to a path of steady growth and prosperity.
3. We continue to face the most challenging economic situation in the history of our Nation. Nearly every home and nearly every business in Nigeria is affected one way or the other.
4. Yet I remain convinced that this is also a time of great opportunity. We have reached a stage when the creativity, talents and resilience of the Nigerian people is being rewarded. Those courageous and patriotic men and women who believed in Nigeria are now seeing the benefits gradually come to fruition. I am talking about the farmers who today are experiencing bumper harvests, the manufacturers who substituted imported goods for local materials and the car assembly companies who today are expanding to meet higher demand.
5. Distinguished members of National Assembly, for the record: For many years we depended on oil for foreign exchange revenues. In the days of high oil prices, we did not save.  We squandered.
6. We wasted our large foreign exchange reserves to import nearly everything we consume. Our food, Our clothing, Our manufacturing inputs, Our fuel and much more. In the past 18 months when we experienced low oil prices, we saw our foreign exchange earnings cut by about 60%, our reserves eroded and our consumption declined as we could not import to meet our needs.
7. By importing nearly everything, we provide jobs for young men and women in the countries that produce what we import, while our own young people wander around jobless. By preferring imported goods, we ensure steady jobs for the nationals of other countries, while our own farmers, manufacturers, engineers, and marketers, remain jobless.
8. I will stand my ground and maintain my position that under my watch, that old Nigeria is slowly but surely disappearing and a new era is rising in which we grow what we eat and consume what we make.

We will CHANGE our habits and we will CHANGE Nigeria.

9. By this simple principle, we will increasingly grow and process our own food, we will manufacture what we can and refine our own petroleum products. We will buy ‘Made in Nigeria’ goods. We will encourage garment manufacturing and Nigerian designers, tailors and fashion retailers. We will patronize local entrepreneurs. We will promote the manufacturing powerhouses in Aba, Calabar, Kaduna, Kano, Lagos, Nnewi, Onitsha, and Ota. From light manufacturing to cement production and petrochemicals, our objective is to make Nigeria a new manufacturing hub.
10. Today, the demand of the urban consumer has presented an opportunity for the rural producer. Across the country, our farmers, traders and transporters are seeing a shift in their fortunes. Nigerians who preferred imported products are now consuming made in Nigeria products. From Argungu in Kebbi to Abakalaki in Ebonyi, rice farmers and millers are seeing their products move. We must replicate such success in other staples like wheat, sugar, soya, tomato and dairy products. Already, the Ministry of Agriculture and Rural Development, the Central Bank of Nigeria, the Organised Private Sector and a handful of Nigerian commercial banks, have embarked on an ambitious private sector-led N600 billion program to push us towards self-sufficiency in three years for these products. I hereby make a special appeal to all State Governors to make available land to potential farmers for the purpose of this program.
11. To achieve self-sufficiency in food and other products, a lot of work needs to be done across the various value chains. For agriculture, inputs must be available and affordable. In the past, basic inputs, like the NPK fertilizer, were imported although key ingredients like urea and limestone are readily available locally. Our local blending plants have been abandoned. Jobs lost and families destroyed. I am pleased to announce today that on 2nd December 2016, Morocco and Nigeria signed an ambitious collaboration agreement to revive the abandoned Nigerian fertilizer blending plants. The agreement focuses on optimizing local materials while only importing items that are not available locally. This program has already commenced and we expect that in the first quarter of 2017, it will create thousands of jobs and save Nigeria US$200 million of foreign exchange and over N60 billion in subsidy.
12. We must take advantage of current opportunities to export processed agricultural products and manufactured goods. Let it not be lost on anyone that the true drivers of our economic future will be the farmers, small and medium sized manufacturers, agro-allied businesses, dressmakers, entertainers and technology start-ups. They are the engine of our imminent economic recovery. And their needs underpin the Economic Recovery and Growth Plan.
13. Let me, Mr. Senate President, Right Hon. Speaker, here acknowledge the concerns expressed by the National Assembly and, in particular, acknowledge your very helpful Resolutions on the State of the Economy, which were sent to me for my consideration. The Resolutions contained many useful suggestions, many of which are in line with my thinking and have already been reflected in our Plan. Let me emphasise that close cooperation between the Executive and the Legislature is vital to the success of our recovery and growth plans.
14. Permit me to briefly outline a few important features of the Plan. The underlying philosophy of our Economic Recovery and Growth Plan is optimizing the use of local content and empowering local businesses.  The role of Government must be to facilitate, enable and support the economic activities of the Nigerian businesses as I earlier mentioned. Fiscal, monetary and trade policies will be fully aligned and underpinned by the use of policy instruments to promote import substitution. Government will however at all times ensure the protection of public interest.
15. First we clearly understand the paradox that to diversify from oil we need oil revenues. You may recall that oil itself was exploited by investment from agricultural surpluses. We will now use oil revenues to revive our agriculture and industries. Though we cannot control the price of crude oil, we are determined to get our production back to at least 2.2 million barrels per day. Consistent with the views which have also been expressed by the National Assembly, we will continue our engagement with the communities in the Niger Delta to ensure that there is minimum disruption to oil production. The National Assembly, State and Local Governments, Traditional Rulers, Civil Society Organisations and Oil Companies must also do their part in this engagement. We must all come together to ensure peace reigns in the Niger Delta.
16. In addition, we will continue our ongoing reforms to enhance the efficiency of the management of our oil and gas resources. To this effect, from January 2017, the Federal Government will no longer make provision for Joint Venture cash-calls. Going forward, all Joint Venture operations shall be subjected to a new funding mechanism, which will allow for Cost Recovery. This new funding arrangement is expected to boost exploration and production activities, with resultant net positive impact on government revenues which can be allocated to infrastructure, agriculture, solid minerals and manufacturing sectors.
17. I earlier mentioned our ambitions for policy harmonisation. But we all know that one of the peculiar problems of our environment is execution. This phenomenon affects both government carrying out its own functions and the innumerable bureaucratic hurdles in doing business. To this end, I will be issuing some Executive Orders to ensure the facilitation and speeding up of government procurements and approvals. Facilitation of business and commerce must be the major objective of government agencies. Government must not be the bottle neck. Additionally, these Executive Orders will widen the scope of compliance with the Fiscal Responsibility Act by Federal Government owned entities and promote support for local content in Ministries, Department and Agencies.
18. The Executive will soon place before the National Assembly proposals for legislation to reduce statutorily mandated minimum times for administrative processes in order to speed up business transactions. In addition, I have established the Presidential Enabling Business Council, chaired by the Vice President with a mandate to make doing business in Nigeria easier and more attractive. Getting approvals for business and procurements will be simplified and made faster.
19. In 2017, we will focus on the rapid development of infrastructure, especially rail, roads and power. Efforts to fast-track the modernization of our railway system is a priority in the 2017 Budget. In 2016, we made a lot of progress getting the necessary studies updated and financing arrangements completed. We also addressed some of the legacy contractor liabilities inherited to enable us to move forward on a clean slate. Many of these tasks are not visible but are very necessary for sustainability of projects. Nigerians will soon begin to see the tangible benefits in 2017.
20. We also have an ambitious programme for growing our digital platforms in order to modernise the Nigerian economy, support innovation and improve productivity and competitiveness. We will do this through increased spending on critical information technology infrastructure and also by promoting policies that facilitate investments in this vital sector.
21. During 2016, we conducted a critical assessment of the power sector value chain, which is experiencing major funding issues. Although Government, through the CBN and other Development Finance Institutions has intervened, it is clear that more capital is needed. We must also resolve the problems of liquidity in the sector. On its part, Government has made provisions in its 2017 Budget to clear its outstanding electricity bills. This we hope, will provide the much needed liquidity injection to support the investors.
22. In the delivery of critical infrastructure, we have developed specific models to partner with private capital, which recognize the constraints of limited public finances and incorporate learnings from the past. These tailor-made public private partnerships are being customized, in collaboration with some global players, to suit various sectors, and we trust that, the benefits of this new approach will come to fruition in 2017.
23. Fellow Nigerians, although a lot of problems experienced by this Administration were not created by us, we are determined to deal with them. One of such issues that the Federal Government is committed to dealing with frontally, is the issue of its indebtedness to contractors and other third parties. We are at an advanced stage of collating and verifying these obligations, some of which go back ten years, which we estimate at about N2 trillion. We will continue to negotiate a realistic and viable payment plan to ensure legitimate claims are settled.

2016 Budget Performance
24.   In 2016, the budget was prepared on the principles of zero based budgeting to ensure our resources were prudently managed and utilized solely for the public good. This method was a clear departure from the previous incremental budgeting method. We have adopted the same principles in the 2017 Budget.

25. Distinguished members of the National Assembly may recall that the 2016 Budget was predicated on a benchmark oil price of US$38 per barrel, oil production of 2.2 million barrels per day and an exchange rate of N197 to the US dollar.
26. On the basis of these assumptions, aggregate revenue was projected at N3.86 trillion while the expenditure outlay was estimated at N6.06 trillion. The deficit of N2.2 trillion, which was about 2.14% of GDP was expected to be mainly financed through borrowing.
27. The implementation of the 2016 Budget was hampered by the combination of relatively low oil prices in the first quarter of 2016, and disruptions in crude oil production which led to significant shortfalls in projected revenue. This contributed to the economic slow-down that negatively affected revenue collections by the Federal Inland Revenue Service and the Nigerian Customs Service.
28. As at 30 September 2016, aggregate revenue inflow was N2.17 trillion or 25% less than pro rated projections. Similarly, N3.58 trillion had been spent by the same date on both recurrent and capital expenditure. This is equivalent to 79% of the pro rated full year expenditure estimate of N4.54 trillion as at the end of September 2016.
29. In spite of these challenges, we met both our debt service obligations and personnel costs. Similarly, overhead costs have been largely covered.
30. Although capital expenditure suffered as a result of project formulation delays and revenue shortfalls, in the five months since the 2016 Budget was passed, the amount of N753.6 billion has been released for capital expenditure as at the end of October 2016. It is important to note that this is one of the highest capital releases recorded in the nation’s recent history. In fact, it exceeds the aggregate capital expenditure budget for 2015.
31. Consequently, work has resumed on a number of stalled infrastructure projects such as the construction of new terminals at the country’s four major airports; numerous major road projects; key power transmission projects; and the completion of the Kaduna – Abuja railway to mention a few.
32. We remain resolute in our commitment to the security of life and property nationwide. The courageous efforts and sacrifices of our heroes in the armed forces and para military units are clear for all to see. The gradual return to normality in the North East is a good example of the results. Our resolve to support them is unwavering. Our spending in the 2016 fiscal year focused on ensuring these gallant men and women are properly equipped and supported. We will continue to prioritise defence spending till all our enemies, within and outside, are subdued.
33. Stabilisation of sub-national government finances remains a key objective in our plans to stimulate the economy. In June 2016, a conditional Budget Support Programme was introduced, which offered State Governments N566 billion to address their funding shortfalls. To participate, State Governments were required to subscribe to certain fiscal reforms centered around transparency, accountability and efficiency. For example, States as part of this program were required to publish audited accounts and introduce biometric payroll systems with the goal of eliminating ghost workers.
34. Our efforts on cost containment have continued throughout the year. We have restricted travel costs, reduced board members’ sitting allowances, converted forfeited properties to Government offices to save on rent and eliminated thousands of Ghost workers. These, and many other cost reduction measures will lead to savings of close to N180 billion per annum to be applied to critical areas including health, security and education.

2017 Budget Priorities
35.   Let me now turn to 2017 Budget. Government’s priorities in 2017 will be a continuation of our 2016 plans but adjusted to reflect new additions made in the Economic Recovery and Growth Plan. In order to restore growth, a key objective of the Federal Government will be to bring about stability and greater coherence between monetary, fiscal and trade policies while guaranteeing security for all.

36. The effort to diversify the economy and create jobs will continue with emphasis on agriculture, manufacturing, solid minerals and services.  Mid- and Down-stream oil and gas sectors, are also key priority areas. We will prioritise investments in human capital development especially in education and health, as well as wider social inclusion through job creation, public works and social investments.
37. Our plans also recognise that success in building a dynamic, competitive economy depends on construction of high quality national infrastructure and an improved business environment leveraging locally available resources. To achieve this, we will continue our goal of improving governance by enhancing public service delivery as well as securing life and property.

The 2017 Budget: Assumptions, Revenue Projections and Fiscal Deficit
38.   Distinguished members of the National Assembly, the 2017 Budget is based on a benchmark crude oil price of US$42.5 per barrel; an oil production estimate of 2.2 million barrels per day; and an average exchange rate of N305 to the US dollar.

39. Based on these assumptions, aggregate revenue available to fund the federal budget is N4.94 trillion. This is 28% higher than 2016 full year projections. Oil is projected to contribute N1.985 trillion of this amount.
40. Non-oil revenues, largely comprising Companies Income Tax, Value Added Tax, Customs and Excise duties, and Federation Account levies are estimated to contribute N1.373 trillion. We have set a more realistic projection of N807.57 billion for Independent Revenues, while we have projected receipts of N565.1 billion from various Recoveries. Other revenue sources, including mining, amount to N210.9 billion.
41. With regard to expenditure, we have proposed a budget size of N7.298 trillion which is a nominal 20.4% increase over 2016 estimates. 30.7% of this expenditure will be capital in line with our determination to reflate and pull the economy out of recession as quickly as possible.
42. This fiscal plan will result in a deficit of N2.36 trillion for 2017 which is about 2.18% of GDP.  The deficit will be financed mainly by borrowing which is projected to be about N2.32 trillion. Our intention is to source N1.067 trillion or about 46% of this borrowing from external sources while, N1.254 trillion will be borrowed from the domestic market.

Expenditure Estimates
43.   The proposed aggregate expenditure of N7.298 trillion will comprise:

419. Statutory transfers of N419.02 billion;
     ii.  Debt service of N1.66 trillion;
     iii. Sinking fund of N177.46 billion to retire certain maturing bonds;
     iv. Non-debt recurrent expenditure of N2.98 trillion; and
     v. Capital expenditure of N2.24 trillion (including capital in Statutory Transfers).

Statutory Transfers
44.   We have increased the budgetary allocation to the Judiciary from N70 billion to N100 billion. This increase in funding is further meant to enhance the independence of the judiciary and enable them to perform their functions effectively.

Recurrent Expenditure
45.   A significant portion of recurrent expenditure has been provisioned for the payment of salaries and overheads in institutions that provide critical public services. The budgeted amounts for these items are:
·       N482.37 billion for the Ministry of Interior;
·       N398.01 billion for Ministry of Education;
·       N325.87 billion for Ministry of Defence; and
·       N252.87 billion for Ministry of Health.

46. We have maintained personnel costs at about N1.8 trillion. It is important that we complete the work that we have started of ensuring the elimination of all ghost workers from the payroll. Accordingly, adequate provision has been made in the 2017 Budget to ensure all personnel that are not enrolled on the Integrated Personnel Payroll Information System platform are captured.
47. We have tasked the Efficiency Unit of the Federal Ministry of Finance to cut certain overhead costs by 20%. We must eliminate all non-essential costs so as to free resources to fund our capital expenditure.

Capital Expenditure
48.   The size of the 2017 capital budget of N2.24 trillion (inclusive of capital in Statutory Transfers), or 30.7% of the total budget, reflects our determination to spur economic growth. These capital provisions are targeted at priority sectors and projects.

49. Specifically, we have maintained substantially higher allocations for infrastructural projects which will have a multiplier effect on productivity, employment and also promote private sector investments into the country.
50. Key capital spending provisions in the Budget include the following:
    •                         Power, Works and Housing:               N529 billion;
    •                         Transportation:                                  N262 billion;
    •                         Special Intervention Programmes:     N150 billion.
    •                         Defence:                                         N140 billion;
    •                         Water Resources:                               N85 billion;
    •                         Industry, Trade and Investment:         N81 billion;
    •                         Interior:                                        N63 billion;
    •                         Education                                        N50 billion
    •                         Universal Basic Education Commission:    N92 billion
    •                         Health:                                          N51 billion
    •                         Federal Capital Territory:                    N37 billion;
    •                         Niger Delta Ministry:                          N33 billion; and
    •                         Niger Delta Development Commission: N61 billion;
51. N100 billion has been provided in the Special Intervention programme as seed money into the N1 trillion Family Homes Fund that will underpin a new social housing programme. This substantial expenditure is expected to stimulate construction activity throughout the country.
52. Efforts to fast-track the modernization of our railway system will receive further boost through the allocation of N213.14 billion as counterpart funding for the Lagos-Kano, Calabar-Lagos, Ajaokuta-Itakpe-Warri railway, and Kaduna-Abuja railway projects. As I mentioned earlier, in 2016, we invested a lot of time ensuring the paper work is done properly while negotiating the best deal for Nigeria. I must admit this took longer than expected but I am optimistic that these projects will commence in 2017 for all to see.
53. Given the emphasis placed on industrialization and supporting SMEs, a sum of N50 billion has been set aside as Federal Government’s contribution for the expansion of existing, as well as the development of new, Export Processing and Special Economic Zones. These will be developed in partnership with the private sector as we continue our efforts to promote and protect Nigerian businesses. Furthermore, as the benefits of agriculture and mining are starting to become visible, I have instructed that the Export Expansion Grant be revived in the form of tax credits to companies. This will further enhance the development of some agriculture and mining sector thereby bringing in more investments and creating more jobs.  The sum of N20 billion has been voted for the revival of this program.
54. Our small- and medium-scale businesses continue to face difficulties in accessing longer term and more affordable credit.  To address this situation, a sum of N15 billion has been provided for the recapitalization of the Bank of Industry and the Bank of Agriculture. In addition, the Development Bank of Nigeria will soon start operations with US$1.3 billion focused exclusively on Small and Medium-Sized Enterprises.
55. Agriculture remains at the heart of our efforts to diversify the economy and the proposed allocation to the sector this year is at a historic high of N92 billion. This sum will complement the existing efforts by the Federal Ministry of Agriculture and CBN to boost agricultural productivity through increased intervention funding at single digit interest rate under the Anchor Borrowers Programme, commercial agricultural credit scheme and The Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending. Accordingly, our agricultural policy will focus on the integrated development of the agricultural sector by facilitating access to inputs, improving market access, providing equipment and storage as well as supporting the development of commodity exchanges.
56. Government realizes that achieving its goals with regard to job creation, also requires improving the skills of our labour force, especially young people. We have accordingly made provision, including working with the private sector and State Governments, to establish and operate model technical and vocational education institutes.
57. We propose with regard to healthcare to expand coverage through support to primary healthcare centres and expanding the National Health Insurance Scheme.
58. The 2017 Budget estimates retains the allocation of N500 billion to the Special Intervention programme consisting of the Home-grown School Feeding Programme, Government Economic Empowerment programme, N-Power Job Creation Programme to provide loans for traders and artisans, Conditional Cash Transfers to the poorest families and the new Family Homes Fund (social housing scheme). The N-Power Programme has recently taken off with the employment of 200,000 graduates across the country, while the School Feeding Programme has commenced in a few States, where the verification of caterers has been completed
    59.   As we pursue economic recovery, we must remain mindful of issues of sustainable and inclusive growth and development. The significant vote for the Federal Ministry of Water Resources reflects the importance attached to integrated water resource management. In this regard, many river-basin projects have been prioritized for completion in 2017. Similarly, the increased vote of N9.52 billion for the Federal Ministry of Environment (an increase of 92% over the 2016 allocation) underscores the greater attention to matters of the environment, including climate change and leveraging private sector funding for the clean-up of the Niger Delta.
    60.   Provision has also been made in these estimates for activities that will foster a safe and conducive atmosphere for the pursuit of economic and social activities. In this regard, the allocation for the Presidential Amnesty Programme has been increased to N65 billion in the 2017 Budget. Furthermore, N45 billion in funding has been provisioned for the rehabilitation of the North East to complement the funds domiciled at the Presidential Committee on the North East Initiative as well as commitments received from the multinational donors.
    Conclusion
59. Mr. Senate President, Mr. Speaker, distinguished and honourable members of the National Assembly, I cannot end without commending the National Assembly for its support in steering our economy on a path of sustained and inclusive growth. This generation has an opportunity to move our country from an unsustainable growth model – one that is largely dependent on oil earnings and imports, to an economy that focuses on using local labour and local raw materials. We cannot afford to let this opportunity slip by. We must all put our differences aside and work together to make this country succeed. The people that voted us into these esteemed positions are looking to us to make a difference. To change the course of this nation. I have no doubt in my mind that by working together, we will put Nigeria back on the path that its founding fathers envisaged.
60. This Budget, therefore, represents a major step in delivering on our desired goals through a strong partnership across the arms of government and between the public and private sectors to create inclusive growth. Implementation will move to centre-stage as we proceed with the process of re-balancing our economy, exiting recession and insulating it from future external and domestic shocks.
61. I thank you all for your patience and patriotism.

I am delighted to be here for the commissioning of yet another important transport infrastructure – the Kaduna Inland Dry Port which is the first proper Inland Dry Port to be completed among the seven earmarked for various parts of the country.

2. The hinterland business community has waited for too long for such facility that has tremendous potentials to ease the way of doing international business for the interior based importers and exporters.
3. The Development of Inland Dry Ports is an important factor in our economic development efforts. As Ports of origin for exports and ports of destination for imports, the Inland Dry Ports will accelerate the implementation of our economic diversification policy.
4. The concept of Inland Dry Port has gained widespread importance with the tremendous changes in international transportation as a result of the container revolution and the introduction of door-to-door delivery of cargo. It provides importers and exporters located within the nation’s hinterland, especially industrial and commercial outfits, access to shipping and port services without necessarily visiting the seaports.
5. It also enables them to process clearance of their import cargo and take delivery of their raw materials and machinery close to their places of business. Furthermore, the Inland Dry Ports will also provide our exporters the much needed facilities to process, package, consolidate and forward their exports to their customers all over the world without having to physically be at the seaports.
6. This replicates the port economy in the various centres where the Dry Ports are located inland thereby generating employment and contributing to the ease of doing business.
7. It remains for Customs and Ports officials to make these facilities work and not to frustrate business, commercial and industrial enterprises with unnecessary bureaucracy and inflicting on them delays and hardships, thereby defeating the object of the whole exercise as has happened in the past. Make these facilities work this time.
8. I congratulate the Kaduna State Government, the Federal Ministry of Transportation, Nigerian Shippers’ Council and indeed the hinterland importers and exporters on this epoch making occasion.
9. In addition to the Kaduna Inland Dry Port, six other Inland Dry Ports in Ibadan, Aba, Kano, Jos, Funtua and Maiduguri, which have also been gazetted, are at various stages of completion.
10. I commend the initiative of Nigerian Shippers’ Council towards promoting the provision of these modern transport infrastructural facilities and urge the Concessionaires of the other six Dry Ports to emulate the Concessionaires of the Kaduna Dry Port by accelerating work on theirs so that, in the next few months, they too can be commissioned.
11. With the full complement of the seven Dry Ports, congestion at the seaport and traffic gridlock in the port complex will be eliminated. Consequently, the cost of transportation and therefore cost of doing business will be reduced.
12. I also want to commend the Government of Kaduna State for facilitating the establishment of Kaduna Inland Dry Port. The provision of access roads and other utilities to the Dry Port by the Kaduna State Government is worthy of emulation by the other Dry Ports host State Governments.
13. I urge all relevant stakeholders, across the public and private sectors, particularly Nigeria Customs Service, Nigerian Ports Authority, Nigerian Railway Corporation, Shipping Companies and Agencies, Seaport Terminal Operators, Clearing and Forwarding Agents, Road Haulers and importers and exporters to utilize this facility optimally.

Thank you and may God bless this effort.

I would like to thank the leadership of the National Assembly, particularly the Senate President and the Speaker of the House of Representatives, as well as all the Distinguished Senators and Honourable Members, for passing the 2018 Appropriation Bill, after seven months.

2. When I submitted the 2018 Budget proposals to the National Assembly on 7th November 2017, I had hoped that the usual legislative review process would be quick, so as to move Nigeria towards a predictable January-December financial year. The importance of this predictability cannot be overemphasized.
3. While the Federal Government’s budget represents less than 10% of aggregate yearly expenditures in the economy, it has a very significant accelerator effect on the financial plans of other tiers of government, and even more importantly, the private sector, which mostly operates on a January-December financial year.
4. Notwithstanding the delay this year, I am determined to continue to work with the National Assembly towards improving the budgeting process and restoring our country to the January-December fiscal cycle.
5. At a time when we are working with Labour to address compensation-related issues, a total of 5 billion Naira was cut from the provisions for Pension Redemption Fund and Public Service Wage Adjustment.
6. The provisions for Export Expansion Grant (EEG) and Special Economic Zones/Industrial Parks, which are key industrialization initiatives of this Administration, were cut by a total of 14.5 billion Naira.
7. The provision for Construction of the Terminal Building at Enugu Airport was cut from 2 billion Naira to 500 million Naira which will further delay the completion of this critical project.
8. The Take-off Grant for the Maritime University in Delta State, a key strategic initiative of the Federal Government, was cut from 5 billion Naira to 3.4 billion Naira.
9. About seventy (70) new road projects have been inserted into the budget of the Federal Ministry of Power, Works and Housing. In doing so, the National Assembly applied some of the additional funds expected from the upward review of the oil price benchmark to the Ministry’s vote. Regrettably, however, in order to make provision for some of the new roads, the amounts allocated to some strategic major roads have been cut by the National Assembly.
10. Another area of concern is the increase by the National Assembly of the provisions for Statutory Transfers by an aggregate of 73.96 billion Naira. Most of these increases are for recurrent expenditure at a time we are trying to keep down the cost of governance.
11. An example of this increase is the budget of the National Assembly itself which has increased by 14.5 billion Naira, from 125 billion Naira to 139.5 billion Naira without any discussion with the Executive.
12. Notwithstanding the above stated observations, I have decided to sign the 2018 Budget in order not to further slowdown the pace of recovery of our economy, which has doubtlessly been affected by the delay in passing the budget.
13. However, it is my intention to seek to remedy some of the most critical of these issues through a supplementary and/or amendment budget which I hope the National Assembly will be able to expeditiously consider.
14. I am pleased with the success recorded in the implementation of the 2017 Budget. A total sum of 1.5 trillion Naira has been released for the implementation of capital projects during the 2017 fiscal year. In response to this and other policy measures implemented, we have observed significant improvement in the performance of the Nigerian economy.
15. To achieve the laudable objectives of the 2018 Budget, we will work very hard to generate the revenues required to finance our projects and programmes. The positive global oil market outlook, as well as continuing improvement in non-oil revenues, make us optimistic about our ability to finance the budget.
16. However, being a deficit budget, the Borrowing Plan will be forwarded to the National Assembly shortly. I crave the indulgence of the National Assembly for a speedy consideration and approval of the Plan.
17. The 2018 Budget I have just signed into law provides for aggregate expenditures of 9.12 trillion Naira, which is 22.6% higher than the 2017 Appropriation. Further details of the approved budget will be provided by the Minister of Budget and National Planning.
18. I thank the Ministers of Budget and National Planning, the Budget Office of the Federation, and everyone who worked tirelessly and sacrificed so much to bring us to this day. However, the job is only partly done.

Exactly two years and eight months ago, I was here in Cross River State. That visit was historic because, firstly, it was my first official visit to any state after assuming office as President and secondly, the purpose was to perform the ground-breaking ceremony for the landmark project, the 274 kilometres superhighway initiated by His Excellency, Governor Ben Ayade.

Today, I am here again in the state to commission yet another visionary and trail-blazing project, the Calabar Rice Seedling Factory built by the state government.

I must say that visiting the state for the second time within three years in connection with people-oriented and flagship projects of Governor Ayade is very welcome and very satisfying to me.

When we assumed the reins of leadership of our dear country, this administration launched a zero-oil economic roadmap as a way of making our country less dependent on oil, while encouraging investments in other sectors of the economy, particularly agriculture.

I am happy that Governor Ayade keyed into that policy and has today become one of the reference points in our agricultural revolution effort.

Our gathering here today is no doubt a determination woven through to precision and a glowing testament to the fact that the policy is working.

Indeed, this factory speaks loudly about the giant strides we are making in agriculture as a country. This monumental project for which we are gathered here today is a marvel to behold.

The factory, which is said to be the first in Africa, is an automated plant with a capacity to produce high yielding vitaminized and disease resistance rice seedlings.

What we expect is that Seedlings from this factory will improve rice yield from the current national average of 3 to 4 tons per hectare to about 9 to 10 tons per hectare, thus helping to ensure rice sufficiency in the country and doing away with imports and saving foreign exchange for Nigeria.

The factory is also targeted at creating employment opportunities for the unemployed, I have no doubt that this rice factory will also be a veritable platform for income generation for the people of Cross River State.

I therefore, enjoin relevant Federal Government Agencies such as the Ministry of Agriculture and the Central Bank of Nigeria (CBN), through its Anchor Borrower’s Programme, to partner with Cross River in the area of supply of seedlings to our farmers.

With Governor Ayade’s other investments in agriculture such as the ongoing construction of an Ultra-modern Rice Mill in Ogoja, the Cotton Farm in Yala, the Cocoa Processing Plant in Ikom and the Banana Plantation in Odukpani, the feed Mill and Yellow Maize Farm in Obubra as well as the Ultra-modern Poultry Farm for export of frozen chicken amongst others, it is clear that Cross River has found a pathway to ease itself from over reliance on federal allocation.

It is evident also that by conceiving projects such as these, Governor Ayade has a keen eye for tomorrow; focusing on projects that are building a new economic base for the state rather than projects with short term benefits for the purpose of making cheap political gains. I sincerely commend Your Excellency’s vision.

As our country makes steady and assured progress towards self-sufficiency in food production, it is therefore, my hope and expectation that other states that are yet to fully take advantage of the zero-oil economic roadmap of the Federal Government will take a cue from Cross River State.

Thank you and God bless the people of Cross River State and the Federal Republic of Nigeria.

Dear compatriots,

It is my utmost pleasure to rejoice with all Nigerians as we enter the year 2019, which will be a very significant one for our country.

At the turn of every year, we often use the opportunity to look back at the past and forward to the future. To review the outgoing year, its high and low points, successes and failures, and be fully thankful to God.

We Nigerians are a religious people, and we believe that God reigns and rules in the affairs of men. A time like this offers precious opportunity for thanksgiving, stock taking and reflection on goals and targets set for the receding year, and how much was accomplished. The ones not done can then be rolled over into a new year.

The dawn of a New Year is also a time to look forward. To consider new prospects, unfold our plans, and prepare for landmark dates and events.

2019 will be an election year for us. In about two months, the polls are due, and we will elect leaders into various offices, at national and state levels.

As I welcome you into 2019, I also reiterate my many promises and declarations that the general elections will be free, fair and credible.

Elections need not be [a] do or die affair, and we should not approach that eventuality in a democracy with trepidation and mortal fear. Happily, a large number of presidential candidates have committed to peace, and peace we shall have.

Those who continue to trumpet falsehood and negativity are on their own, fighting a losing battle. The greater number of Nigerians are trusting and believing that we shall deliver on our promises for a level playing field at the polls, and that is what we shall do.

Nigerians desire peace, security, prosperity, inclusiveness and infrastructural development, a nation they can be proud of, a country that can hold its own among the nations.

That is the journey we have embarked on since we came onboard in 2015, and we are not distracted as we move on. We are resolved to build a country in which the resources are utilized for the benefit of the largest number, and not appropriated by a privileged few in their never ending quest to satisfy their greed.  We are on this mission together, and I assure you of a firm commitment to the ideals of a safe, secure, fair, just and prosperous country.

We have had our challenges: security, economic, political, social. But we are resolved to combat and overcome them all.

I appreciate your support and collaboration in previous years, and look forward to same in 2019, and beyond, as I hope you will renew the mandate you overwhelmingly gave us in 2015, for another term.

We are motivated by nothing other than service to motherland, and service without selfishness or personal interest.

I can assure you all that we are making steady and sustainable progress in all areas of national life. Those who are unbiased can see and appreciate the progress the country has made since 2015.

A New Year provides opportunity for renewal of commitment, and I invite you to rededicate yourselves to the vision of a Nigeria that works for all.

We are moving from potentials to actualization, and it’s a task to be accomplished by us all; man, woman, young, old, military, civilian, all Nigerians.
Please come along, as we journey to the land of our dreams. Happy 2019.

Thank you  and God Bless the Federal Republic of Nigeria

As you are all aware, some weeks ago, the National Assembly passed the 2019 Appropriation Bill which I will be signing into law today.

I would like to take this opportunity to thank the leadership of the National Assembly and indeed all the Distinguished and Honourable Members for all the hard work they put in to get us here.

You will all recall that in December 2018, I presented our 2019 budget proposal with the theme “Budget of Continuity”. Our goal was to use this budget to move the economy further on the path of inclusive, diversified and sustainable growth.

Back then, I proposed a total expenditure of N8.83 trillion to the National Assembly for appropriation targeting strategic and impactful projects and initiatives.

However, the 2019 Budget I will be signing into law today provides for aggregate expenditures of N8.92 trillion. This is an increase of N90.33 billion over our submission.

This increase reflects changes introduced by the National Assembly. In some areas, expenses we proposed were reduced while in other areas they were increased. There were also certain areas where new additions were introduced into the budget. More details of the approved budget will be provided by the Honourable Minister of Budget and National Planning.

Of course, some of these changes will adversely impact our programs making it difficult for us to achieve the objectives of the Economic Recovery and Growth Plan (ERGP).

Although I will be signing this bill, it is my intention to continue to engage the National Assembly to ensure we deliver on our promises. I will therefore be engaging with the leadership of the ninth National Assembly, as soon as they emerge, to address some of our concerns with this Budget.

We will also look at how to improve the budget process so that, amongst other things, we can speed up budget consideration processes and return the country to the January to December fiscal year timetable.

I wish to acknowledge the efforts of the Minister of Budget and National Planning, Minister of Finance, Budget Office of the Federation, and everyone who collaborated and worked painstakingly to produce the 2019 Appropriation Bill I am signing today.

May God continue to bless the Federal Republic of Nigeria

Fellow Nigerians

I speak to you today as your President and fellow citizen on this epoch occasion of our country’s 60th independence Anniversary. As President, I wish to renew my appreciation to Nigerians for entrusting me with your hopes and aspirations for a better and greater Nigeria.

2. Today, it is my unique privilege to re-commit myself to the service of this great country of great people with profound diversities and opportunities. We are bound by destiny to be the largest and greatest black nation on earth.
3. At this stage in our nationhood it is important that we reflect how we got here to enable us work TOGETHER to get to where we aspire to be as a strong indivisible nation, united in hope and equal in opportunity.

4. On October 1st 1960 when Prime Minister Alhaji Abubakar Tafawa Balewa received the constitutional instruments symbolizing Nigeria’s independence, he expressed his wish that having acquired our rightful status as an independent sovereign nation, history would record that the building of our nation proceeded at the wisest pace.
5. This optimism was anchored on the peaceful planning, full and open consultation and harmonious cooperation with the different groups which culminated in Nigeria emerging as a country without bitterness and bloodshed.
6. Our founding fathers understood the imperative of structuring a National identity using the power of the state and worked towards unification of Nigerians in a politically stable and viable entity.
7. That philosophy guided the foundation that was laid for our young nation of 45 million people with an urban population of approximately 7million occupying an area of 910,768 square kilometers. These demographics led to development challenges for which major efforts were made to overcome.

8. Today, we grapple with multiple challenges with a population exceeding 200million occupying the same land mass but 52% residing in urban areas.
9. Sixty years of nationhood provides an opportunity to ask ourselves questions on the extent to which we have sustained the aspirations of our founding fathers. Where did we do the right things? Are we on course? If not where did we stray and how can we remedy and retrace our steps?
10. Upon attaining independence, Nigeria’s growth trajectory was anchored on policies and programmes that positively impacted on all sectors of the economy. However, this journey was cut short by the 30-months of civil war.

11. We came out of the civil war with a focus on reconstruction, rehabilitation and reconciliation that enabled the country to put in place world class development structures and a strengthened public service that well served the government. This positive trajectory continued with a return to democratic government which was truncated by another round of military rule.
12. For a cumulative 29 of our 60 years existence as a nation, we have been under military rule.
13. My summary of our journey so far as a nation is necessary to appropriately chart where we need to go and how to get there TOGETHER.
14. Today, I am aware that our economy along with every single economy in the world is in crisis. We still face security challenges in parts of the country, while our society suffers from a high loss of moral rectitude which is driven by unbridled craving for political control.
15. An underlying cause of most of the problems we have faced as a nation is our consistent harping on artificially contrived fault-lines that we have harboured and allowed unnecessarily to fester.
16. In addition, institutions such as civil service, police, the judiciary, the military all suffered from a general decline.
17. We need to begin a sincere process of national healing and this anniversary presents a genuine opportunity to eliminate old and outworn perceptions that are always put to test in the lie they always are.
18. The stereotype of thinking of ourselves as coming from one part of the country before seeing ourselves as Nigerians is a key starting point to project us on the road to our deserved nation’s evolution and integration.
19. To start this healing process, we are already blessed with the most important asset any nation requires for such – OUR PEOPLE – and this has manifested globally in the exploits of Nigerians in many fields.
20. It has been demonstrated time and time again that Nigerians in the diaspora frequently excel in science, technology, medicine, sports, arts and many other fields.
21. Similarly, the creativity, ingenuity and resourcefulness of the Nigerian at home have resulted in globally recognized endeavours.
22. I am convinced that if we pursue our aspirations TOGETHER we would be able to achieve whatever we desire. That informed our adopting the theme TOGETHER to mark this epochal event.
23. Together we can change our condition for the better and more importantly, together we can do much more for ourselves and for our country.
24. I chose the path of self-reflection because this is what I do on a daily basis and I must confess that at most times, I always felt the need for a collective reflection as I know that the foundation for a solid future which this administration is laying can only be sustainable if there is a collective commitment by Nigerians.
25. Nigeria is not a country for Mr. President, any ruling or opposition party but a country for all of us and we must play our part, irrespective of challenges we face, to make this country what we desire.
26. To achieve this, we must focus our minds, TOGETHER as a people, on ways of resolving the identified critical challenges that underlie our present state. These include:
27. Evolving and sustaining a democratic culture that leaves power in the hands of the people;
28. Supporting the enthronement of the rule of law, demanding accountability of elected representatives and contributing to good governance;
29. Increasing our commitment to peaceful co-existence in a peaceful, secure and united Nigeria;
30. Harnessing and Optimizing our tremendous human and natural resources to attain our goal of being in the top twenty economies of the world and in the process;
31. Lifting 100 million Nigerians out of poverty in 10 years;
32. Strengthening institutions to make them stronger in protecting National Interests; and
33. Imbibing tolerance in diversity.
34. I am a firm believer in transparent, free, fair and credible elections as has been demonstrated during my period as a democratically elected President.
35. The recent build-up and eventual outcome of the Edo State elections should encourage Nigerians that it is my commitment to bequeath to this country processes and procedures that would guarantee that the people’s votes count.
36. The problems with our electoral process are mainly human induced as desperate desire for power leads to desperate attempts to gain power and office.
37. Democracy, the world over and as I am pursuing in Nigeria, recognizes the power of the people. However, if some constituencies choose to bargain off their power, they should be prepared for denial of their rights.
38. This call is made more urgent if we realise that even after a transparent, free, fair and credible election, desperation leads to compromising the judiciary to upturn legitimate decisions of the people.
39. It is necessary to, therefore support the enthronement of the rule of law by avoiding actions which compromise the judiciary.
40. Fellow Nigerians, our history has shown that we are a people that have the capacity to live peacefully with one another.
41. As a government, we remain committed to our constitutional oath of securing the lives and properties of the citizenry. I, however, call on the citizenry to also support government by providing the necessary community level intelligence in addressing these challenges.
42. In moving forward together, it is important to strengthen our economy to provide sustainable means of livelihood for as many Nigerians as possible so as to eradicate absolute poverty from our midst.
43. I want to re-emphasize my dedication and commitment, a dedication and commitment that propelled my public service career and informed my quest to continually seek for an opportunity to improve the lives of Nigerians, set the country on the path of prosperity and lead the country to a better future.
44. This administration has been focused on rebuilding and laying the foundations for a sustainable Nigeria. Of course, we have met and are still meeting the challenges inherent in any rebuilding initiative – more so that of a nation like Nigeria that has undergone avoidable levels of deprivation – but can be surmounted if we all work together.
45. I wish to re-iterate that our people and our spirit of excellence remains our most important asset.
46. In this wise, the need to return to our age-old ethical and high moral values would be necessary and this informed my launching of the National Ethics and Integrity Policy on Monday 28th September, 2020.
47. The policy would not implement itself and the first contact of the visibility of its implementation is the Public Service whose on-going reforms would be expected to be sustainable and give a radical re-direction in providing services to all Nigerians.
48. Fellow Nigerians, in addition to public health challenges of working to contain the spread of the Coronavirus, we have suffered a significant drop in our foreign exchange earnings and internal revenues due to 40 per cent drop in oil prices and steep drop in economic activities, leading to a 60 per cent drop in government revenue.
49. Our government is grappling with the dual challenge of saving lives and livelihoods in face of drastically reduced resources.
50. In this regard, sustaining the level of petroleum prices is no longer possible. The government, since coming into office has recognized the economic argument for adjusting the price of petroleum. But the social argument about the knock-on effect of any adjustment weighed heavily with the government.
51. Accordingly, in the last three years, we have introduced unprecedented measures in support of the economy and to the weakest members of our society in the shape of:
52. Tradermoni
53. Farmermoni
54. School Feeding Programme
55. Job creation efforts
56. Agricultural intervention programmes
57. No government in the past did what we are doing with such scarce resources. We have managed to keep things going in spite of the disproportionate spending on security. Those in the previous Governments from 1999 – 2015 who presided over the near destruction of the country have now the impudence to attempt to criticize our efforts.
58. In the circumstances, a responsible government must face realities and take tough decisions.
59. Petroleum prices in Nigeria are to be adjusted. We sell now at N161 per litre. A comparison with our neighbours will illustrate the point;
60. Chad which is an oil producing country charges N362 per litre
61. Niger, also an oil producing country sells 1 litre at N346.
62. In Ghana, another oil producing country, petroleum pump price is N326 per litre.
63. Further afield, Egypt charges N211 per litre. Saudi Arabia charges N168 per litre. It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia.
64. Fellow Nigerians, to achieve the great country we desire, we need to solidify our strength, increase our commitment and encourage ourselves to do that which is right and proper even when no one is watching.
65. Fellow Nigerians, let us collectively resolve to continue our journey beyond the sixty years on the clear understanding that as a nation we are greater together than being smaller units of nationalities. By the special grace of God we shall come through any transient challenges.
66. It is my sincere hope that by the end of this anniversary on September 30th 2021, we will all be proud of taking this individual and collective self-assessment for the progress of our great Nation.

Long Live the Federal Republic of Nigeria.

God Bless us all. Thank you.

My fellow countrymen and women,

First, I would like to thank and praise the Almighty who saw us through the year 2020 and has given us the opportunity to witness the start of another new year. We especially thank God because the year 2020 was one of the most trying years since our existence as a Nation.

2. This can also be said about all other nations around the world, due to the challenges posed on our collective humanity by the novel COVID-19 pandemic.
3. While acknowledging that 2020 was a very tough year, we saw this year put to test our national resilience and ability to survive these tough times and also gave renewed hope that we will again brave any storms that lay ahead in 2021 and beyond.
4. As we celebrate the opportunity before us in this New Year 2021, we must also acknowledge the passing away of our brothers and sisters who didn’t make it into this New Year. May their souls rest in perfect peace.
5. We must remember that we also celebrated the historic occasion of our sixty years as an independent and sovereign country on October 1st 2020. In the spirit of hope and gratitude, I would like to remind us again that as a country on the difficult journey to nationhood and greatness, we have confounded the many pundits at home and around the world who never gave the newly-born country that emerged unto the world stage on 1st October 1960 a chance of surviving much longer than a few years.
6. Yet, here we are, 61 years by the next anniversary in October, and not only are we here, we are standing tall in the comity of nations as one country united under the will of God and also actively growing that indivisible Nigerian spirit that has enabled us, year after year, decade after decade, to weather all stormy waters and emerge stronger and better where others have fallen and disintegrated. This nation, this Nigeria will survive and thrive.
7. In this journey to nationhood, we have experienced the highs and lows. 2020 indeed came with a lot of challenges ranging from security and economic issues across the regions to understandable protests that were mainly led by our youths and served notice to the demand for police reforms and accountability. This government heard, this government listened and this government is committed to fulfilling the five demands of our youths, fully understanding that we all wish well for Nigeria.
8. In the midst of all these challenges, I had initially pledged that as your elected President and Commander-in-Chief, I would ensure that these ongoing challenges will be faced head-on with renewed determination and with all the appropriateness and urgency required. Your voices have been heard and we would continue to listen to you, and all the key stakeholders who are committed to the unity of Nigeria to ensure that every region of this nation is safe for us all, while guaranteeing that the future is also secure for the coming generation.
9. I wish to also use this occasion of New Year to reaffirm my commitment to the people of Nigeria, especially the youth who need our collective encouragement and support. In securing this nation we need to secure the future of our youth.
10. Our young people are our most valuable natural resource, at home and abroad. Their ingenuity, creativity, innovation and entrepreneurial spirit is evident to all. Many of our young people are excelling in various spheres of life including sports, entertainment, information and communication technology, commerce and are globally recognized as achievers.
11. As a Government we are committed to actively engaging with the creative energies of our young people. In this regard, we will partner with the legislature to develop an enabling environment to turn their passions into ideas that can be supported, groomed and scaled across regions. This will create vast opportunities in fintech, agriculture, business process startups and in the entertainment industry.
12. The year 2021 will indeed be a year where we will work to reinforce the hopes of fellow Nigerians in the vision of a united and progressive Nigeria. This administration would continue focusing on delivering key strategic priorities under our “SEA” – (Security, Economy and Anti-Corruption) Agenda. Some of the key priority areas we would direct our attention and strengths to include:

ON THE SECURITY:

13. Re-energizing and reorganizing the security apparatus and personnel of the armed forces and the police with a view to enhance their capacity to engage, push back and dismantle the operations of both internal and external extremist and criminal groups waging war against our communities in some parts of the country.
14. In line with the current security challenges, we are facing as a Nation, I would like to reiterate the promise I made recently when over 300 of our boys abducted from Government Science Secondary School, Kankara were successfully rescued by our security operatives.
15. The professionalism shown by our Security Forces and the collaboration from all stakeholders across both State and Federal Governments that led to the successful rescue of the boys is proof that Nigeria has the internal capacity to decisively deal with terror attacks on our citizens.
16. However, we recognize that we rapidly have to move to a more proactive and preemptive posture to ensure that these sorts of traumatic incidents do not become a norm. Our administration is fully aware of the responsibility we have to protect the lives and property of all Nigerians, and we will not relent in learning and adapting to changing threats to our national security and civic wellbeing.

ON THE ECONOMY:

17. Our focus is on revamping the economy through the national economic diversification agenda that supports the primary goal of national food self-sufficiency. This has helped reduce the growing food related inflationary figures and have in considerable measure positively impacted our food security status during the long months of the pandemic lock down.
18. We are also currently rebuilding our national infrastructure base and, in the process, introducing transformation through the rehabilitation, modernization, and expansion of the railway system, national roads and bridges both in rural and urban centres, alongside the airports and seaports.
19. The reforms we have put in place in the power sector would guarantee increased efficiency in our drive to significantly expand the generation and distribution of electricity for use in homes and factories.
20. As an administration we are currently undertaking a series of special interventions designed to boost job creation and support the entrepreneurial drive of our youths.
21. With the recent opening of our borders, we expect that the pent-up demand of legitimate cross-border and international trade will boost the fortunes of the many small businesses and agricultural enterprises that depend on Nigeria’s trade and commerce.
22. The message to our West African neighbours is that Nigeria is once again fully open for those willing to conduct business in a fair and equitable way.

ANTI-CORRUPTION:

23. On the anti-corruption drive of our administration, we have recorded substantial gains so far and this year, we are committed to continuing along the path of eradicating corruption, through collaboration with all the arms of Government to effectively prosecute this fight.
24. While we would be working with the Legislature to enact laws that would strengthen this fight, we would also be looking at reviewing some of our laws which would ensure that this fight is more effective. On the part of the executive, we would ensure the diligent and timely prosecution of corruption cases, while appealing to the judiciary to ensure that corruption cases are dispensed with expeditiously.
25. The persistence of various forms of violence has meant that in the most affected parts of the country, the fabric of inter-communal harmony woven through years of investment of effort at building trust, mutual respect, and harmony has been threatened.
26. Insecurity as a challenge has direct repercussions on our national economic stability, growth, and development, setting us back at critical points through the destruction of public and private investments.
27. In parts of the country where chronic poverty, social exclusion, and disillusionment among sections of the youth were already a problem, the cycles of violence that have been unleashed by mindless groups like Boko Haram and others have thwarted the efforts of government to undertake the social policy and associated investments that could make a huge difference in the quality of life of our citizens.
28. I am aware that for some of our compatriots, the progress we have registered since the inception of this administration is not nearly as fast or as sufficient as they would wish. I do not begrudge them their views in so far as they signify a wish, in which we all share, for only the very best for our country.
29. Nevertheless, I call upon all Nigerians to carefully recall the circumstances of our coming to office, the facts on the ground and the resources at our disposal since 2015 with the accomplishments of this administration.
30. As a people, we have shown admirable resilience in the face of every adversity, an unmatched capacity to recover speedily from every setback, an unparalleled generosity of spirit when we resolve our differences, and a constant readiness to invest faith and hope in the destiny we share as a united country built on the diversity of its peoples.
31. It is these attributes that underpin the Nigerian spirit of “can do, will do” that gives me hope that we shall yet get to destination and fulfill our calling together, especially with the solid resolutions we are setting in this new year.
32. Keeping our country on a forward march is a duty which we all have and share. In this regard, keeping our country safe from a resurgent cycle of COVID-19 as this administration finalizes its plans to procure and efficiently and effectively distribute the COVID-19 vaccines, I urge you all fellow citizens to observe strict COVID-19 prevention protocols.
33. As your elected President, my pledge to you is the same as it has always been; I will play my part fully and without fear or favour. I invite all of us to do the same. It is what we owe to the founding generation of our beloved country and also to the coming generation. It is what we desire for national prosperity for all demands.
34. Long Live the Nigerian spirit of oneness, togetherness, and unity. Long Live the Federal Republic of Nigeria. I wish you a Happy and prosperous New Year.

May God bless the Federal Republic of Nigeria.

Citizens of Nigeria.

It is with full gratitude to God that today, we celebrate Nigeria’s sixty first Independence Anniversary.

For 1st of October 1960 to happen, all hands were on deck. East, West, North all came together to celebrate freedom. Today should not only serve as a reminder of the day the British handed over the reins of power to Nigerians, but also unified Nigerians from all ethnic groups, religions and regions.

Today, despite the challenges we face, most Nigerians still maintain the spirit of 1st October. That positive outlook and determination to make Nigeria a peaceful and prosperous nation. It is due to this collective attitude that Nigeria doggedly continues to remain a united and indivisible nation.

Fellow Nigerians, the past eighteen months have been some of the most difficult periods in the history of Nigeria. Since the civil war, I doubt whether we have seen a period of more heightened challenges than what we have witnessed in this period.

Our original priorities for 2020 were to continue stabilising our economy following the deep recession while restoring peace in areas confronted with security challenges. But the COVID-19 pandemic and its devastating impact on all nations meant we needed to shift gears and re-strategise.

Nigerians came together as one to fight against COVID-19. It is this attitude and by the special grace of God, we continue to survive the pandemic as a nation and indeed, provide leadership and example at regional and international levels.

The doomsday scenario predicted for our country never came. Even as the Delta variant continues to spread, we have built the capacity we need to respond now and into the future.

I will therefore appeal to Nigerians not to take COVID lightly, adhere to public health and social measures, put your mask on and get vaccinated. We can control this pandemic, but it requires effort on everybody’s part. The investments we made in response to COVID-19 will also serve our country to tackle any future disease outbreaks or pandemics.

Despite the global inequity in access to vaccines, the Government of Nigeria has continued to explore all available options to ensure Nigerians have free access to safe and effective vaccines.

Some five million vaccine doses have been administered to Nigerians through efforts led by the National Primary Health Care Development Agency and we will continue to explore options for purchase or acquisition of vaccines such as through COVAX and the African Vaccine Acquisition Trust.

I will take this opportunity to remind the global community that the current state of access to COVID-19 vaccines is unacceptable. We cannot afford a situation where a handful of countries keep the global vaccine supply to themselves at the expense of other nations.

We must act now to accelerate equitable distribution of COVID-19 vaccines. This is the message I conveyed to the international community in New York last week.

As we push to source vaccines for our immediate needs, we shall invest more to support our pharmaceutical and research agencies to come up with ideas for locally developed vaccines. Should another pandemic arise in the future, Our question is simple; will Nigeria be ready?

Accordingly, I have directed the Ministries of Finance, Budget and National Planning, Health, Education and Science and Technology to work with Nigerian and International pharmaceutical companies and research organisations to enhance Nigeria’s domestic pharmaceutical capacity.

Already, the Nigerian Sovereign Investment Authority is raising a $200 million fund for this initiative that will complement the Central Bank of Nigeria’s ongoing N85 billion Healthcare Sector Research and Development Intervention Scheme to support local researchers in the development of vaccines and drugs to combat communicable and non-communicable diseases, including COVID-19.

Fellow Nigerians, this is just the beginning.

Similarly, on our approach to food security, I am proud to announce Nigeria has commenced its journey to pharmaceutical independence.

This journey, which will take years to achieve but will ultimately result in Nigerian based companies developing the Active Pharmaceutical substances and competence needed for us to make our own drugs and vaccines.

Fellow Nigerians,

As our economy continues to open after the COVID-19 related lockdowns, we have also seen the resurgence of insecurity in certain parts of the country.

In the last four months, the gallant men and women of the Military and Security Agencies have made tremendous progress in addressing these new security challenges. We are taking the fight to our enemies from all angles and we are winning.

Earlier this year, I launched the Integrated National Security and Waterways Protection Infrastructure, the Deep Blue Project, which is designed to secure Nigerian waters up to the Gulf of Guinea. I am happy to inform Nigerians that we have taken delivery of key assets for this project and very soon, its impact will be felt.

In the North East region alone, over eight thousand Boko Haram terrorists have surrendered.

To support our surge approach to fighting banditry, the Nigerian Armed Forces have recruited over 17,000 personnel across all ranks. Furthermore, I have also approved for the Nigerian Police Force to recruit 10,000 police officers annually over the next six years.

I am also pleased to note that most of the Air Force platforms we acquired over the past three years have started to arrive in Nigeria. These will positively impact our security operations in all parts of the country.

In line with section 14(2)(b) of the 1999 Constitution (as amended), the security and welfare of Nigerians continue to be the prime focus on which programmes and projects of our government revolves.

Therefore, as a Government, we are ready to arrest and prosecute all persons inciting violence through words or action. Our resolve for a peaceful, united and one Nigeria remains resolute and unwavering.

That said, our hope is not to fight for peace. We can always settle our grievances peacefully without spilling any blood.

I will therefore take this opportunity, on this special day that symbolises the unity and oneness of our great nation, to ask all Nigerians to embrace peace and dialogue, whatever your grievances.

The seeds of violence are planted in people’s heads through words. Reckless utterances of a few have led to losses of many innocent lives and destruction of properties.

Such unfiltered and unsubstantiated lies and hate speeches by a few evil persons must be stopped. Our media houses and commentators must move away from just reporting irresponsible remarks to investigating the truth behind all statements and presenting the facts to readers.

We must all come out and speak against the lies being peddled. At this point, I would want to sincerely appreciate the large number of our Traditional, Religious and Community leaders as well as other well-meaning Nigerians who, in their various fora are openly spreading the message of peaceful co-existence and conflict settlement through dialogue in their respective communities.

Nigeria is for all of us. Its unity is not negotiable. And its ultimate success can only be achieved if we all come together with a common goal of having peace and prosperity for our nation.

We shall continue to work on dialogue based solutions to address legitimate grievances. But we remain ready to take decisive actions against secessionist agitators and their sponsors who threaten our national security.

The recent arrests of Nnamdi Kanu and Sunday Adeyemo, and the ongoing investigations being conducted have revealed certain high-profile financiers behind these individuals. We are vigorously pursuing these financiers including one identified as a serving member of the national assembly.

Fellow Nigerians,

This is a clear example of how people abandon their national leadership positions for their selfish gains. Instead of preaching unity, they are funding and misleading our youth to conduct criminal acts that sometimes lead to unfortunate and unnecessary loss of lives and property.

As the so-called leaders run abroad to hide, our innocent youths are misled and left in the streets to fight for their senseless and destructive causes.

Government will continue, with greater level of peoples’ participation and in collaboration with our international partners, to improve the security architecture, reduce enabling environment for criminality to thrive and eliminate opportunities for terrorism financing.

Fellow Nigerians, our unrelenting effort at resolving an almost two-decade stalling on the management of our Petroleum resources and ensuring equitable consideration to our host communities has resulted in the enactment of the Petroleum Industry Act, 2021.

This Act not only overhauls the Institutional, regulatory and fiscal framework of the Petroleum Industry but also reduces the previous opacity associated with this sector.

This is the first step to the reforms as the process is a continuous one. Already, to further improve the governance framework, I have sought for an amendment of sections 11(2)(b) and 34(2)(b). We will also continue to review and amend as appropriate.

At this juncture, it is very appropriate that I salute the leadership and members of the Ninth Assembly for their patriotism, dedication to duty, candour and most importantly the dispatch with which they have enacted legacy legislations for this nation. I do not take such level of cooperation for granted and hope it continues for the overall efficiency of the Federal machinery.

Nigeria’s Roadmap on Local Refining is on track with the Commissioning of a Modular refinery in Imo State.

A second is scheduled for commissioning by the end of this year in Edo State and the third one in Bayelsa State by 2022.

In addition to the modular projects, we also have the two mega refinery projects coming up in Lagos and Akwa Ibom States.

As these refineries are commissioned, more employment opportunities are created and there would be increased petroleum products available for local consumption which will significantly reduce our reliance on importation.

In further demonstrating our plan to reduce our dependence on oil and tapping from our enormous gas resources, this administration remains committed to the “Decade of Gas” Initiative, which is aimed at bringing to focus the utilization of our huge gas resources.

Already, we are supporting and promoting various gas-based projects including NLNG Train 7 and the mega urea and ammonia projects in the South-South region.

As we continue to optimise and enhance our oil and gas sector, I am also proud and delighted to state that our economic diversification strategy remains on course with the persistent increase in Non-Oil Sector contribution to GDP.

We recovered from economic recession in quarter four of 2020 with a GDP growth rate of 0.11%, and grew by 0.51% and 5.01% in real terms in the first and second quarters of 2021.

The Agricultural sector remains key to our economic diversification efforts as the sector has been a consistent driver of the non-oil sector contributing 22.35% and 23.78% to the overall GDP in the first and second quarter of 2021.

We have seen significant private sector investments in almost all areas of the agricultural value chain. And these have continued even during the COVID-19 pandemic.

Unfortunately, as our food production capacity has increased, food prices have been going up due to artificial shortages created by middlemen who have been buying and hoarding these essential commodities for profiteering.

To address this, I am hereby directing the Ministry of Agriculture and Rural Development to rehabilitate the National Food Reserve Agency and also work with security agencies, the Nigerian Commodity Exchange, and the National Assembly to find a lasting solution to these disruptive and unpatriotic hoarding activities.

To further enhance food production, we have completed several new dams and are in the process of rehabilitating several River Basin Development Authorities to enhance ground water supply for rainfed agriculture as well as surface water for irrigation agriculture.

The water projects we completed between 2015 to 2020 have improved Nigerian’s access to potable water to 71% between 2015 and 2020. This means 12.5 million additional Nigerians now have direct access to potable water.

Fellow Nigerians,

This Government remains concerned by the significant transportation infrastructure deficit we have. Addressing the challenges our commuters and lorry drivers face on the motorways is still a high priority to us.

To complement our budgetary allocations, the Presidential Infrastructure Development Fund and the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, we recently established a N15trillion Infrastructural Corporation of Nigeria Limited (INFRACO), which is expected to begin operation by the fourth quarter of this year.

INFRACO will also focus on leveraging resources on a public-private sector basis for infrastructural development in Nigeria.

We hope through these innovative programs, the additional cost burden on individuals and businesses because of inefficient logistics operations will be reduced and ultimately, eliminated.

We currently have over 13,000 kilometres of roads and bridges under construction all over the country of which a fair percentage have been completed.

As we fix our roads, we also continue to extend and upgrade Nigeria’s railway network with the notable opening of the Warri- Itakpe standard gauge rail line.

To increase capacity, we have introduced more locomotives, coaches and wagons including the establishment of a Wagon Assembly in Kajola, Ogun State.

The sea ports however still remain problematic. The effect of our various interventions to reduce the gridlocks and inefficiencies have been slower than expected.

However, the implementation of the Electronic Call-Up System as well as the conversion of the Lillypond Container Terminal to a Vehicle Transit Area will further enhance the ease of cargo evacuation.

Our prioritisation of developing Nigeria’s Digital Economy has positively impacted the contribution of the ICT sector to our GDP.

We hope our present efforts to ensure all Nigerians use a National Identification Number as well as our planned roll-out of the fifth generation (5G) network technology will ensure we stay in line with the global innovation curve as a Nation.

As we embrace the digital economy in Nigeria, we are fully aware of the prospects and the perils. Our policies have been developed to enable Nigerians to take advantage of the prospects and avoid the perils of digital technologies.

Social media is a very useful platform that has enabled millions of Nigerians to connect with loved ones, promote their businesses, socialise, and access news and other information.

However, recent events have shown that the platform is not just an innocuous platform for information dissemination.

Rather some users have misused the platform to organise, coordinate, and execute criminal activities, propagate fake news, and promote ethnic and religious sentiments.

To address these negative trends, the Federal Government of Nigeria suspended the operations of Twitter in Nigeria on June 5, 2021 to allow the Government put measures in place to address these challenges.

Following the suspension of Twitter operations, Twitter Inc. reached out to the Federal Government of Nigeria to resolve the impasse. Subsequently, I constituted a Presidential Committee to engage Twitter to explore the possibility of resolving the issue.

The Committee, along with its Technical Team, has engaged with Twitter and have addressed a number of key issues. These are:

1. National Security and Cohesion;
2. Registration, Physical presence and Representation;
3. Fair Taxation;
4. Dispute Resolution; and
5. Local Content.

Following the extensive engagements, the issues are being addressed and I have directed that the suspension be lifted but only if the conditions are met to allow our citizens continue the use of the platform for business and positive engagements.

As a country, we are committed to ensuring that digital companies use their platform to enhance the lives of our citizens, respect Nigeria’s sovereignty, cultural values and promote online safety.

Nigeria’s progressive diplomacy continues to manifest through growing numbers of highly placed Nigerians in positions of regional and global influences. Very recently, Nigeria won election for the position of Commissioner for the expanded Political, Peace and Security Affairs of the African Union.

Our persistent calls for a reorganized and reformed ECOWAS, to make the organization citizens-sensitive, paid off with the acceptance by the Authority of Heads of State and Governments of ECOWAS to commence the agreed reforms in the organization ahead of the next elections of the organization’s principal officers in December this year.

At the African Development Bank, World Trade Organization and indeed, the United Nations, footprints of Nigeria’s Diplomacy are clearly evident.

We remain confident that our goal of lifting 100million Nigerians out of poverty in 10 years is achievable.

Considering the positive impact of our Social Investment Programs, I recently approved an increase in the number of N-Power program beneficiaries from 500,000 to 1,000,000.

Out of this, 510,000 have started the programme while the competitive selection process for onboarding the outstanding 490,000 beneficiaries is in progress.

The National Home-Grown School Feeding Programme is currently being implemented in 35 States of the Federation and the FCT. Over 103,000 women have been engaged and empowered as cooks under the programme, while about 10 million pupils are being fed across public primary schools in the country.

To grant increased access to credit to the most poor and vulnerable, I have directed an increase in the disbursement of Government Enterprise and Empowerment Programme loans to an additional one million beneficiaries laying more emphasis on the smallholding farmers through the farmers Moni program.

Fellow Nigerians,

For far too long we have neglected the centrality of the civil service as the engine of governance and this has manifested in ineffective service delivery.

There is widespread discontent and disillusion about the efficiency and probity of our civil service.

It is for this reason that we are refocusing the Nigerian Civil Service to provide World class service to run our country.

The youths of this great country remain propellants for our today and provide guarantees that we would have a secure tomorrow.

It is for this reason that I remain focused on expanding opportunities for their participation in politics and governance.

Recent appointments of young people into positions of authority and their track record so far, gives me confidence that we need to bring more of them into governance and this I promise to do.

More specifically, to encourage Girl-Child Education, female scholarship schemes, life skills and digital literacy skills to boost girl’s enrolment, retention and completion of schooling, are all initiatives put in place to ensure gender balance in appropriately positioning our youths for positions of leadership.

The commitment of this Administration to the well-being of people living with disabilities remains unwavering.

Government recognises their contributions to development and I have, in this regard, directed that all relevant Government Agencies pay special attention to the peculiarities of different abilities in the implementation of policies and programmes.

Rape and Gender Based Violence remains a sore point in our Nation as in many countries worldwide and this was worsened during and after the outbreak of the COVID-19 pandemic.

We are currently engaging Heads of Courts to establish Specialised Courts for the speedy and seamless trial of Rape/Gender-Based offences especially to ensure that justice is done for child victims of sexual violence.

On the other hand, work has advanced in the reformation, reintegration and reunification of Minors involved in one crime or the other.

The reformation in our Correctional Services has manifested in an increase in modernised custodial centres and a transformation from strictly punitive to attitudinal changes so that criminals do not relapse into their previous lifestyle.

As we begin to celebrate our sixty one years as a Nation, we need to be conscious that Nigeria does not start and end with the Federal Government. This country is a great collective where Government at all arms and levels as well as the private sector, and more importantly individuals, have a role to play.

In particular, security is a bottom to top undertaking. Joining hands and hearts together would enable us to secure ourselves and our country.

I fully understand the anxiety of many Nigerians on the inability of this country to go beyond a never-ending potential for becoming a great nation to an actually great one.

A lot has been achieved in the last six years on many fronts: in infrastructure, social care, governance, Nigeria’s image and influence in Africa and the international community.

But critics misdiagnose incremental progress as stagnation. Since coming to power, this Administration has tackled our problems head-on in spite of the meagre resources. No government since 1999 has done what we have done in six years to put Nigeria back on track.

We shall continue to serve the country: listen to all and protect our democracy and country.

Thank you all and God bless the Federal Republic of Nigeria.

1. It is my great pleasure to be here once again to present the 2022 Federal Budget Proposals to this distinguished Joint Session of the National Assembly.
2. Distinguished and Honourable leaders, and members of the National Assembly, let me start by commending you for the expeditious consideration and passage of the Supplementary Appropriation Bill 2021. This further underscores your commitment to our collective efforts to contain the COVID-19 Pandemic and address the various security challenges facing our country.
3. I will also take this opportunity to thank you for the quick consideration and approval of the 2022-2024 Medium-term Expenditure Framework and Fiscal Strategy Paper. Our hope is that National Assembly will continue to partner with the Executive by ensuring that deliberations on the 2022 Budget are completed before the end of this year so that the Appropriation Act can come into effect by the first of January 2022.
4. The 2022 Budget will be the last full year budget to be implemented by this administration. We designed it to build on the achievements of previous budgets and to deliver on our goals and aspirations as will be reflected in our soon-to-be launched National Development Plan of 2021 to 2025.
5. Distinguished Senators and Honourable Members, in normal times, I make use of this opportunity to provide an overview of global and domestic developments in the current year, a summary of our achievements, and our plans for the next fiscal year.
6. However, these are exceptional times. The grim realities of COVID-19 and its lethal variants are still upon us. From President to Pauper, the virus does not discriminate.
7. This is why our country still maintains its COVID -19 guidelines and protocols in place to protect its citizens and stop the spread of this disease.
8. Over the past few days, we have consulted with the Presidential Steering Committee on COVID-19 and the leadership of the National Assembly on how best to present the 2022 budget proposal keeping in mind the deep-rooted traditions in place and the guidelines for safe mass gatherings.
9. We ultimately decided that the most responsible and respectful approach was to hold a shorter than usual gathering while allowing the Honourable Minister of Finance, Budget and National Planning to provide fuller details of our proposals in a smaller event.
10. I am sure many of you will be relieved as my last budget speech in October 2020 lasted over fifty minutes.
11. Still, over the next few minutes, I will provide key highlights of our 2021 performance as well as our proposals for 2022.

PERFORMANCE OF THE 2021 BUDGET
12. The 2021 ‘Budget of Economic Recovery and Resilience’ is based on a benchmark oil price of 40 US Dollars per barrel, oil production of 1.6m b/d, and exchange rate of 379 Naira to US Dollar. Furthermore, a Supplementary budget of 982.73 billion Naira was recently enacted to address exigent issues in the Security and Health sectors.

13. Based on the 2021 Fiscal Framework, total revenue of 8.12 trillion Naira was projected to fund aggregate federal expenditure of 14.57 trillion Naira (inclusive of the supplementary budget). The projected fiscal deficit of 6.45 trillion Naira, or 4.52 percent of GDP, is expected to be financed mainly by domestic and external borrowings.
    14. By July 2021, Nigeria’s daily oil production averaged one 1.70million barrels (inclusive of condensates) and the market price of Bonny Light crude averaged 68.53 US Dollars per barrel.
14. Accordingly, actual revenues were 34 percent below target as of July 2021, mainly due to the underperformance of oil and gas revenue sources. Federal Government’s retained revenues (excluding Government Owned Enterprises) amounted to 2.61 trillion Naira against the proportionate target of 3.95 trillion Naira for the period.
15. The Federal Government’s share of Oil revenue totalled 570.23 billion Naira as of July 2021, which was 51 percent below target, while non-oil tax revenues totalled 964.13 billion Naira. The poor performance of oil revenue relative to the budget was largely due to the shortfall in production as well as significant cost recovery by NNPC to cover the shortfall between its cost of importing petrol and the pump price.
16. The National Assembly will recall that in March 2020 the Petroleum Products Pricing Regulatory Agency announced that the price of petrol would henceforth be determined by market forces.
17. However, as the combination of rising crude oil prices and exchange rate combined to push the price above the hitherto regulated price of 145 Naira per litre, opposition against the policy of price deregulation hardened on the part of Labour Unions in particular.
18. Government had to suspend further upward price adjustments while engaging Labour on the subject. This petrol subsidy significantly eroded revenues that should have been available to fund the budget.
19. On a positive note, we surpassed the non-oil taxes target by eleven (11) percent in aggregate. The sustained improvement in non-oil taxes indicates that some of our revenue reforms are yielding positive results. We expect further improvement in revenue collections later in the year as more corporate entities file their tax returns and we accelerate the implementation of our revenue reforms.

Improving Revenue Generation and Administration
21. We have stepped up implementation of the strengthened framework for performance management of government owned enterprises (GOEs), with a view to improve their operational efficiencies, revenue generation and accountability. The 50% cost-to-income ratio imposed on the GOEs in the Finance Act 2020 has contributed significantly to rationalizing wasteful expenditures by several GOEs and enhanced the level of operating surpluses to be transferred to the Consolidated Revenue Fund (CRF). I solicit the cooperation of the National Assembly in enforcing the cost-to-income ratio and other prudential guidelines during your consideration of the budget proposals of the GOEs, which I am also laying before you today.

22. On the expenditure side, as at end of July 2021, a total of six point seven-nine (6.79) trillion Naira had been spent as against the pro-rated expenditure of seven point nine-one (7.91) trillion Naira. Accordingly, a deficit of four point one-seven (4.17) trillion Naira was recorded as at end of July 2021. The deficit was financed through domestic borrowing.
23. Despite our revenue challenges, we have consistently met our debt service commitments. We are also up to date on the payment of staff salaries, statutory transfers, and overhead costs. As at (4th of October 2021, a total of 1.732 trillion Naira had been released for capital expenditure.
24. I am pleased to inform you that we expect to fund MDAs’ capital budget fully by the end of the fiscal year 2021.
25. Capital releases thus far have been prioritised in favour of critical ongoing infrastructural projects in the power, roads, rail, agriculture, health and education sectors.
26. We have made progress on the railway projects connecting different parts of the country. I am glad to report that the Lagos-Ibadan Line is now completed and operational. The Abuja-Kaduna Line is running efficiently. The Itakpe-Ajaokuta rail Line was finally completed and commissioned over thirty (30) years after its initiation.
27. Arrangements are underway to complete the Ibadan-Kano Line. Also, work will soon commence on the Port Harcourt-Maiduguri Line and Calabar-Lagos Coastal Line, which will connect the Southern and Eastern States to themselves and to the North.
28. Progress is also being made on several power generation, transmission, and distribution projects, as well as off-grid solutions, all aimed towards achieving the national goal of optimizing power supply by 2025.
29. I am again happy to report that we continue to make visible progress in our strategic road construction projects like the Lagos – Ibadan expressway, Apapa – Oworonsoki expressway, Abuja – Kano expressway, East-West Road and the second Niger bridge. We hope to commission most of these projects before the end of our tenure in 2023.
30. The Pandemic revealed the urgent need to strengthen our health system. Towards this end, we constructed 52 Molecular labs, 520 bed intensive care units, 52 Isolation centres and provision of Personal Protective equipment across 52 Federal Medical Centres and Teaching Hospitals.
31. We continue to push our expenditure rationalization initiatives which we commenced in 2016. For example, on personnel costs, the number of MDAs captured on the Integrated Payroll and Personnel Information System increased from 459 in 2017 to 711 to date.
32. The recent passage of the Petroleum Industry Act 2021, and consequent incorporation of the Nigeria National Petroleum Corporation should also result in rationalisation of expenditure, as well as increased investments and improved output in the oil and gas industry.
33. Distinguished Senators and Honourable Members, you will agree with me that a lot has been accomplished over the last year but there is still much to be done. I will now proceed with a review of the 2022 Budget proposal.

THEME AND PRIORITIES OF THE 2022 BUDGET

34. The allocations to MDAs were guided by the strategic objectives of the National Development Plan of 2021 to 2025, which are:
35. Diversifying the economy, with robust MSME growth;
36. Investing in critical infrastructure;
37. Strengthening security and ensuring good governance;
38. Enabling a vibrant, educated and healthy populace;
39. Reducing poverty; and
40. Minimizing regional, economic and social disparities.
41. The 2022 Appropriation therefore is a Budget of Economic Growth and Sustainability.
42. Defence and internal security will continue to be our top priority. We remain firmly committed to the security of life, property and investment nationwide. We will continue to ensure that our gallant men and women in the armed forces, police and paramilitary units are properly equipped, remunerated and well-motivated.
43. The 2022 budget is also the first in our history, where MDAs were clearly advised on gender responsive budgeting. These are part of critical steps in our efforts to distribute resources fairly and reach vulnerable groups of our society.

PARAMETERS AND FISCAL ASSUMPTIONS
38. Distinguished Members of the National Assembly, the 2022 to 2024 Medium Term Expenditure Framework and Fiscal Strategy Paper sets out the parameters for the 2022 Budget as follows:

1. Conservative oil price benchmark of 57 US Dollars per barrel;
2. Daily oil production estimate of 1.88 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day);
3. Exchange rate of four 410.15 per US Dollar; and
4. Projected GDP growth rate of 4.2 percent and 13 percent inflation rate.

2022 REVENUE ESTIMATES
39. Based on these fiscal assumptions and parameters, total federally-collectible revenue is estimated at 17.70 trillion Naira in 2022.

40. Total federally distributable revenue is estimated at 12.72 trillion Naira in 2022 while total revenue available to fund the 2022 Federal Budget is estimated at 10.13 trillion Naira. This includes Grants and Aid of 63.38 billion Naira, as well as the revenues of 63 Government-Owned Enterprises.
41. Oil revenue is projected at 3.16 trillion, Non-oil taxes are estimated at 2.13 trillion Naira and FGN Independent revenues are projected to be 1.82 trillion Naira.

PLANNED 2022 EXPENDITURE
42. A total expenditure of sixteen point three-nine (16.39) trillion Naira is proposed for the Federal Government in 2022. The proposed expenditure comprises:

768. Statutory Transfers of 768.28 billion Naira;
769. Non-debt Recurrent Costs of 6.83 trillion;
770. Personnel Costs of 4.11 trillion Naira;
771. Pensions, Gratuities and Retirees’ Benefits 577.0 billion Naira;
772. Overheads of 792.39 billion Naira;
773. Capital Expenditure of 5.35 trillion Naira, including the capital component of Statutory Transfers;
774. Debt Service of 3.61 trillion Naira; and
775. Sinking Fund of 292.71 billion Naira to retire certain maturing bonds.

Fiscal Balance
43. We expect the total fiscal operations of the Federal Government to result in a deficit of 6.26 trillion Naira. This represents 3.39 percent of estimated GDP, slightly above the 3 percent threshold set by the Fiscal Responsibility Act 2007. Countries around the world have to of necessity over-shoot their fiscal thresholds for the economies to survive and thrive

44. We need to exceed this threshold considering our collective desire to continue tackling the existential security challenges facing our country.
45. We plan to finance the deficit mainly by new borrowings totalling 5.01 trillion Naira, 90.73 billion Naira from Privatization Proceeds and 1.16 trillion Naira drawdowns on loans secured for specific development projects.
46. Some have expressed concern over our resort to borrowing to finance our fiscal gaps. They are right to be concerned. However, we believe that the debt level of the Federal Government is still within sustainable limits. Borrowings are to specific strategic projects and can be verified publicly.
47. As you are aware, we have witnessed two economic recessions within the period of this Administration. In both cases, we had to spend our way out of recession, which necessitated a resort to growing the public debt. It is unlikely that our recovery from each of the two recessions would have grown as fast without the sustained government expenditure funded by debt.
48. Our target over the medium term is to grow our Revenue-to-GDP ratio from about 8 percent currently to 15 percent by 2025. At that level of revenues, the Debt-Service-to-Revenue ratio will cease to be worrying. Put simply, we do not have a debt sustainability problem, but a revenue challenge which we are determined to tackle to ensure our debts remain sustainable.
49. Very importantly, we have endeavoured to use the loans to finance critical development projects and programmes aimed at improving our economic environment and ensuring effective delivery of public services to our people. We focused on;
50. the completion of major road and rail projects;
51. the effective implementation of Power sector projects;
52. the provision of potable water;
53. construction of irrigation infrastructure and dams across the country; and
54. critical health projects such as the strengthening of national emergency medical services and ambulance system, procurement of vaccines, polio eradication and upgrading Primary Health Care Centres across the six geopolitical zones.

Innovations in Infrastructure Financing
50. In 2022, Government will further strengthen the frameworks for concessions and public private partnerships (PPPs). Capital projects that are good candidates for PPP by their nature will be developed for private sector participation.

51. We will also explore available opportunities in the existing ecosystem of green finance including the implementation of our Sovereign Green Bond Programme and leveraging debt-for-climate swap mechanisms.

Enhancing Revenue Mobilisation
52. Our strategies to improve revenue mobilisation will be sustained in 2022 with the goal of achieving the following objectives:

1. Enhance tax and excise revenues through policy reforms and tax administration measures;
2. Review the policy effectiveness of tax waivers and concessions;
3. Boost customs revenue through the e-Customs and Single Window initiatives; and
4. Safeguard revenues from the oil and gas sector.
5. Distinguished Senators and Honourable Members, I commend you for the passage of the Petroleum Industry Act 2021. It is my hope that the implementation of the law will boost confidence in our economy and attract substantial investments in the sector.

Finance Bill 2022
54. In line with our plan to accompany annual budgets with Finance Bills, partly to support the realization of fiscal projections, current tax and fiscal laws are being reviewed to produce a draft Finance Bill 2022.

55. It is our intention that once ongoing consultations are completed, the Finance Bill would be submitted to the National Assembly to be considered alongside the 2022 Appropriation Bill.

CONCLUSION
56. Mr. Senate President, Mr. Speaker, Distinguished and Honourable Members of the National Assembly, this speech would be incomplete without commending the immense, patriotic, and collaborative support of the National Assembly in the effort to deliver socio-economic development and democracy dividends for our people.

57. I wish to assure you of the strong commitment of the Executive to strengthen the relationship with the National Assembly.
58. Nigeria is currently emerging from a very difficult economic challenge. We must continue to cooperate and ensure that our actions are aimed at accelerating the pace of economic recovery so that we can achieve economic prosperity and deliver on our promises to the Nigerian people.
59. The fiscal year 2022 is very crucial in our efforts to ensure that critical projects are completed, put to use and improve the general living conditions of our people.
60. It is with great pleasure therefore, that I lay before this distinguished Joint Session of the National Assembly, the 2022 Budget Proposals of the Federal Government of Nigeria.
61. I thank you most sincerely for your attention.
62. May God bless the Federal Republic of Nigeria.

1. It gives me great pleasure to sign into law today the 2023 Appropriation Bill, the eighth and final annual budget of this Administration along with the 2022 Supplementary Appropriation Bill, principally to enable us to respond to the havoc which the recent nationwide floods did to our infrastructure and agriculture sectors.
2. I would like to sincerely thank the Senate President, the Speaker of the House of Representatives, and all the distinguished and honourable leaders and members of the National Assembly for the expeditious consideration and passage of the Appropriation Bill.
3. As I mentioned during the presentation of the 2023 Appropriation Bill, early passage of the budget proposal is critical to ensure effective delivery of our legacy projects, a smooth transition programme and effective take-off of the incoming Administration.
4. I appreciate the firm commitment of the 9th National Assembly to the restoration of a predictable January to December fiscal year, as well as the mutual understanding, collaboration and engagements between officials of the Executive and the Legislative arms of government. These have made the quick consideration and passage of our Fiscal bills possible over the last four years.
5. The Finance Bill 2022 includes measures necessary for the effective implementation of the 2023 Budget and the attainment of the various set objectives.
6. As you will recall, I laid the 2023 Appropriation Bill before the Joint Session of the National Assembly on 7^thOctober, 2022, and forwarded the 2022 Finance Bill thereafter. I believe the next Administration will sustain the early presentation of the annual appropriation bill to the National Assembly to ensure its passage before the beginning of the fiscal year.
7. I firmly believe the next Administration will also sustain the current public financial management reform efforts, further improve the budgeting process, and particularly maintain the tradition of supporting its Appropriation Bills with Finance Bills designed to facilitate their implementation. To sustain and institutionalize the gains of the reforms, we must expedite action and conclude work on the Organic Budget Law for it to become operational before the end of this Administration.
8. The 2023 Budget that I have the honour of signing into law today provides for aggregate expenditures of N21.83 trillion, an increase of N1.32 trillion over the initial Executive Proposal for a total expenditure of N20.51 trillion. As is customary, the Honourable Minister of Finance, Budget and National Planning will subsequently provide more details of the approved budget and the supporting 2022 Finance Act.
9. We have examined the changes made by the National Assembly to the 2023 Executive Budget proposal. The amended fiscal framework for 2023 as approved by the National Assembly shows additional revenues of 79 billion, and an unfunded deficit of  N553.46 billion. It is clear that that National Assembly and the executive need to capture some of the proposed additional revenue sources in the fiscal framework. This must be rectified. I have also noted that the National Assembly introduced new projects into the 2023 budget proposal for which it has appropriated N770.72 billion. The National Assembly also increased the provisions made by Ministries, Departments and Agencies (MDAs) by N58.55 billion.
10. Nevertheless, considering the imminent transition process to another democratically elected government, I decided to sign the 2023 Appropriation Bill into law as passed by the National Assembly to enable its implementation to commence without delay. I have however directed the Minister of Finance, Budget and National Planning to engage with the Legislature to revisit some of the changes made to the Executive budget proposal, and it is my hope that we will receive cooperation in this regard from the National Assembly.
11. I also urge the National Assembly to reconsider its position on my proposal to securitize the Federal Government’s outstanding Ways and Means balance at the Central Bank of Nigeria (CBN). As I stated, the balance has accumulated over several years and represents funding provided by the CBN as lender of last resort to the government to enable it to meet obligations to lenders, as well as cover budgetary shortfalls in projected revenues and/or borrowings.
12. I have no intention to fetter the right of the National Assembly to interrogate the composition of this balance, which can still be done even after granting the requested approval. Failure to grant the securitization approval will however cost the government about N1.8 trillion in additional interest in 2023 given the differential between the applicable interest rates which is currently MPR plus 3% and the negotiated interest rate of 9% and a 40year repayment period on the securitised debt of the Ways and Means.
13. To ensure more effective implementation of the 2022 capital Budget, we proposed and the National Assembly approved an extension of its validity date to 31^stMarch, 2023. I would like to appreciate the cooperation of  the National Assembly on this.
14. The Ministry of Finance, Budget and National Planning will work towards early release of the 2023 capital votes to enable Ministries, Departments and Agencies to commence the implementation of their capital projects early in support of our efforts to deliver key projects and public services as well as improve the living conditions of our people.
15. As I mentioned during the presentation of the 2023 Appropriation Bill, the Budget was developed to promote fiscal sustainability, macroeconomic stability and ensure smooth transition to the incoming Administration. The Budget was also designed to promote social inclusion and strengthen the resilience of the economy. Adequate provisions have been made in the 2023 Budget for the successful conduct of the forth-coming general elections and the transition programme.
16. To achieve the laudable objectives of the 2023 Budget, we must achieve our revenue targets. MDAs and Government Owned Enterprises (GOEs) must intensify their revenue mobilization efforts, including ensuring that all taxable organizations and individuals  pay taxes due.
17. Relevant Agencies must sustain current efforts towards the realization of our crude oil production and export targets.
18. To augment available fiscal resources, MDAs are to accelerate the implementation of Public Private Partnership initiatives, especially those designed to fast-track the pace of our infrastructural development.
19. This, being a deficit budget, the associated Borrowing Plan will be forwarded to the National Assembly shortly. I count on the cooperation of the National Assembly for a speedy consideration and approval of the Plan.
20. Regrettably, the review of the Finance Bill 2022 as passed by the National Assembly is yet to be finalized.. This is because some of the changes made by the National Assembly need to be reviewed by the relevant agencies of government. I urge that this should be done speedily to enable me to assent into law.
21. I thank the Minister of Finance, Budget and National Planning, the Minister of State, Budget and National Planning, the Budget Office of the Federation, the Senior Special Assistants to the President (Senate and House of Representatives), the Office of the Chief of Staff, and everyone else who worked tirelessly and sacrificed so much towards producing the 2023 Appropriation Act that I am signing today.
22. These are challenging times worldwide. Let me conclude by expressing my deep appreciation to Almighty God for His Grace, and commend the continuing resilience, understanding and sacrifice of our people in the face of current economic challenges. As this Administration draws to a close, we will accelerate the implementation of critical measures aimed at further improving the Nigerian business environment, enhancing the welfare of our people and ensuring sustainable economic growth over the medium- to long-term.
23. I thank you distinguished and honourable members most sincerely for your attention.
24. May God continue to bless the Federal Republic of Nigeria.

 “On behalf of the Federal Republic of Nigeria, the largest of 21 countries of Africa that are members of the Commonwealth, I welcome incoming British Prime Minister Rishi Sunak to office.  

“As the first Prime Minister of British-Asian descent and the youngest in about 200 years, these milestones will be especially inspiring for young people across our 2.4 billion-population, 56-nation Commonwealth.  

“On this important day, we should also remember the enduring partnership and unbreakable friendship between our countries, United Kingdom and Nigeria.  

“We stand together in this troubled world against terrorism. We are determined to address the world food crisis that is driving up the cost of living for people and families across the globe. We are steadfast in our commitment to make our countries and our allies more energy secure. We are pledged to address climate change that forces millions to leave their homes through desertification and attempt to cross the seas into Europe. And we seek to increase trade and investment within and between Commonwealth countries to boost the health and wealth of all our peoples.  

“We seek to deepen our partnership with Britain to achieve these objectives, and more. The government and people of Nigeria look forward to working with Prime Minister Sunak and the leaders of other Commonwealth nations to deliver them.”

Garba Shehu

Senior Special Assistant to the President

(Media & Publicity)

October 24, 2022

It gives me great pleasure to welcome everyone to the 3rd Year and my last Ministerial Performance Review Retreat organised to evaluate the level of progress made in the implementation of the Nine Priority Agenda of this Administration.

I am particularly delighted to welcome His Excellency, Uhuru Kenyatta, the immediate past President of the Republic of Kenya and members of his delegation, and specially thank him for honouring our invitation to be the Keynote Speaker at this Retreat. We look forward to hearing about your experience especially around the last months prior to the handover to your successor.

This Retreat is organised at a time when we have commenced political activities and campaigns for the forthcoming general elections in the 1st Quarter of 2023. It therefore, provides an opportunity for us as a Government to reflect on the progress made so far, review the status of implementation of the Policies, Programmes and Projects of Government in line with the collective aspirations of our people as well as identify areas that need urgent intervention.

An exercise like this, will ensure that we maintain the right trajectory before the end of May, 2023, in order to achieve the promises we made to the Nigerian people, at the inception of this Administration.

I am glad to note that, over the past three years, Ministries have continued to navigate the challenging times to ensure the implementation of Policies, Programmes and Projects in the Ministerial Mandates signed by Ministers and Permanent Secretaries in 2019.

The implementation of the laudable policy thrust of this Administration is periodically tracked, reviewed and analysed by the Central Delivery Coordination Unit through quarterly performance reports of the 29 Ministries including the Office of the Head of the Civil Service of the Federation.

Through the innovative delivery initiative put in place by this Government in 2019, I have continued to receive weekly updates from the Secretary to the Government of the Federation, prepared by CDCU on the implementation of the Ministerial Mandates. So far, the reports show that we are making remarkable progress and on track to reach most of the deliverables in the Ministerial Mandates against the benchmarked targets for 2023.

The objective is to ensure that we complete and deliver on our flagship projects and programmes, promote sustainable economic growth and development, as well as improve the living standard of our people.
In recognition of the importance of critical infrastructure in economic development and the quest of this Administration to leave a lasting legacy, we have implemented high-impact projects across the length and breadth of the Country that meet the yearnings and aspirations of Nigerians.

Some of the notable achievements include the completion of 326km Itakpe-Ajaokuta-Warri rail line and railway ancillary facilities; the completion of 156.5km Lagos-Ibadan standard gauge railway modernization project with extension to Lagos Port, Apapa.

On road projects, this Administration has constructed 408Km of roads; 2,499Km of SUKUK roads and maintenance of 15,961Km of roads across the Country. Key among these projects are the construction of 1.9km 2nd Niger Bridge linking Anambra and Delta States with 10.30km approach road; rehabilitation, construction & expansion of Lagos-Shagamu-Ibadan dual carriageway; the ongoing rehabilitation of Abuja-Kaduna – Zaria – Kano Road, among others.

We have sustained our commitment to infrastructural development for the past 7 years. This is evident in the handing over of 941km of completed SUKUK road projects nationwide.

Furthermore, the Federal Government has embarked on the reconstruction of 21 selected Federal Roads totaling 1,804.6km, under the Road Infrastructure Development & Refurbishment Investment Tax Credit Policy. The roads which are funded by the Nigeria National Petroleum Limited are in addition to similar existing collaboration with Messrs. Dangote Industries Limited and other corporate organisations to improve the stock of our road infrastructure.

On another front, the establishment of a National Carrier for Nigeria is at 91% completion, expected to commence flight operations before the end of this year. This is being boosted with the certification of two of our International Airports (Lagos & Abuja) by International Civil Aviation Organization, while Kano and Port Harcourt Airports are undergoing similar certification process.

On the economy, we have witnessed seven consecutive quarters of growth, after negative growth rates recorded in the 2nd and 3rd Quarters of 2020. The GDP grew by 3.54% (year-on-year) in real terms in the 2nd Quarter of 2022. This growth rate represents a sustained positive economic performance, especially for the Non-Oil GDP which fell by 4.77% in Q2 2022 against Oil GDP that grew by -11.77%.

Most Sectors of the economy recorded positive growth which reflects the effective implementation of the economic sustainability measures introduced by this Administration.

As part of our continued drive to promote the Communications & Digital Economy Sector, giant strides have been made through our broadband coverage which currently stands at 44.32%. This is being reinforced by 77.52% 4G coverage with the establishment of 36,751 4G base stations nationwide.

The Power Sector has remained a critical priority for the Administration. The implementation of a ‘Willing Buyer-Willing Seller’ Policy introduced by this Administration has opened up opportunities for increased delivery of electricity to underserved homes and industries.

We are also executing a number of critical projects through the Transmission Rehabilitation and Expansion Programme, which will result in achieving the national goal of improved power supply by 2025.

It is important to state that the partnership between the Federal Government of Nigeria and German Siemens AG through the Presidential Power Initiative to increase electricity generation to 25,000 Megawatts (MW) in six years is on course, as the first batch of the transformers has arrived Nigeria already.

Distinguished Ladies and Gentlemen, you will recall that I signed the much-awaited Petroleum Industry Act (PIA) into law on 16th August 2021. The Act provides a legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry, as well as the development of host communities and related matters.

To achieve the objectives of the PIA, we have unbundled the Nigeria National Petroleum Corporation and have established the Nigeria National Petroleum Limited, Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Midstream & Downstream Petroleum Regulatory Authority.

As part of efforts toward strengthening our national security, we have substantially invested in arms, weapons and other critical military hardware as well as continuous training for our Armed Forces.

The Nigerian Air Force has acquired 38 brand-new aircraft and is expecting another batch of 36 new ones, while the Nigerian Navy has been equipped with new platforms, sophisticated riverine, Rigid-Hull Inflatable, Seaward Defence, Whaler & Fast Attack Boats as well as Helicopters and Capital Ships.

To boost the number of our Police personnel, 20,000 policemen have been recruited, trained, fully integrated and deployed in 2020 and 2021. This exercise has strengthened our community policing strategy which is enshrined in the Police Act, 2020.

As an Administration, we are unwavering in our fight against corruption. We will continue to review and prosecute high-profile corruption cases and ensure speedy completion. Accordingly, we have established platforms to promote collaboration among anti-corruption and prosecuting Agencies of Government. This is to ensure Government at all levels is effective, efficient, accountable and transparent.

The implementation of our Social Investment Programmes and other socio-economic programmes and policies, demonstrates our Administration’s continued commitment to enhancing the welfare of the average Nigerian. As of June 2022, we had enrolled 75% of the 1 million beneficiaries of Batch C under the N-POWER Programme. Additionally, 9,990,862 pupils are being fed through the School Feeding Programme, which employs 128,531 cooks in local communities.

Following the passage of the National Health Act in 2014, this Administration began the inclusion of the 1% minimum portion of the Consolidated Revenue Fund to cater for the Basic Health Care Provision Fund (BHCPF).

Consequently, 988,652 poor and indigent Nigerians have been enrolled in the Basic Health Care Provision Fund (BHCPF).

We should also note that a total of 7,373 primary health facilities have been accredited and capitated under the National Health Insurance Scheme pathway, while 7,242 Primary Health Care facilities are receiving Decentralized Facility Financing under the National Primary Health Care Development Agency – Basic Health Care Provision Fund gateway.

On the issue of the COVID-19 Pandemic, Nigeria has done extremely well in its response to the Pandemic, having been commended by the World Health Organisation.

As at end of September this year, 51,713,575 eligible people had received the first dose of the COVID-19 vaccine, representing 46.3% of the eligible population. Out of this number, 38,765,510 people have been fully vaccinated, and this represents 34.7% of the eligible population that is fully vaccinated.

I, therefore, encourage all eligible Nigerians to ensure that they are fully vaccinated as Nigeria’s vaccine stock balance stands at about 27 million doses.

As a direct result of our investment, the Agricultural Sector has experienced significant growth. The shortfall in food production and food importation bills have both been reduced significantly. Along with the production of other staple crops, we have reached our goal of self-sufficiency in rice production. We are exerting a lot of effort to solve the problem of the rising cost of food that is related to inflation, being a global crisis.

Our efforts in building the capacity of our youth are yielding results. Only recently, Nigeria finished 7th on the Medals Table out of 72 Nations and Territories that participated in the 2022 Commonwealth Games held in Birmingham, United Kingdom, winning 12 Gold, 9 Silver and 14 Bronze.

Indeed, the Nation is proud of the exploits of Tobi Amusan for winning the 2022 World Athletics Championships 100-metre hurdles gold medal in Eugene, Oregon, thereby setting a new world record at the World Athletics Championships.
Distinguished Guests and Participants, to consolidate our achievements over the last three years, this Retreat has been designed to:
Review the performance of Ministries in delivering the Ministerial Mandates signed in 2019;
Identify and propose solutions towards resolving key impediments to implementation; and
Re-strategize on how to accelerate the delivery of results along the Nine Priority Areas of our Administration, especially as the Administration is winding down.

Ladies and Gentlemen, at this critical point in the life of our Administration, it is imperative for Ministers, Permanent Secretaries and all Heads of Agencies to reinvigorate their efforts in ramping-up delivery of flagship programmes and projects contained in their Ministerial Mandates.

Let me now acknowledge the efforts of the Secretary to the Government of the Federation and his able team in sustaining the Annual Performance Review Retreats, which has enabled us to maintain focus on our Agenda and more importantly, provided solid evidence that supports our achievements.

I am also proud to see that our Administration is staying true to our commitment to the Open Government Partnership initiative which I signed up in 2017. In this regard, the Presidential Delivery Tracker was launched on 30th August 2022, which is a clear testament to this Administration’s commitment to participatory governance.

As part of efforts to strengthen performance management culture, the Central Delivery Coordination Unit is being institutionalised. As an initiative of this Administration, I am delighted to bequeath this legacy to my successor as part of the mechanisms that will assist the next Administration in delivering on its promises to the Nigerian people.

Finally, I wish to encourage all participants to engage optimally throughout this Retreat.

I look forward to a very fruitful session and stimulating exchange of views.

It is my pleasure now to formally declare this Retreat open.

Thank you and God bless the Federal Republic of Nigeria.

ADDRESS BY HIS EXCELLENCY PRESIDENT MUHAMMADU BUHARI AT THE PRESENTATION OF THE 2023 BUDGET PROPOSALS AT THE JOINT SESSION OF THE NATIONAL ASSEMBLY  ‘BUDGET OF FISCAL CONSOLIDATION AND TRANSITION’, ON OCTOBER 7, 2022

I am very pleased to be here today to present the 2023 Budget Proposals at this Joint Session of the National Assembly. This is the last time I will be laying the budget of the Federal Government of Nigeria before the National Assembly.

2. Mr. President; Mr. Speaker: As I address this Joint Session on the Budget for the last time, let me highlight some of the progress that we have made in last seven and half years, in just two important areas of Critical Infrastructure and Good Governance.
3. We have made transformational investments in Infrastructure, notably:
4. Establishing the Infrastructure Corporation of Nigeria (‘InfraCorp’), in 2021, seed capital of N1 trillion from the Central Bank of Nigeria (‘CBN’), the Nigeria Sovereign Investment Authority (‘NSIA’) and the Africa Finance Corporation (‘AFC’);
5. Leveraging finance through the NSIA into the Presidential Infrastructure Development Fund (‘PIDF’) to facilitate the accelerated completion of the Second Niger Bridge, Lagos-Ibadan Expressway and Abuja-Kano Road;
6. Through the Road Infrastructure Tax Credit Scheme pursuant to Executive Order #7 of 2019, incentivised responsible companies to invest billions of Naira in constructing over 1,500km critical roads in key economic corridors. Under this Scheme, the Dangote Group has substantially completed the Reconstruction of 34km Apapa-Oworonshoki-Ojota Expressway and the 43km Obajana-Kabba Road. Similarly, Nigeria LNG Limited is on track to complete the 38km Bodo-Bonny Road and Bridges Project by the end of 2023;
7. Under our Sukuk Bonds scheme, since 2017, over N600 billion has been raised and invested in 941km for over 40 critical road projects nationwide, complement the Ministry of Works and Housing’s Highway Development and Management Initiative and other interventions;
8. Investing significantly to restore our national railways, completing and commissioning the 156km Lagos-Ibadan Standard Gauge Rail (and its 8.72km extension to Lagos Port); the 186km Abuja-Kaduna Standard Gauge Rail; and 327km Itakpe-Warri Standard Gauge Rail. These completed projects complement our ongoing investments in Light Rail, Narrow and Standard Gauge Rail, Ancillary Facilities Yards, Wagon Assembly Plants, E-Ticketing infrastructure as well as the training and development of our rail engineers and other workers;
9. We have completed New Airport Terminals at Lagos, Abuja, Kano and Port Harcourt, and reconstructed the Abuja Airport Runway in its first overhaul since its construction in the early 1980s.
10. Other investments in airports safety facilities, aeronautical meteorological services delivery complement ongoing development of seaports and ancillary infrastructure at the Lekki Deep Sea Port, Bonny Deep Sea Port, Onitsha River Port, as well as the Kaduna, Kano and Katsina Inland Dry Ports to create a truly multimodal transport system;
11. We have transformed Nigeria’s challenging power sector, through bespoke interventions such as the Siemens Power Program, with the German government under which over 2 billion US Dollars will be invested in the Transmission Grid.
12. We have leveraged over billions of US dollars in concessional and other funds from our partners at the World Bank, International Finance Corporation, African Development Bank, JICA as well as through the Central Bank of Nigeria, working with the Finance Ministry, to support the power sector reforms.
13. The Central Bank has also been impactful in its interventions to roll out over a million meters to on-grid consumers, creating much needed jobs in assembly and installation. Our financing interventions have recently been complemented with the takeover of four electricity distribution companies and the constitution of the Board of the Nigeria Electricity Liability Management Company.
14. On the generation side, we have made significant investments in and incremental 4,000MW of power generating assets, including Zungeru Hydro, Kashimbila Hydro, Afam III Fast Power, Kudenda Kaduna Power Plant, the Okpai Phase 2 Plant, the Dangote Refinery Power Plant, and others.
15. Our generation efforts are making the transition from a reliance on oil and diesel, to gas as a transitional fuel, as well as environmentally friendly solar and hydro sources. Under the Energising Education Programme, we have commissioned solar and gas power solutions at Federal Universities and Teaching Hospitals at Kano, Ebonyi, Bauchi and Delta States. Similarly, our Energising Economies Programme has taken clean, sustainable power solutions to the Sabon-Gari Market in Kano, Ariaria Market in Aba, and Sura Shopping Complex in Lagos.
16. In terms of Good Governance, one significant challenge this Administration met at our inception was the inability of successive Governments to institutionalise reforms to ensure their sustainability. We inherited an archaic set of corporate, banking and capital markets laws; draft but unenacted Bills to reform the critical petroleum sector; an unimplemented Oronsaye White Paper to reform our civil service, amongst others.
17. I was therefore committed, at the onset of this Administration’s Good Governance and Fighting Corruption Reforms, to focus on the much-neglected area of law reform, to bequeath a better legacy to the succeeding Administration, than the one we met. Our innovative, encompassing and historically significant legislative interventions include:
18. Critical corporate and financial laws to enhance our countries’ global competitiveness, including the repeal and re-enactment of Companies and Allied Matters Act (‘CAMA’) 2020 — the first comprehensive reform since 1990; enacting the Federal Competition and Consumer Protection Commission (FCCPC) Bill, the first legislation in Nigeria’s history focused on curbing anti-competition practices; establishing the Federal Competition and Consumer Protection Commission; re-pealing and re-enacting the Banks and Other Financial Institutions Act (BOFIA) 2020; enacting the Asset Management Corporation of Nigeria, AMCON (Amendment) Acts of 2019 and 2021; enacting the Credit Reporting Act (CRA) 2017 and. Secured Transactions in Movable Assets Act (STMAA) 2017, to mention our major legislative interventions;
19. Fundamental anti-corruption, anti-money laundering and financial intelligence laws, such as the Nigeria Police Act, 2020 (being the first comprehensive reform of Police legislation since the Police Act of 1943); the Nigerian Financial Intelligence Unit Act 2017 (which resolved the longstanding impediments to Nigeria’s full participation in the global efforts to combat illicit financing of terrorism and crime under the auspices of the global Egmont Group); the Money Laundering (Prevention and Prohibition) Act, 2022; the Terrorism (Prevention and Prohibition) Act 2022, Proceeds of Crime (Recovery and Management) Act, 2022; Mutual Assistance in Criminal Matters Act, 2019; Nigerian Correctional Services Act, 2019; Suppression of Piracy and other Maritime Offences Act, 2019; amongst others.
20. Historic reforms to our Constitutional and other public laws, including the first ever amendments to the Constitution of the Federal Republic of Nigeria to support the engagement of young persons in our politics by passing Not Too Young to Run legislation, as well as to improve the funding and independence of States’ Legislatures and Judiciaries; enacting overdue reforms through the Electoral Act, 2022;
21. Finally enacting into law the Petroleum Industry Act, 2021 after close to two decades of drafting, debates and delays — leading to the commercialization of NNPC Limited, and other much needed reforms to our energy sector. This important law also complements other landmark legislations such as the Deep Offshore and Inland Basin Production Sharing Contracts Act, 1993 (Amendment) Act, 2019, to increase oil and gas revenues accruing to the Federation;
22. Enacting annual Finance Acts of 2019, 2020 and 2021 to support our annual Budgets and respond to emerging tax, fiscal and economic issues, including:
23. reducing headline corporate tax rates for Small and Medium-Sized Enterprises;
24. reforming archaic tax legislation in line with global best practices to combat Base Erosion and Transfer Pricing;

III. reforming the taxation of securities lending and real estate investment trusts to spur increased investments on our capital markets;

1. empowering the Federal Inland Revenue Service and the Nigeria Customs Service to optimize their use of technology to more efficiently collect taxes and levies; and
2. increasing VAT revenues predominantly to support our States and Local Governments’ precious finances during and after the impact of the COVID-19 Pandemic on the economy;
3. Furthermore, we have issued eleven Presidential Executive Orders on a range of important issues, including the Promotion of Transparency and Efficiency in the Business Environment, 2017;
4. Promoting Local Procurement by Government Agencies, 2017;
5. the Submission of Annual Budgetary Estimates by all Statutory and non-Statutory Agencies, including Incorporated Companies wholly owned by the Federal Government of Nigeria, 2017;

III. the Voluntary Assets and Income Declaration Scheme, 2017;

1. Planning and Execution of Projects, Promotion of Nigerian Content in Contracts, Science, Engineering and Technology, 2018;
2. the Voluntary Offshore Assets Regularization Scheme (VOARS), 2018;
3. Open Defecation and enhanced sanitation, 2019;

VII. the innovative Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, 2019; and

VIII. the National Public Buildings Maintenance, 2022.

6. We could not have made these historical achievements without the exceptional partnership this Administration has had with the Leadership, and Members of the National Assembly. So may I pause here, to once again, thank the Senate and the House of Representatives for your engagement, support and contribution to these successes, which history will remember us all favourably for.

RECENT ECONOMIC DEVELOPMENTS

7. The 2023 Budget was prepared amidst a very challenging world economy that is weakened by the lingering effects of the COVID-19 pandemic, high inflation, high crude oil prices resulting in huge cost of PMS Subsidy and negative spill over effects of the Russia-Ukraine war.
8. Many economies around the world are currently contending with fiscal instability, slow growth, food crisis, and high interest rates. Like many other countries, our economy faces headwinds from low revenues, high inflation, exchange rate depreciation and insecurity.
9. However, Nigeria’s real Gross Domestic Product grew by 3.54 percent in the second quarter of 2022, marking the seventh consecutive quarter of growth. Our interventionist and reflationary measures have been very effective and impactful. We must however continue to work towards achieving much higher levels of growth, especially given our high population growth rate, so that the average Nigerian can truly feel the impact of planned economic growth.
10. Distinguished Senators and Honourable Members, despite continuing efforts, unemployment, underemployment, and poverty rates remain high. We are currently implementing several skills development programmes and work opportunity programmes to enhance the employability of our youths and tackle the troubling level of youth unemployment.
11. While it is evident that our economy still faces significant challenges, what could have happened without the implementation of some of the measure we introduced, would have been much worse for the country.

REVIEW OF 2022 BUDGET IMPLEMENTATION

12. Distinguished and Honourable Members of the National Assembly, the implementation of the 2022 ‘Budget of Economic Growth and Sustainability commenced on the first day of the year. It was, however, necessary to forward an amended budget proposal. to address some exigent issues, especially the significant increase in fuel subsidy.
13. The amended 2022 Budget was based on a benchmark oil price of 73 US Dollars per barrel, oil production of 1.60 million barrels per day, and exchange rate of 410.15 Naira to US Dollar.
14. As at 31st July 2022, Federal Government’s retained revenues was 3.66 trillion Naira, excluding the revenue of Government-Owned Enterprises. Thus, revenue collection was only 63 percent of our target, largely due to the underperformance of oil and gas revenue sources.
15. Despite higher oil prices in 2022, oil revenue was below target due to significant oil production shortfalls and high petrol subsidy cost resulting from the significant rise in Crude prices which ultimately increased PMS prices worldwide.
16. Oil output stood at an average of 1.30 million barrels per day as at June 2022, while the sum of 1.59 trillion Naira was spent on fuel subsidy between January and June 2022. The NNPC, working in collaboration with security and other relevant agencies, is putting in place additional measures to curb the incidence of pipeline vandalism and crude oil theft in order to meet our crude oil production quota.
17. On the expenditure side, the sum of 8.29 trillion Naira had been spent by July 31 2022 out of the total appropriation of N17.32 trillion. Despite our revenue challenges, we have consistently met our debt service commitments. Staff salaries and statutory transfers have also been paid as and when due.
18. Total non-debt recurrent expenditure in January to July 2002 was 3.24 trillion Naira, of which 2.87 trillion Naira was for Salaries, Pensions and Overheads. A total of 3.09 trillion Naira was spent on debt service obligations during the period.
19. Furthermore, about 1.48 trillion Naira had been released to MDAs for capital expenditure as at the end of July 2022. I am pleased to inform you that we expect to fund MDAs’ capital budget fully by the end of the fiscal year 2022.
20. To further address structural problems in the economy and drive growth, capital releases thus far have been prioritised in favour of critical ongoing projects in the power, roads, rail, agriculture, as well as health and education sectors.
21. As at the end of July 2022, the fiscal operations of the Federal Government resulted in an estimated budget deficit of 4.63 trillion Naira. This represents 63 percent of the estimated deficit for the full year. This is largely attributable to revenue shortfalls and higher debt service obligations resulting from rising debt levels and interest rates.
22. The deficit was mainly financed through domestic borrowing amounting to N4.12 trillion. Hence, total public debt stock increased from 39.6 trillion Naira as at the end of December 2021 to 42.8 trillion Naira as at the end of June, 2022.
23. However, our debt position remains within cautious and acceptable limits compared to peer countries. As at the end of June 2022, total public debt is within our self-imposed limit of 40 percent of GDP, which is. significantly below the 55 percent international threshold for comparator countries, and a global average of 99 percent post-COVID-19.
24. Nonetheless, our debt-service-to-revenue ratio needs close attention. The current low revenue performance of government, as reflected in the lowly revenue-to-GDP ratio of just about 8 percent. Our medium-term objective remains to raise this ratio to 15 percent, at which the debt service to revenue ratio will cease to be a concern.
25. Mr. Senate President and Rt. Honourable Speaker, revenue shortfalls remain the greatest threat to Nigeria’s fiscal viability. We have therefore accelerated efforts towards ensuring that all taxable Nigerians declare income from all sources and pay taxes due to the appropriate authorities. We are also monitoring the internally generated revenues of MDAs to ensure they are appropriately accounted for and remitted to the Consolidated Revenue Fund.
26. The 50 percent cost-to-income ratio in the Finance Act 2020 has significantly improved operating surplus remittances by Government Owned Enterprises (GOEs). I therefore solicit the continuing cooperation of the National Assembly in enforcing the legal provision and other prudential guidelines imposed on the GOEs during the consideration of the budget proposals of the GOEs.
27. I am happy to report that the revenue collection and expenditure management reforms we are implementing are yielding positive results, with recent significant improvements in non-oil revenue performance. However, while we continue to implement revenue administration reforms and improve our collection efficiency, we urgently need to find new ways of generating revenue.
28. As we seek to grow our government revenues, we must also focus on the efficiency of utilization of our limited resources. Critical steps we are taking include immediate implementation of additional measures towards reducing the cost of governance and the discontinuation of fuel subsidy in 2023 as announced earlier. We are however mindful of the fact that reducing government spending too drastically can be socially destabilizing, and so will continue to implement programmes to support the more vulnerable segments of society.
29. Petrol subsidy has been a recurring and controversial public policy issue in our country since the early eighties. However, its current fiscal impact has clearly shown that the policy is unsustainable. As a country, we must now confront this issue taking cognizance of the need to provide safety nets to cushion the attendant effects on some segments of society.

RECENT ACHIEVEMENTS

30. Over the last year, this Administration has implemented several priority projects. Our focus has been on the completion of key road and rail projects; the effective implementation of power sector projects; the provision of clean water; construction of irrigation infrastructure and dams across the country; and critical health projects such as upgrading Primary Health Care Centres across the six geopolitical zones.
31. We have also gone further on the implementation of several power generation, transmission, and distribution projects, as well as off-grid solutions, all aimed towards achieving the national goal of optimizing power supply by 2025.
32. In the determination to ramp up grid electricity supply to at least 7,000 megawatts by 2024, we have procured purpose-built critical power equipment under the Presidential Power Initiative with Siemens as we promised. These projects will have multiplier effects on the economy.
33. Under the Road Infrastructure Tax Credit Scheme, we are undertaking the construction and rehabilitation of about two thousand kilometres of roads and bridges, nationwide, to be financed by the grant of tax credits to investing private companies.
34. As I mentioned earlier, we have made appreciable progress in the rehabilitation and reconstruction of key road networks like the Lagos — Ibadan expressway, Abuja-Kaduna-Kano expressway and East-West Road in Niger Delta. Work has also reached completion stage on the Apapa — Oworonsoki expressway, Loko-Oweto Bridge and the Second Niger Bridge. We hope to commission these projects before the end of our tenure in 2023.
35. Furthermore, we have awarded several contracts to rehabilitate, reconstruct and construct major arterial roads to reduce the hardship to commuters and increase economic activity.
36. Regarding personnel costs, we have extended the coverage of the Integrated Payroll and Personnel Information System (IPPIS) to all MDAs to automate personnel records and the process by which salaries are paid and eliminate the incidence of ghost workers. The system is currently being reviewed to enhance its functionality and applicability to MDAs in the different sectors.
37. Distinguished Senators and Honourable Members, although we have recorded more achievements over the last year, I will now proceed with an overview of the 2023 Budget proposal.

THEME AND PRIORITIES OF THE 2023 BUDGET

38. The 2023 Budget proposal is the eighth and final budget of this Administration. It reflects the serious challenges currently facing our country, key reforms necessary to address them, and imperatives to achieve higher, more inclusive, diversified and sustainable growth.
39. The expenditure policy of Government in 2023 is designed to achieve the strategic objectives of the National Development Plan 2021 to 2025, including macroeconomic stability; human development; food security; improved business environment; energy sufficiency; improving transport infrastructure; and promoting industrialization focusing on Small and Medium Scale Enterprises.
40. Against the backdrop of the challenging global and domestic economic environment, it is imperative that we strengthen our macroeconomic environment and address subsisting challenges as a country. The 2023 Appropriation therefore is a Budget of Fiscal Sustainability and Transition. Our principal objective in 2023 is to maintain fiscal viability and ensure smooth transition to the incoming Administration.

2023 BUDGET PARAMETERS AND FISCAL ASSUMPTIONS

41. Distinguished Members of the National Assembly, the 2023 to 2025 Medium Term Expenditure Framework and Fiscal Strategy Paper sets out the parameters for the 2023 Budget as follows:
42. Oil price benchmark of 70 US Dollars per barrel;
43. Daily oil production estimate of 1.69 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day);
44. Exchange rate of 435.57 Naira per US Dollar; and
45. Projected GDP growth rate of 3.75 percent and 17.16 percent inflation rate.

2023 REVENUE ESTIMATES

42. Based on these fiscal assumptions and parameters, total federally-collectible revenue is estimated at 16.87 trillion Naira in 2023.
43. Total federally distributable revenue is estimated at 11.09 trillion Naira in 2023, while total revenue available to fund the 2023 Federal Budget is estimated at 9.73 trillion Naira. This includes the revenues of 63 Government-Owned Enterprises.
44. Oil revenue is projected at 1.92 trillion Naira, Non-oil taxes are estimated at 2.43 trillion Naira, FGN Independent revenues are projected to be 2.21 trillion Naira. Other revenues total 762 billion Naira, while the retained revenues of the GOEs amount to N2.42 trillion Naira.
45. The 2023 Appropriation Bill aims to maintain the focus of MDAs on the revenue side of the budget and greater attention to internal revenue generation. Sustenance of revenue diversification strategy would further increase the non-oil revenue share of total revenues.

PLANNED 2023 EXPENDITURE

46. A total expenditure of 20.51 trillion Naira is proposed for the Federal Government in 2023. This includes 2.42 trillion Naira spending by Government-Owned Enterprises. The proposed 20.51 trillion Naira 2023 expenditure comprises:
47. Statutory Transfers of N744.11 billion;
48. Non-debt Recurrent Costs of N8.27 trillion;
49. Personnel Costs of N4.99 trillion;
50. Pensions, Gratuities and Retirees’ Benefits of N854.8 billion;
51. Overheads of N1.11 trillion;
52. Capital Expenditure of N5.35 trillion, including the capital component of Statutory Transfers;
53. Debt Service of N6.31 trillion; and
54. Sinking Fund of N247.73 billion to retire certain maturing bonds.

FISCAL BALANCE

47. We expect total fiscal operations of the Federal Government to result in a deficit of 10.78 trillion Naira. This represents 4.78 percent of estimated GDP, above the 3 percent threshold set by the Fiscal Responsibility Act 2007.
48. As envisaged by the law, we need to exceed this threshold considering the need to continue to tackle the existential security challenges facing the country.
49. We plan to finance the deficit mainly by new borrowings totalling 8.80 trillion Naira, 206.18 billion Naira from Privatization Proceeds and 1.77 trillion Naira drawdowns on bilateral/multilateral loans secured for specific development projects/programmes.
50. Over time, we have resorted to borrowing to finance our fiscal gaps. We have been using loans to finance critical development projects and programmes aimed at further improving our economic environment and enhance the delivery of public services to our people.
51. As you are aware, we have witnessed two economic recessions within the period of this Administration. A direct result of this is the significant decline in our revenue generating capacity.
52. In both cases, we had to spend our way out of recession, resulting in higher public debt and debt service. It is unlikely that our recovery from each of the two recessions would have been as fast without the sustained government expenditure funded by debt.

FINANCE BILL 2022

53. In line with our plan to accompany annual budgets with Finance Bills, partly to support the realization of fiscal projections, current tax and fiscal laws/regulations are being reviewed to produce a draft Finance Bill 2022.
54. It is our intention that once ongoing consultations are completed, the Finance Bill 2022 would be submitted to the National Assembly to be considered alongside the 2023 Appropriation Bill.

ENSURING FISCAL SUSTAINABILITY

55. To ensure fiscal sustainability, we will further improve our business-enabling environment, accelerate current revenue-based fiscal consolidation efforts and strengthen our expenditure and debt management.

BUDGET OF GOVERNMENT-OWNED ENTERPRISES

56. Distinguished Senators, Honourable Members, you may recall that we earlier integrated the budget of Government-Owned Enterprises into the FGN’s 2019 budget submission. This has helped to enhance the comprehensiveness and transparency of the FGN budget. It has however come to my attention that Government-Owned Enterprises liaise directly with relevant NASS committees to have their budget passed and issued to them directly.
57. I would like to implore the leadership of the National Assembly to ensure that the budget I lay here today, which includes those of the GOEs, be returned. to the Presidency. when passed. The current practice where some committees of the National Assembly purport to pass budgets for GOEs, which are at variance with the budgets sanctioned by me, and communicate such directly to the MDAs is against the rules and needs to stop.

FINANCING INFRASTRUCTURE GAP

58. Nigeria requires a huge outlay of resources to close current infrastructure gaps and boost its economic performance. Government will develop projects that are good candidates for Public Private Partnership (PPP) by their nature for private sector participation.

BUDGET PROCESS BILL 2022

59. Distinguished Senators, Honourable Members, ladies and gentlemen. Over the course of this Administration, we have embarked on a number of reforms in the Public Finance Management space. These reforms are bearing fruits and we have seen some of the benefits of the return to a predictable January to December fiscal year for the FGN budget.
60. Earlier this year, I was briefed of the impressive performance of Nigeria in the Open Budget Survey, as the third best or most improved country in the world, matching the global average score in budget transparency and exceeding the global average in public participation.
61. I commend the Budget Office of the Federation and the Supervising Ministry of Finance Budget and National Planning, the National Assembly Leadership, the relevant Appropriation and Finance Committees as well as non-state actors who have worked tirelessly in pushing for greater transparency and accountability in our budget process.
62. We need to sustain and institutionalize the gains of these reforms. To this end, I have directed the Minister of Finance, Budget and National Planning to immediately work on mainstreaming these reforms and work with the National Assembly on passing an Organic Budget Law, which I hope to assent to before the end of this Administration.

HUMAN CAPITAL DEVELOPMENT

63. The Government notes with dismay the crisis that has paralysed activities in the public universities in the country. We expect the staff of these institutions to show a better appreciation of the current state of affairs in the country. In the determined effort to resolve the issue, we have provided a total of 470.0 billion in the 2023 budget from our constrained resources, for revitalization and salary enhancements in the tertiary institutions.
64. Distinguished Senators and Honourable members, it is instructive to note that today Government alone cannot provide the resources required for funding tertiary education.
65. In most countries, the cost of education is jointly shared between the government and the people, especially at the tertiary level. It is imperative therefore that we introduce a more sustainable model of funding tertiary education.
66. The Government remains committed to the implementation of agreements reached with staff unions within available resources. This is why we have remained resolute that we will not sign any agreement that we would be unable to implement. Individual institutions would be encouraged to keep faith with any agreement reached in due course to ensure stability in the educational sector.
67. Government is equally committed to improving the quality of education at other levels. Recently, we implemented various incentives aimed at motivating and enhancing teachers’ development in our schools.
68. In the health sector, the Government intends to focus attention on equipping existing hospitals and rehabilitating infrastructure. Emphasis will also be on local production of basic medicines/vaccines.
69. As human capital is the most critical resource for national development, our overall policy thrust is to expand our investment in education, health and social protection.

WOMEN’S EMPOWERMENT

70. To harness the potentials of all Nigerian women and enable them to productively contribute to the economy, we will continue to prioritise. women’s empowerment programmes across various MDAs. in 2023.

FOOD PRICES

71. Government is very concerned about the high food prices in the country. Various measures are being implemented to address structural factors underlying the issue. We will also step-up current efforts aimed at boosting food production and distribution in the country. You will recall our efforts in improving production of fertilizer, rice, maize cassava among other earlier initiatives.

BOOSTING MANUFACTURING PERFORMANCE

72. Government is not unaware of the challenges confronting the manufacturing sector. We will ensure effective implementation of policy measures aimed at positioning the manufacturing sector to generate more foreign exchange in the near future. We are also committed to improving the business environment to stimulate local and foreign investment.

SAFE SCHOOLS INITIATIVE

73. We ratified the Safe Schools Declaration in 2019. We remain committed to the effective implementation of our Safe Schools Policy. A total of 15.2 billion Naira has been specifically provided in the 2023 Budget to scale up current measures to provide safer and conducive learning environment in our schools.

DEFENCE AND INTERNAL SECURITY

74. The Government remains firmly committed to the security of life, property and investment across the country. Accordingly, defence and internal security continue to be accorded top priority in 2023. Current efforts to properly equip and motivate our valiant personnel in the armed forces, police and paramilitary units will be sustained.
75. I assure you, insecurity, especially banditry and kidnapping, will be significantly curtailed before the end of this Administration. We will redouble our efforts to ensure we leave a legacy of a peaceful, prosperous and secured nation.
76. Mr. Senate President, Mr. Speaker, Distinguished and Honourable Members of the National Assembly, let me conclude my address today by again expressing my deep appreciation for your enormous support, patriotic zeal, and cooperation in our efforts to accelerate the socio-economic development of our country and improve the lives of our people.
77. I appreciate the efforts and commitment of the leadership and staff of the Federal Ministry of Finance, Budget and National Planning, especially the Budget Office of the Federation, who have worked hard to achieve early submission of the 2023 Appropriation Bill.
78. The 2023 budget proposal is a product of inter-agency collaboration, extensive stakeholder consultations and productive engagements. I would therefore like to acknowledge the efforts of the media, the organized private sector, civil society organizations and our development partners for their contributions in the process of preparing the Budget.
79. Considering the challenging situation in our country presently, we must continue to cooperate and collaborate to ensure fiscal sustainability, macroeconomic stability and smooth transition to the incoming Administration.
80. This Administration remains resolutely committed to our goals of improving the living standard of our people and effective delivery of public services.
81. Distinguished and honourable members of the National Assembly, although no single government can solve all the problems of a country during its own tenure, I have no doubt that you share our aspiration that the 2023 transition budget is designed to address critical issues and lay a solid foundation for the incoming Administration.
82. It is with great pleasure therefore, that I lay before this distinguished Joint Session of the National Assembly, the 2023 Budget Proposals of the Federal Government of Nigeria.

I thank you most sincerely for your attention. May God bless the Federal Republic of Nigeria.

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.

2. 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.
3. 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.
4. 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.
5. 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.
6. 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 ten years as the central plank of my second term in 2019.
7. 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.
8. 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.
9. 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.
10. 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.
11. 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.
12. 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.
13. 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.
14. 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.
15. 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.
16. 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.
17. 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.
18. 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.
19. 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. 
20. 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.
21. 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.
22. 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.
23. As we put in place all measures to ensure that Nigeria takes her place in the Comity of Nations, we recognize the importance of a well-educated populace as a panacea to most of the challenges we face.
24. 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.
25. 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.
26. The Federal Government will continue to mobilize 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.
27. 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.
28. 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. 
29. 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
30. 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.
31. The Federal Government is already expanding ports operations to ensure that they provide opportunities for the growth of the Nigerian economy.
32. 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.
33. 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.
34. 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 focussed intervention directly to Nigerians through the National Social Investment Programme is also yielding benefits.
35. 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.
36. 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.
37. 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.
38. 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.
39. 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.
40. 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.
41. 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.
42. 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.
43. 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. 
44. 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.
45. 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.
46. 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.
47. 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.

I am delighted to be part of the inaugural edition of the Paris Peace Forum and would like to commend the Government of France for this laudable initiative.

2. We also thank France for inviting Nigeria to participate in the forum on the sidelines of the Centenary Celebration of the Armistice. It is important to recall that although Nigeria was not independent at the time, the fact remains that it had participated in the war efforts.
3. Nigeria contributed a company of riflemen and support services to the war under the Royal West African Frontier Forces.
4. I should like on this Remembrance Day, to pay tribute to the sacrifice and bravery of all those who had fallen in battle and the pain and suffering of those they left behind.
5. More than half a million Africans fought in the trenches of the First World War for France alone. There was bitter fighting also in east and southern Africa and around Cameroon and Nigeria. We shall not forget.
6. I believe this Forum would provide the needed opportunity for knowledgeable exchange and sharing of best practices on the challenges militating against the much needed good governance in many countries of the world. It is on this premise that my presentation will dwell on “Illicit Financial Flows And Corruption: The Challenge of Global Governance”.

Distinguished Participants,

7. The cancerous effects of Illicit Financial Flows and corruption on the socio-economic development of countries are glaringly evident. The negative impact and ramifications of Illicit Financial Flows are many-sided.

The list which is long and ever-growing, includes:

1. Draining of foreign exchange reserves;
2. Reduction of tax/revenue collection;
3. Poor investment inflows due to near absence of credibility, transparency and policy stability.
4. Illicit financial flows escalate poverty by denying the citizens the benefit of the resources meant for development.
5. This is a crime of opportunity which thrives most in permissive environments. Such outflows further undermine the rule of law, stifle trade and worsen macro-economic conditions.
6. These reprehensible acts are being perpetrated by several international tax havens and secret jurisdictions, which facilitate the operation of:
7. Disguised corporations;
8. Anonymous trust accounts;
9. Fake charitable foundations;
10. Money laundering and transfer pricing mechanisms.
11. Indeed, Illicit Financial Flows have exacerbated poverty and inequality in many societies of the world. Thus, concerted and multi-jurisdictional efforts must be deployed to frontally tackle the menace.
12. Combating corruption has been a defining feature of our Government. Upon assuming office on 29th May, 2015, we made fighting corruption one of the three pillars of our Administration’s priority programmes, given the fact that corruption was threatening the very foundation of our national life, socio-economic development, security and even the consolidation of our democracy.
13. We continue to demonstrate zero tolerance for corrupt practices and non-conformity conduct in public life, by confronting corruption head-on. This is predicated on the fact that we remain steadfast in our commitment of ensuring integrity and ethical conduct in the task of governance. We are mindful of the primacy of leadership by example in this regard.
14. Our efforts at fighting corruption are firmly within the limits of the rule of law, in spite of the interest-forcing strategies of those who chose to discountenance the fundamental value of compliance with the laws of the land.
15. With the progress we have made, we feel the need to ensure that we put enduring institutional frameworks in place for action and measures that will consolidate our achievements in the fight against Illicit Financial Flows and corruption.
16. In the circumstances, strengthening the institutional capacity of anti-corruption bodies has been accorded due attention. For us, therefore, effective institutions and political will are strong counter-measures against corruption and Illicit Financial Flows.
17. In addition, we introduced the Whistle-Blowing policy, whereby information on the violation of financial regulations, mismanagement of public funds and assets, financial malpractices or fraud as well as theft can be reported to authorities.
18. This policy is geared towards ensuring public accountability and transparency, and it has yielded dividends, as we have recovered billions of Naira from corrupt persons and companies.
19. We have also redirected recovered funds to the development of critical infrastructure and programmes that will benefit our people. Funds and assets recovered through our actions, will be deployed in delivering the Sustainable Development Goals (SDGs).
20. At the continental level, the African Union also launched the war against corruption and bestowed on me the honour to champion the cause. In this connection, our priorities for international cooperation as a continent will focus on the following:
21. Strengthening international cooperation on asset tracing, recovery and repatriation;
22. Enhancing cooperation between the African Union and the United Nations’ anti-corruption monitoring mechanisms through stronger engagement; and
23. Widening the understanding and relevance of anti-corruption efforts towards the realization of Agenda 2063 and the Sustainable Development Goals.
24. Appropriate legislation and policies which promote transparent financial transactions should be encouraged.
25. In addition, regulatory institutions and agencies should be strengthened to fight corruption. Nigeria has a good example in this regard with the Tax Appeal Tribunal inaugurated recently. The Tribunal arbitrates between tax payers and government in order to ensure equity and fairness in tax administration.
26. In accordance with relevant international statutes, asset return is unconditional. It is a commitment which members of the international community must abide by.
27. Nigeria, therefore, reiterates its commitment to all existing international legal frameworks to enforce anti-corruption measures, including the recovery and return of stolen assets.

Distinguished Participants,

25. While acknowledging the tremendous progress that has been achieved through the enactment of global instruments, some fundamental technical issues remain unresolved.
26. These revolve around the formulation of policy and regulatory frameworks that cut across different jurisdictions. We must not lose sight of the role played by secret companies, banks and law firms, all too often based in developed economies and their related offshore centres.
27. Recent studies reveal that flaws in the global financial system enable corrupt individuals to hide details of their financial dealings under the noses of governments and law enforcement agencies. This underscores the need to urgently address the issue of Mutual Legal Assistance, as well as continental legal frameworks, in the context of safe havens for illicit transfers.

Distinguished Participants,

28. Our experience in Nigeria is that financial crimes, such as corruption and fraudulent activities, generate enormous unlawful profits which often prove so lucrative that the threat of a jail term is not sufficient to deter perpetrators.
29. A more powerful deterrent is to ensure that profits and assets generated from illicit financial flows and corruption are recovered and returned to countries of origin.
30. This is not to under-estimate the value of strong institutions. It only indicates that asset recovery represents significant deterrence compared to the traditional focus on obtaining conviction by the law enforcement agencies of the countries of origin.

Distinguished Participants,

31. As we take stock of the strengths and weaknesses of domestic, regional and international mechanisms against Illicit Financial Flows, I seize this opportunity to recall the Global Declaration Against Corruption made in London in 2016 and our commitment thereto.
32. Among other things, the Declaration encapsulates our collective commitment to the principles of Open Government Partnership, especially the National Action Plans to actualize beneficial ownership transparency, enhance the capacity of Financial Intelligence Units (FIUs), reinforce Independent Reporting Mechanisms and support the activities of the Global Forum on Transparency and Exchange of Information for Tax Purposes. We should remain resolute in our commitment to the aforementioned goals.
33. Similarly, we must crack down on safe havens for corrupt assets. I also advocate sanctions by professional bodies against transactional middlemen (lawyers, bankers, brokers, public officials, etc.) who facilitate Illicit Financial Flows.
34. I would like to reiterate that the Government of Nigeria remains open and is ever willing to continue to identify and share experiences and strategies to give life to the ideas that will lead to winning the fight against corruption.

Esteemed Ladies and Gentlemen,

35. Finally, let me reiterate the importance of unity and collective action. It is only together that we stand a better chance to win the fight against the menace of Illicit Financial Flows and corruption.

I thank you for your patience and attention.

Today affords me another opportunity to re-affirm our Administration’s commitment to the protection of children, a day to reflect on our roles and responsibilities as Parents and Leaders towards our children, and also assessing how far we have fared in this regard.

As you may recall, one of the cardinal objectives of this Administration is the provision of quality education to our children as a fundamental foundation of economic and social development. In this regard, I am pleased to inform you that this Administration has recorded measurable success in the home grown school feeding programme as it has continued to expand.

Our children are our future, and the initiatives that come from them give confidence that our country has a bright future.

I am always inspired and encouraged when I remember encounters I had with three of our young ones. When I was on medical vacation in 2017, three year old Maya Jammal recorded a prayer for my recovery, which went viral online.

Also, 10 year old Aisha Aliyu Gebbi wrote a personal letter to me, describing herself as my “biggest fan”.

Nicole Benson, then 12 years old, had contributed the sum of Five Thousand, Seven Hundred Naira and Eighty-Five kobo (N5,700.85) to my campaign in 2015. The money was all saved up from her lunch and pocket allowance. There are millions of such children nationwide.

I am very impressed by what our children have been able to do, and what the future holds for them. That is one reason why we are committed to the school feeding programme, to prepare a future generation of physically and intellectually robust children. At the last count, over 8.2 million children in 24 states of the Federation are being given free meals daily. This happens in 45,000 schools round the country.

I therefore call on all stakeholders to support this programme to ensure that all the 36 States of the Federation and FCT are covered. This will promote substantially higher enrolment levels in our schools.

Since its inception in May, 2015, this Administration has also focused attention on addressing issues of child protection, participation and survival. In 2015, the campaign to end violence against children was launched which was commemorated in 2016. In November 2016, the Campaign to End Child Marriage was also launched to ensure that as many children as possible are able to fully enjoy their childhood and be protected from all the challenges associated with this phenomenon. These campaigns have been reinforced with sensitization campaigns in some States of the Federation.

The theme for this year’s celebration “Creating Safe Spaces for Children: Our Collective Responsibility” is an opportunity to promote the safety and security of our children. As a responsible Government, we are committed to ensuring that children are protected from violence and exploitation against them, and, that their environments are safe enough for them to pursue their educational attainments, discover their full potentials to grow into responsible citizens.

This Administration has made giant strides in the protection of the Rights of the Nigerian Child and as a result of such efforts, Nigeria has been declared a Pathfinding Country on Ending Violence Against Children. This I believe is a collective achievement and I urge us to continue to build on the present momentum to achieve the targets of the Sustainable Development Goals (SDGs).

In our efforts to protect our children from abuse, exploitation and trafficking as well as provide safe, non-violent inclusive and effective learning environment in our schools, this Administration has directed the management of all Federal Government Colleges and advised all state owned schools across the Country to provide adequate measures of safety and security of their students. I again call on all schools management committees at all levels of public and private institutions to take adequate security measures and put in place mechanisms for safety of children.

May I therefore call on the Families, Security Agencies, Traditional Rulers, Religious Leaders, Civil Society Organizations, Human Rights Activists, and the Society at large to rise up and take urgent and decisive actions to stem the unacceptable rising cases of violence against our children. We must ensure safety of our children in homes, schools, markets, worship centres, on the streets and everywhere at all times.

Furthermore let me use this medium to appeal to parents not to relent in their efforts to send their wards to school, especially the girl child as her education reduces infant and maternal mortality and prevents early and child marriages. It also increases literacy and reduces poverty. The saying that to educate a woman is to educate the nation is very apt in this regard.

Finally, while I appreciate the security agencies for their efforts so far, I urge them to redouble their efforts in protecting children from danger and violence in line with the provisions of the 1999 Constitution of the Federal Republic of Nigeria and Child Rights Acts, 2003.

Once again, happy Children’s Day.

This is another milestone in our determined and collective fight against corruption.

Throughout my journey in national service and since 2015, I have made a very conscious decision to pursue a vigorous fight against corruption in public life.

Since 2015, we have made significant progress in the fight against corruption. Everyone now knows that corrupt officials will be held to account, no matter how long it takes.

We have recovered and are still recovering trillions of naira that were stolen in the past few years by people without conscience.

We are pursuing recoveries everywhere and are making sure that anyone who has been found culpable is made to answer for his or her crime under the law.

It is my hope and expectation that the judiciary, which is a critical stakeholder and partner in the war against corruption, would continue to collaborate with the Executive to bring corrupt people to book.

Permit me to also seize this opportunity to call on the Legislature which provides the legal framework for the anti-corruption war to add more verve to the determination of government to rid our nation of the brazen corruption witnessed in recent years, through reviewing archaic provisions in our laws and proactive passage of new legislation.

Ladies and gentlemen, an American author and philanthropist, Anthony Robbins once said: “The only impossible journey is the one you never begin.” He was saying, in other words, that if you are determined, no obstacle will be big enough to stand in your way.

What I see here is not only a structure of concrete and metal, I see in this edifice, the resolve of Nigerians to fight corruption. But structures are not the whole story. We must CHANGE our ways of handling public trust. Corruption not only kills governments but destroys societies. It is the major reason why we are struggling with basic developmental issues that other comparable nations have long overcome.

War of corruption is not an easy one to fight, because it affects so many different branches of our lives, so much that some people do not even consider breaking trust is anymore a crime. It has become the norm. That is why we must fight this attitude and encourage Nigerians to CHANGE their attitudes and perspectives.

The goal of this Administration is to ensure the protection of public trust, and the anti-corruption war is at its centre. We never intended, and we are not engaged in witch-hunts, but we are determined within the laws to call people to account.

It is for this reason that we appeal to Nigerians to support regulatory agencies like Economic and Financial Crimes Commission, because fighting corruption is everyone’s concern. I call on the Judiciary and the National Assembly to join hands in this national effort.

I am glad to note that quite a number of nations are signifying interest to help us tighten their laws and enter into agreements with Nigeria to repatriate not only stolen funds but to make the culprits face due process of law.

We are committed to working with our foreign friends to stop the inflow of stolen funds from Nigeria into their countries and recovering what is there already. These assets, when repatriated will be put to building our infrastructure.

It is my pleasure to perform the opening ceremony of the ‘’Economic and Financial Crimes Commission’s Headquarters’’.

Thank you all.

I am delighted to be in your midst on this auspicious occasion of the celebration of the 19^th National Productivity Day and the conferment of the National Productivity Order of Merit Award, an award designed to identify, recognize and reward productive individuals and organizations in both the public and private sectors, for high productivity, hard work and excellence.

Our gathering and celebration today, underscores the vital and cardinal role productivity has assumed globally. Productivity is a fundamental determinant of rapid economic growth, social progress and improved standard of living.

Whatever sector it may be, productivity remains a key factor that enables societies to generate wealth through efficient and effective utilization of available human and material resources to produce quality goods and services.

Investments in people through education and training is a strategic tool for increasing productivity. Education is a leading determinant of economic growth, employment generation and higher earnings. This is why I am particularly impressed with the choice of this year’s theme: ‘’Achieving Higher Productivity through Improved Educational System’’.

Quality educational system is good not just for the national economy; it is also good for the citizens. Ignoring the productivity dimension of education would endanger the prosperity of future generations, with widespread repercussions for poverty and social exclusion. It will be difficult to improve our economic performance and overall productivity, without improving our educational system.

Government notes the emergency situation in our educational system with particular reference to the dearth of qualified and dedicated teachers to enhance the quality of teaching and learning at all levels of our educational system.

To address these challenges and set our country on the path of industrialization where our educational system will produce the needed skills and manpower, this administration has taken measures to motivate teachers including timely promotion and prompt payment of salaries, and the review of the retirement age of teachers from 60 to 65 years while years of service have now been moved from 35 to 40 years to encourage more graduates to join the teaching profession.

I have approved special salary scale for teachers in Basic and Secondary schools including provisions for rural posting allowance, Science teachers allowance and Peculiar allowance, reintroduction of Bursary award to Education students in Universities and Colleges of Education with assurance of automatic employment upon graduation, payment of stipends to Bachelor of Education students as well as granting them automatic employment after graduation.

Furthermore, funding of teaching practice in Universities and Colleges of Education by Tertiary Education Fund, creation of a career path policy for teaching profession in Nigeria and ICT training to mitigate the current dearth of qualified teachers in the school system among other measures.

All children, no matter where they live or what their circumstances are, have the right to quality education. Though primary education is officially free and compulsory, a good number of the country’s children aged 5-14 years are not in school. To address this challenge, this administration has put in place, the Better Education Service Delivery for All in 17 Pilot states resulting in the drastic reduction of the number of Out-of-School children from 10.1million in 2019 to 6.9 million in 2020, thereby promoting access to quality education.

The Adolescent Girls Initiative for Learning and Empowerment programme is another government initiative designed to ensure that adolescent girls who are out of school or have never been in school are trained and financially empowered to enable them to live normal and quality lives.

The Federal Government frontally approached this programme by developing a curriculum in basic literacy and numeracy in the three major Nigerian languages and English. The government has also developed a code of conduct for learning centres for adults and non-formal education. Additionally, the development of literacy and numeracy primers for teaching arithmetic as well as facilitating guide in English and the three major Nigerian Languages has been finalized.

The National Commission for Nomadic Education has also developed training manuals for the operations of nomadic education in the country, in addition to training 100 Nomadic Extension Agents on Nomadic Extension Services to ensure that the children of the Nomads undergo some kind of learning while going about their businesses.

To regulate secondary education in the country, we have approved the establishment of the National Senior Secondary Education Commission, and also established additional six Unity Colleges, bringing the total to 110 Unity Colleges in the country.

The government also constituted high powered Visitation Panels to Federal Universities, Polytechnics and Colleges of Education to access the institutions’ activities for the past ten years (2011-2020).

This exercise has been completed. The reports and the white paper are ready for consideration. In the same vein, the Governing Councils of Federal Universities and Inter-university centres were inaugurated and Chancellors appointed.

Our aim is to strengthen the institutions to enhance governance for effective service delivery, national development, and global competitiveness.

Through Tetfund, we successfully provided funding intervention for the completion of the National Library and enabled all public Tertiary Education Institutions to develop ICT infrastructure and support the migration to e-learning. I am happy to note that the ICT support intervention has recorded the successful completion of eleven websites, upgrade of projects and the training of a total of 12,873 staff in tertiary institutions nationwide.

In our quest to increase access to Tertiary Education, Government approved the establishment of six new Federal Colleges of Education, eight new Federal Polytechnics, two new Universities of Technology and upgraded four existing Universities of Technology. Two specialized Universities for Health, Nutrition and Medical sciences in Azare, Bauchi State and Ila-orangun in Osun state have also been established, while arrangement for the establishment of a National Institute for Technology, (NIT) Abuja is underway.

Distinguished Ladies and Gentlemen, we are not oblivious of the numerous challenges bedeviling the education sector. Government is trying, within available resources, to address these challenges.

I am convinced that given the tenacity with which we are tackling them, a better and more improved educational system will be achieved. May I seize this opportunity to commend all our strategic partners and stakeholders for their efforts, and to urge them to sustain the momentum so that the country can achieve the kind of education system needed to raise our educational performance up to the levels of advanced industrial societies.

I want to use this opportunity to call on the Academic Staff Union of Universities to consider the plight of our students and call off the ongoing strike action. I have earlier directed the Chief of Staff, Hon. Ministers of Labour and Employment, Education, Finance, Budget and National Planning to immediately bring all parties to the negotiation table to again critically look at the grey areas in the demands of ASUU and in fact all other University based labour unions. 

I also call on our students to exercise patience as we try to address the nagging issues in our university system within the ambit of the scarce resources available to Government.

Fellow Nigerians, may I at this juncture appreciate your unflinching support, patience and patriotism in the midst of these hard times in our nation. A lot has been accomplished as I have enumerated but there is still much to be done. I assure you that this administration is committed to the Nigerian people and we are determined to remain resolute in our commitments and shall continue to press ahead with our programmes and plans.

I want to congratulate all the Awardees for their various accomplishments and well-deserved recognition. You have been carefully selected from a multitude of competitors. This award should spur you to greater heights. I must also commend the Chairman and members of the National Productivity Order of Merit Award Committee, including the management and staff of National Productivity Centre for a job well done.

Your Excellencies, Distinguished recipients of National Productivity Order of Merit Award, Special Guests, Gentlemen of the Press, may I reiterate that Productivity must remain our watchword.

This entails making conscious efforts towards continuous improvement of existing situations, no matter how good they may look. To a very large extent, the future of any nation is contingent on the standard of its educational system. Therefore, if we desire to transform Nigeria into a competitive, strong, vibrant, productive and sustainable economy, improving our educational system should be accorded the highest priority.

Qualitative and durable educational system will not only set our economy on the path of sustainable growth, but will also, guarantee Nigerians a higher standard of living and improved quality of life. We shall therefore do all we can to uplift the standard of our educational system.

Thank you and God bless the Federal Republic of Nigeria.

PROTOCOLS
I am honoured and privileged to present the 2016 Budget proposal. This is my first address before this joint session of the National Assembly. I have come here today, not only to address members of the National Assembly, but also to speak directly to the men and women who placed us here.
2. I know the state of our economy is a source of concern for many. This has been further worsened by the unbridled corruption and security challenges we have faced in the last few years. From those who have lost their jobs, to those
young people who have never had a job, to the people in the North East whose
families and businesses were destroyed by insurgents, this has been a difficult
period in our nation’s history, lessons that we must not forget or ignore, as we
plan for the future.
3. By June 2014, oil prices averaged $112 per barrel. But as at today, the
price is under $39 per barrel. This huge decline is having a painful effect on our
economy. Consumption has declined at all levels. In both the private and public
sectors, employers have struggled to meet their salary and other employee
related obligations. The small business owners and traders have been
particularly hard hit by this state of affairs.
4. Fellow Nigerians, the confidence of many might be shaken. However, I

stand before you today promising that we will secure our country, rebuild our
economy, and make the Federal Republic of Nigeria stronger than it has ever
been.
5. The answers to our problems are not beyond us. They exist on our
farmlands; our corporations; in the universities in the hearts and minds of our
entrepreneurs; through the gallantry of our Armed Forces; and the resolute spirit
of Nigerians, especially the youth, who have refused to give up despite all the
obstacles confronting them.

The Budget of Change
6. This Budget proposal, the first by our Government, seeks to stimulate the
economy, making it more competitive by focusing on infrastructural
development; delivering inclusive growth; and prioritizing the welfare of
Nigerians. We believe that this budget, while helping industry, commerce and
investment to pick up, will as a matter of urgency, address the immediate
problems of youth unemployment and the terrible living conditions of the
extremely poor and vulnerable Nigerians.
7. In the medium to longer term, we remain committed to economic
diversification through import substitution and export promotion. This will build
resilience in our economy. It will guarantee that the problems we have today,
will not confront our children and their children. This shall be our legacy for
generations to come.
2015: A Year of Global and Domestic Challenges
8. Today, it is widely acknowledged that the global economy has slowed
down. This is particularly the case with emerging markets such as Nigeria.
However, despite the weak emerging market growth rates, our domestic security
challenges, declining oil prices, and the attendant difficulties in providing foreign
exchange to meet market demands, the Nigerian economy grew by 2.84% in
the third quarter of 2015.
9. We have, and will continue to implement strategies that will maintain
macroeconomic stability and manage the oil price shocks we are experiencing.
10. Upon the inauguration of this administration on 29th May 2015, we
engaged key stakeholders from various sectors of our economy and interfaced
with the heads of Ministries, Departments and Agencies (MDAs) in order to
understand the true state of our nation. What we found prompted us to take
certain strategic decisions.

The Budget of Change
11. On the economy, we injected new leadership at the helm of our revenue
generating agencies including the Federal Inland Revenue Service (FIRS),
Nigerian National Petroleum Corporation (NNPC), Nigerian Communications
Commission (NCC), and the Nigerian Customs Service (NCS). We implemented
the Treasury Single Account (TSA) which, so far, has provided greater visibility
of Government revenues and cash flows. We intervened to support States to
navigate their fiscal challenges by restructuring their commercial bank loans and
by providing facilities to enable them to pay salary arrears.
12. We have demonstrated a strong will to fight corruption. I am sure you will
agree that the sheer scale of corruption and impunity of the past explains in part,
the economic challenges we now face. On these initiatives, and the many more
to come, we shall not be deterred. We will pursue the recovery of everything that
belongs to the people of Nigeria. No matter where it is hidden. No matter how
long it will take.
2015 Budget Performance
13. Distinguished and honourable members of the National Assembly, I now
present a review of the 2015 Budget. That Budget was based on a benchmark
oil price of $53 per barrel, oil production of 2.28 million barrels per day and an
exchange rate of N190 to the US$.
14. The projected revenue was N3.45 trillion, with an outlay of N4.49 trillion,
implying a deficit of N1.04 trillion. Due largely to under-provisioning by the
previous administration for fuel subsidy and the costs required to support the
military operations in the North East, the Government had to obtain National
Assembly’s approval for a supplementary budget of N575.5 billion. I take this
opportunity to thank all members of the National Assembly for the prompt
passage of that Bill.
2016: Budget Assumptions

4
The Budget of Change
15. After reviewing the trends in the global oil industry, we have set a
benchmark price of $38 per barrel and a production estimate of 2.2 million
barrels per day for 2016. We have focused on non-oil revenues by broadening
our tax base and improving the effectiveness of our revenue collecting agencies.
16. Also, with the full implementation of the Treasury Single Account, we
expect significant improvements in the collection and remittance of independent
revenues. To further support the drive for increased remittances, we will ensure
that all MDAs present their budgets in advance, and remit their operating
surpluses as required by section 22 of the Fiscal Responsibility Act.
17. We are determined to ensure that our resources are managed prudently
and utilized solely for the public good. To set the proper tone, one of our early
decisions was the adoption of a zero based budgeting approach, which ensures
that resources are aligned with Government’s priorities and allocated efficiently.
This budgeting method, a clear departure from previous budgeting activities, will
optimize the impact of public expenditure.
18. In addition to the proper linkage of budgeting to strategic planning, we
are enhancing the utilization of the Government Integrated Financial
Management Information Systems (GIFMIS) to improve financial management.
The recently established Efficiency Unit is working across MDAs to identify and
eliminate wasteful spending, duplication and other inefficiencies. We engaged
costing experts to scrutinize the 2016 budget proposals. They have already
identified certain cost areas that can be centralized for economies to be made.
19. We have directed the extension of the Integrated Personnel Payroll
Information System (IPPIS) to all MDAs to reap its full benefits. We will also
strengthen the controls over our personnel and pension costs with the imminent
introduction of the Continuous Audit Process (CAP). These initiatives will ensure the Budget of Change
personnel costs are reduced. Our commitment to a lean and cost effective
government remains a priority, and the initiatives we are introducing will signal
a fundamental change in how Government spends public revenue.
2016: Laying the Foundation for Sustainable Growth
20. The 2016 budget, as outlined, is designed to ensure that we revive our
economy, deliver inclusive growth to Nigerians and create a significant number
of jobs.
21. We aim to ensure macroeconomic stability by achieving a real GDP
growth rate of 4.37% and managing inflation. To achieve this, we will ensure the
aligning of fiscal, monetary, trade and industrial policies.
22. As we focus on inclusive growth, we are conscious of the current rate of
unemployment and underemployment. This is a challenge we are determined to
meet; and this budget is the platform for putting more Nigerians to work. I can
assure you that this administration will have a job creation focus in every aspect
of the execution of this budget. Nigeria’s job creation drive will be private sector
led. We will encourage this by a reduction in tax rates for smaller businesses as
well as subsidized funding for priority sectors such as agriculture and solid
minerals.
23. As an emergency measure, to address the chronic shortage of teachers
in public schools across the country, we also will partner with State and Local
Governments to recruit, train and deploy 500,000 unemployed graduates and
NCE holders. These graduate teachers will be deployed to primary schools,
thereby, enhancing the provision of basic education especially in our rural areas.
24. We also intend to partner with State and Local Governments to provide
financial training and loans to market women, traders and artisans, through their
cooperative societies. We believe that this segment of our society is not only

The Budget of Change
critical to our plan for growing small businesses, but it is also an important
platform to create jobs and provide opportunities for entrepreneurs.
25. Furthermore, through the office of the Vice President, we are working with
various development partners to design an implementable and transparent
conditional cash transfer program for the poorest and most vulnerable. This
program will be implemented in phases. Already, the compilation of registers of
the poorest persons is ongoing. In the coming weeks, we will present the full
programme, which will include our home-grown public primary school feeding
and free education for science, technology and education students in our tertiary
institutions. Indeed, this will mark a historic milestone for us as a nation.
The 2016 Budget
26. Distinguished members of the National Assembly, I now present, the
2016 Budget proposals of the Federal Government. Based on the assumptions
I presented earlier, we have proposed a budget of N6.08 trillion with a revenue
projection of N3.86 trillion resulting in a deficit of N2.22 trillion.
27. The deficit, which is equivalent to 2.16% of Nigeria’s GDP, will take our
overall debt profile to 14% of our GDP. This remains well within acceptable fiscal
limits. Our deficit will be financed by a combination of domestic borrowing of
N984 billion, and foreign borrowing of N900 billion totaling N1.84 trillion. Over
the medium term, we expect to increase revenues and reduce overheads, to
bring the fiscal deficit down to 1.3% of GDP by 2018.
28. In 2016, oil related revenues are expected to contribute N820 billion.
Non-oil revenues, comprising Company Income Tax (CIT), Value Added Tax
(VAT), Customs and Excise duties, and Federation Account levies, will
contribute N1.45 trillion. Finally, by enforcing strict compliance with the Fiscal
Responsibility Act, 2007 and public expenditure reforms in all MDAs, we have
projected up to N1.51 trillion from independent revenues.

The Budget of Change
29. Although we are working to diversify our economy, we will not lose sight
of the need to restructure the oil and gas sector which has been marred by
corruption and plagued with inefficiencies. Accordingly, I have directed the
Petroleum Products Pricing Regulatory Agency (PPPRA) to adjust its pricing
template to reflect competitive and market driven components. We believe this
can lower input costs and attain efficiency savings that will enable PPPRA to
keep the selling price for all marketers of petrol at N87 per liter for now.
30. The current fuel scarcity with long queues at petrol stations all over the
country causing social dislocation is very unfortunate. Government profoundly
apologizes to Nigerians for this prolonged hardship and misery. It is as a result
of market speculators and resistance to change by some stakeholders.
Government is working very hard to end these shortages and bring fuel to the
pumps all over the country.
31. I have also directed the NNPC to explore alternate funding models that
will enable us to honour our obligations in Joint Ventures (JVs) and deep
offshore fields. We are confident that these measures can be achieved and will
lower the burden that the traditional cash calls have imposed on our budget and
cash flows as well as contribute towards shoring up our national reserves.
32. To deliver our development objectives, we have increased the capital
expenditure portion of the budget from N557 billion in the 2015 budget to N1.8
trillion, in the 2016 budget. Distinguished and honourable members of the
National Assembly, for the first time in many years, capital expenditure will

The Budget of Change
represent 30% of our total budget. In future years we intend to raise the
percentage allocation for capital expenditure.
33. This is a fulfillment of our promise to align expenditure to our long-term
objectives, and a sign of government’s commitment to sustainable development.
This increased capital expenditure commits significant resources to critical
sectors such as Works, Power and Housing – N433.4 billion; Transport – N202.0
billion; Special Intervention Programs – N200.0 billion; Defence – N134.6 billion;
and Interior – N53.1 billion. These investments in infrastructure and security are
meant to support our reforms in the Agriculture, Solid Minerals and other core
job creating sectors of our economy.
34. We will invest to safeguard lives and property.
35. We will invest in equipping our farmers with the right tools, technology
and techniques.
36. We will invest in empowering and enabling our miners to operate in a safe,
secure and humane environment.
37. We will invest in training our youths, through the revival of our technical
and vocational institutions, to ensure they are competent enough to seize the
opportunities that will arise from this economic revival.
38. Indeed, the future looks bright. And I ask that we all work together to make
this vision a reality. The 223% year on year growth in capital expenditure

9
The Budget of Change
demonstrates our desire to make Nigeria more competitive, and start the journey
to deliver sustainable development in our country.
39. In fulfillment of our promise to run a lean government, we have proposed
a 9% reduction in non-debt recurrent expenditure, from N2.59 trillion in the 2015
Budget to N2.35 trillion in 2016. Furthermore, we have budgeted N300 billion for
Special Intervention Programs, which takes the total amount for non-debt
recurrent expenditure to N2.65 trillion.
39. As I mentioned earlier, the Efficiency Unit set up by this Administration
together with effective implementation of GIFMIS and IPPIS will drive a
reduction of overheads by at least 7%, personnel costs by 8% and other service
wide votes by 19%. Distinguished and honourable members, this budget will be
executed to provide optimum value by ensuring every naira spent by this
Government, counts.
40. We will devote a significant portion of our recurrent expenditure to
institutions that provide critical government services. We will spend N369.6
billion in Education; N294.5 billion in Defence; N221.7 billion in Health and
N145.3 billion in the Ministry of Interior. This will ensure our teachers, armed
forces personnel, doctors, nurses, police men, fire fighters, prison service
officers and many more critical service providers are paid competitively and on
time.
41. Distinguished and honourable members of the National Assembly, our
2016 borrowings will be principally directed to fund our capital projects.
Furthermore, the sum of N113 billion will be set aside for a Sinking Fund towards
the retirement of maturing loans; while N1.36 trillion has been provided for
foreign and domestic debt service. This calls for prudent management on our
part, both of the debt portfolio and the deployment of our hard earned foreign
exchange earnings.

10
The Budget of Change
42. I am aware of the problems many Nigerians currently have in accessing
foreign exchange for their various purposes – from our traders and business
operators who rely on imported inputs; to manufacturers needing to import
sophisticated equipment and spare parts; to our airlines operators who need
foreign exchange to meet their international regulatory obligations; to the
financial services sector and capital markets who are key actors in the global
arena.
43. These are clearly due to the current inadequacies in the supply of foreign
exchange to Nigerians who need it. I am however assured by the Governor of
Central Bank that the Bank is currently fine-tuning its foreign exchange
management to introduce some flexibility and encourage additional inflow of
foreign currency to help ease the pressure.
44. We are carefully assessing our exchange rate regime keeping in
mind our willingness to attract foreign investors but at the same time,
managing and controlling inflation to level that will not harm the average
Nigerians. Nigeria is open for business. But the interest of all Nigerians
must be protected. Indeed, tough decisions will have to be made. But this
does not necessarily mean increasing the level of pain already being
experienced by most Nigerians.
45. So to the investors, business owners and industrialists, we are
aware of your pains. To the farmers, traders and entrepreneurs, we also
hear you. The status quo cannot continue. The rent seeking will stop. The
artificial current demand will end. Our monetary, fiscal and social
development policies are aligned.
Conclusion

11
The Budget of Change
46. Mr. Senate President, Mr. Speaker, distinguished members of the
National Assembly, in spite of the global economic uncertainties; we must
remain steadfast in our commitment to steer this country back to greatness.
47. The Nigerian economy needs to move away from dependency on oil. Our
growth must be inclusive. Nigerians must be part of the growth story. As a
Government, we shall deliver security, jobs and infrastructure. This is the right
of all Nigerians.
48. I know many people will say “I have heard this before”. Indeed, trust in
Government, due to the abuse and negligence of the past, is at an all-time low.
This means we must go back to basics. Our actions will speak for us. My team
of dedicated, committed and patriotic Nigerians is well aware of the task ahead
and I can assure you that we are taking on the challenge.
49. We will not betray the trust reposed in us.
50. We will welcome and be responsive to your feedback and criticisms.
51. We are here to serve. And indeed, Nigerians will get the service they have
longed for and which they rightly deserve.
52. We as a Government cannot do it alone. We will require the support of all
civil servants, the organized labour, industry groups, the press and of course,
our religious and traditional institutions. This is a call for all of us to stand and
serve our country.

Protocols

This year marks two significant hallmarks in the history of our country. A few days from now, we will, by the grace of God, be celebrating Nigeria’s 60th Anniversary as an independent sovereign nation.

This summit also commemorates the 20th Anniversary of the Independent Corrupt Practices and other related offences Commission (ICPC). The Commission emerged as part of the measures that successive administrations in Nigeria have put in place over the years to fight corruption.

As military Head of State, I fought corruption headlong and held public officers who abused their office or misused public funds to account. Furthermore, I introduced the War Against Indiscipline (WAI), one of whose cardinal objectives was promotion of our cherished culture of ethical conduct, integrity and hard work.

I recognized in 1984 as I do even more now that corruption poses a clear danger to Nigeria, so, we cannot relent in efforts to eradicate it from our society. As I have often reminded Nigerians, “If we do not kill corruption, corruption will kill Nigeria.”

In my Inaugural Speech in 2015, I affirmed the determination of this administration to rebuild and reform the public service to become more effective and serviceable. I charged public servants to apply themselves with integrity to stabilize the system and solicited the cooperation of the Legislative arm to maintain their brief of making laws and carrying out oversight functions.

In the same speech, I called for the reform of the judicial system and for the judiciary to act with dispatch in cases, especially cases on corruption, serious financial crimes and abuse of office.

I believe that it is when the three arms and the three levels of government work together that government will be enabled to serve the country. We will also see the positive impact of our efforts reaching all and sundry across the country.

Bearing this critical factor in mind, I am happy that the theme of this year’s Summit by ICPC is TOGETHER AGAINST CORRUPTION. I am aware that this theme derives from the theme of our 60th anniversary celebration. Together as a nation, as a people, the three arms and three tiers of government working together, we can attack corruption and realize the vast potentials of our country.

I said in my speech at the 2018 NBA Annual General Conference, that one of the challenges we face in delivering the expectations of our citizens is how to transform our society from one in which impunity in the management of national resources is the norm to one in which a culture of accountability and transparency prevails.

We need to deploy resources to address our common needs rather than the greed of a callous few. We need a corruption-free public sector to achieve this transformation, we need a judicial system that dispenses justice without undue delay and technicality.

We need laws and legal system to be reformed to deliver justice to every citizen without regard to status and finally we need ethical re-orientation of the people to achieve this goal. When we work together against corruption we can defeat it.

I want to commend the Office of the Secretary to the Government of the Federation and the ICPC for organizing this summit and including in the program an opportunity for the three arms of government to indicate their roles in meeting the aspiration of Nigerians to have a corruption-free society.

I am particularly pleased by the recognition and participation of young Nigerians and non-state actors especially the media and civil society at this event because nobody must be left behind and all hands must be on deck in the fight against corruption.

I wish to reiterate the role of preventive measures and public education and enlightenment against corruption. This government through the Open Treasury initiative, TSA, GIFMIS, BVN and many more is implementing different corruption prevention measures to track and retain government revenue for the use of the people.

I commend the ICPC for its enforcement and prevention measures including system review of capital and personnel budget, regular analysis of the open treasury platform, enforcement action against diversion and mismanagement of public funds, working with FIRS to increase the number of companies and persons within the tax net, tracking of constituency project budget utilization for the benefit of ordinary Nigerians and its monitoring of implementation of budget by the Executive in key sectors like Agriculture sector.

The ICPC System Studies and Review, Ethics and Integrity Compliance Scorecard of MDAs are excellent preventive measures for detection of early warning signs of vulnerability of MDAs to corruption and a way of assisting government take note of MDAs that are prone to corruption and deserve closer scrutiny of government and law enforcement agencies.

I note that ICPC is documenting its work, achievements and recommendations to government. I am happy to present the book marking its 20th anniversary titled ICPC AND THE WAR AGAINST CORRUPTION IN NIGERIA: REFLECTIONS FOR A NEW VISION and six other publications including the Nigeria Corruption Index; Constituency and Executive Projects Tracking Initiative Interim Report 2020; the Ethics and Integrity Compliance Scorecard of MDAs 2020; Accountability for Security Votes; and Eradicating Electoral Corruption and Vote Buying.

I am also happy to recognize winners of ICPC Youth Music and Essay Competitions on promotion of anti-corruption values. The music and essay competitions organized by ICPC show the true character and grit of Nigerian youths.

I urge them to seize the moment and also stand together with one voice against corruption. Let me use this opportunity to recognize and commend OPEYEMI PETER ADEBOYE as winner of the anti-corruption music award; CHIKEZIE FAVOUR winner of Junior Secondary School competition and MATILDA DANIELS winner of the Senior Secondary school competition.

As I mentioned earlier, the importance of the public service to our anti-corruption effort. I am therefore extremely delighted to recognize and present the 2020 Public Service Integrity Awards to two honest public servants who have demonstrated the will to look away from graft and corruption.

CSP FRANCIS OSAGIE ERHABOR of the Nigeria Police and HAMZA ADAMU BUWAI of the Federal Ministry of Industry, Trade & Investment are both recognized and acknowledged as worthy Nigerian public servants who make us proud.

I congratulate all the awardees. Even though COVID-19 has not permitted the kind of ceremony that you deserve, Nigeria is proud of you. You are a pride to your families, institutions and to Nigeria.

These public service awards remind us of the need for value re-orientation and revival of ethics and integrity in national life. I am happy that the ICPC, in collaboration with the Office of the Secretary to Government of the Federation and National Orientation Agency worked together to prepare and present the National Ethics and Integrity Policy to the Federal Executive Council as part of the commemorative activities for Nigeria at 60.

FEC adopted this policy on the 19th of August, 2020. I commend the Office of the Secretary to the Government of the Federation, ICPC and NOA for bringing to fruition this important priority objective of this administration.

The National Ethics and Integrity Policy projects government’s aspiration for rediscovery of our cherished traditional ethical values of honesty, integrity, hard-work, truth and justice, unity, faith, and consideration for one another irrespective of status or background. Corruption and corruptive tendencies are abhorrent to these core ethical values.

We must all join hands together to fight corruption and return to our traditional values of honesty and integrity. I hereby use the opportunity of this Summit to launch the National Ethics and Integrity Policy

as a fresh roadmap to return Nigeria to these critical national values.

Finally let me use this opportunity to congratulate all Nigerians on our 60th anniversary and ICPC on its 20th anniversary. I urge all Nigerians participating in this Summit to come up with recommendations on ways to further enforce our laws and prevent corruption in the public sector in Nigeria.

Thank you and God bless the Federal Republic of Nigeria!

My Fellow Countrymen and Women. 

I wish all of you a very happy and prosperous New Year. 

First, I would like to thank and honour the Almighty who saw us through the year 2022 and has given us the opportunity to see another year. Each New Year is an opportunity to reflect on the past year, reposition, and move forward with the New. 

As we celebrate the opportunity to be alive in this year 2023, we must also acknowledge the passing away of our brothers and sisters who didn’t make it into this new year. May their souls rest in perfect peace.

This year is particularly important to me because this message is in essence valedictory. After having the honour of serving you, my compatriots, for the last seven plus years, my tenure as your President in the most revered tradition of our ongoing and maturing democracy must necessarily come to an end. In the next five months we would have gone to the polls and elected a new president along with new governors and a host of other elected officials at both the national and state levels.

These democratic principles are working in concert because of the belief, beyond partisan politics, of you the great citizens of Nigeria. In addition is my personal commitment and executive promise to see to the letter that the 2023 elections being diligently conducted by INEC will be free and fair. The collective electoral will and votes of Nigerians will be fulfilled, even in the twilight moments of my watch.

Reflecting on year 2022 allows us as a government to examine our legacies of successes and challenges. As we celebrate our wins and review obstacles, we all must understand that governance is a continuum, which still places a transitional responsibility on this administration to provide for the incoming government a non-partisan and objective roadmap for 2023. We are Nigeria; one country united under the will of God and actively growing as an indivisible entity, we have been enabled year after year, decade after decade, to weather many stormy waters and emerge stronger and better where other countries have fallen and disintegrated. This has made us a unique nation across the globe and our continent.

In year 2023, Nigerians go to the polls to exercise our right to vote and elect a new Administration. It is an important year for our country. We must ensure that we have another smooth transition of government, to whomever the people have chosen. This Administration’s landmark Amended Electoral Act will ensure that we have free and fair elections across the Nation. We as Nigerians must also take responsibility to ensure that we participate in ensuring that the 2023 elections are free and fair by not engaging in anti-state activities and other criminal acts that may affect the run of the polls. We must also resist every attempt to be used by politicians to create unrest in any form to disrupt the elections. We, as government will ensure such activities are met with the full force of the law.  

As our security agencies continue to make the country proud, we must continue to assist our patriotic forces by providing much needed community intelligence.  It is our collective responsibility to ensure that Nigeria remains safe and peaceful for us all. Therefore, we have a duty and obligation to support our troops and intelligence agencies by being alert and reporting anything suspicious. The fight against insurgency in the North East region has recorded very clear wins in the past year. The Federal Government, and the Borno State government, have started the journey of returning internally displaced persons to their homes earlier taken by the insurgents. Furthermore, over 82,000 insurgents with their families have surrendered to the Nigerian military. A number of surrendered insurgents are currently being processed by the rehabilitation (Operation Safe Corridor) program. The fight against banditry, kidnapping and other crimes in the North West and other regions is strong and unrelenting and showing very clear results. One of which is the resumption of Train Service along the Kaduna to Abuja corridor.

In the aftermath of the EndSars, our administration took heed and instituted the ongoing police reform program based on a new Presidential Vision for Policing in Nigeria. This new vision is framed in a clear road map that transcends the tenure of this administration and it is predicated on six principles:

1. Building Trust and Legitimacy;
2. Leadership, Accountability and Oversight;
3. Technology and Digital Media;
4. Community Policing and Crime Reduction;
5. Officers Training and Education;
6. Funding, Officers’ Welfare, Wellness and Safety.

This reform program is very much in its foundation phase but has recorded noteworthy successes in improving police welfare and their emoluments. Other gains have been the ongoing training of 500 police cadet trainers to enable a better training regimen for the 2022 first batch of the 10,000 new cadets with an additional 10,000 set for 2023. In support of these reforms has been the provisioning of new material for the Nigeria Police to steadily improve on its constitutional responsibility to enforce law and order, protect lives and property as well as keep street level peace and security.

Despite the ongoing global economic crisis, we have been able to weather the storms. Inflation across the globe is at its highest, the Federal Government has been resolute through its economic interventions to remain above water during this period. 2022 brought a combined impact from ongoing wars and aftereffects of COVID-19. Though creating its own fiscal challenges, we have continued to subsidize our energy costs to buffer households from inflationary pressure of high energy costs.  In 2023, we are focused on building on our GDP and sustain the huge surge in the non-oil GDP growth.

The Nigerian Start up Bill has been passed as an Act. This is a huge step in lowering our unemployment figures by boosting job creation and supporting the entrepreneurial drive of our youths. If you recall in my 2021 New Year speech, I had mentioned the need to secure the future of our youth recognizing that our young people are our most valuable natural resource. In this regard, we worked with the legislature to develop an enabling law to turn their passions into ideas that can be supported, groomed and scaled across regions.  2023 will see the implementation of the Nigerian Start Up Act nationwide.

The year 2023 would, indeed, be a time when we would work to solidify on delivering key strategic priorities under our “SEA” – (Security, Economy and Anti-Corruption) Agenda.  Some of the key priority areas we would direct our attention and strengths to include:

2023. Focus on SECURITY: we will continue to engage, push back and dismantle the operations of both internal and external extremist and criminal groups waging war against our communities in parts of the country. We will also focus on ensuring that free and fair elections would be held come February 2023.  Our security forces are working in partnership to ensure the wins we have got in war against insurgency, banditry, secession and other crimes are sustained and improved upon.  

1. On the ECONOMY: our focus would be on maintaining and building economic growth through the national economic diversification agenda that supports the goal of national food self-sufficiency and growth in non-oil sources. The ongoing infrastructure revolution by our administration will see us deliver the key projects across the Nation in power, rail, roads, ports and technology.

2022. On ANTI-CORRUPTION: we have created new records in this fight, growing from 117 convictions in 2017 to 3,615 convictions as at December 2022. We as a government are committed to ridding our nation of all forms of corruption, through the collaboration with all the arms of Government to effectively prosecute this fight.

As we welcome the New Year, let us look with hope to 2023, a year to move forward as a Nation towards unity, progress and prosperity. I offer my own personal felicitations as your outgoing President, mindful of the various opinions and interpretations of our executive legacies. I welcome and accept both the accolades and criticisms in equal measure, secure in the conviction that I did my best to serve our dear country Nigeria and I pray that the incoming President will also pick up the baton and continue the long race to make Nigeria one of the leading countries of the world by the end of this century.

Long Live the Nigerian spirit of oneness, togetherness, and unity. Long Live the Federal Republic of Nigeria.

A Happy and prosperous New year to you all.

God bless the Federal Republic of Nigeria

PROTOCOLS

1. It gives me great pleasure to sign into law today the 2023 Appropriation Bill, the eighth and final annual budget of this Administration along with the 2022 Supplementary Appropriation Bill into law, principally to enable us to respond to the havoc which the recent nationwide floods did to our infrastructure and agriculture sectors.
2. I would like to sincerely thank the Senate President, the Speaker of the House of Representatives, and all the distinguished and honourable leaders and members of the National Assembly for the expeditious consideration and passage of the Appropriation Bill.
3. As I mentioned during the presentation of the 2023 Appropriation Bill, early passage of the budget proposal is critical to ensure effective delivery of our legacy projects, a smooth transition programme and effective take-off of the incoming Administration.
4. I appreciate the firm commitment of the 9th National Assembly to the restoration of a predictable January to December fiscal year, as well as the mutual understanding, collaboration and engagements between officials of the Executive and the Legislative arms of government. These have made the quick consideration and passage of our Fiscal bills possible over the last four years.
5. The Finance Bill 2022 includes measures necessary for the effective implementation of the 2023 Budget and the attainment of the various set objectives.
6. As you will recall, I laid the 2023 Appropriation Bill before the Joint Session of the National Assembly on 7^th October, 2022, and forwarded the 2022 Finance Bill thereafter. I believe the next Administration will sustain the early presentation of the annual appropriation bill to the National Assembly to ensure its passage before the beginning of the fiscal year.
7. I firmly believe the next Administration will also sustain the current public financial management reform efforts, further improve the budgeting process, and particularly maintain the tradition of supporting its Appropriation Bills with Finance Bills designed to facilitate their implementation. To sustain and institutionalize the gains of the reforms, we must expedite action and conclude work on the Organic Budget Law for it to become operational before the end of this Administration.
8. The 2023 Budget that I have the honour of signing into law today provides for aggregate expenditures of N21.83 trillion, an increase of N1.32 trillion over the initial Executive Proposal for a total expenditure of N20.51 trillion. As is customary, the Honourable Minister of Finance, Budget and National Planning will subsequently provide more details of the approved budget and the supporting 2022 Finance Act.
9. We have examined the changes made by the National Assembly to the 2023 Executive Budget proposal. The amended fiscal framework for 2023 as approved by the National Assembly shows additional revenues of 79 billion, and an unfunded deficit of  N553.46 billion. It is clear that that National Assembly and the executive need to capture some of the proposed additional revenue sources in the fiscal framework. This must be rectified. I have also noted that the National Assembly introduced new projects into the 2023 budget proposal for which it has appropriated N770.72 billion. The National Assembly also increased the provisions made by Ministries, Departments and Agencies (MDAs) by N58.55 billion.
10. Nevertheless, considering the imminent transition process to another democratically elected government, I decided to sign the 2023 Appropriation Bill into law as passed by the National Assembly to enable its implementation to commence without delay. I have however directed the Minister of Finance, Budget and National Planning to engage with the Legislature to revisit some of the changes made to the Executive budget proposal, and it is my hope that we will receive cooperation in this regard from the National Assembly.
11. I also urge the National Assembly to reconsider its position on my proposal to securitize the Federal Government’s outstanding Ways and Means balance at the Central Bank of Nigeria (CBN). As I stated, the balance has accumulated over several years and represents funding provided by the CBN as lender of last resort to the government to enable it to meet obligations to lenders, as well as cover budgetary shortfalls in projected revenues and/or borrowings. I have no intention to fetter the right of the National Assembly to interrogate the composition of this balance, which can still be done even after granting the requested approval. Failure to grant the securitization approval will however cost the government about N1.8 trillion in additional interest in 2023 given the differential between the applicable interest rates which is currently MPR plus 3% and the negotiated interest rate of 9% and a 40year repayment period on the securitised debt of the Ways and Means.
12. To ensure more effective implementation of the 2022 capital Budget, we proposed and the National Assembly approved an extension of its validity date to 31^st March, 2023. I would like to appreciate the cooperation of  the National Assembly on this.
13. The Ministry of Finance, Budget and National Planning will work towards early release of the 2023 capital votes to enable Ministries, Departments and Agencies to commence the implementation of their capital projects early in support of our efforts to deliver key projects and public services as well as improve the living conditions of our people.
14. As I mentioned during the presentation of the 2023 Appropriation Bill, the Budget was developed to promote fiscal sustainability, macroeconomic stability and ensure smooth transition to the incoming Administration. The Budget was also designed to promote social inclusion and strengthen the resilience of the economy. Adequate provisions have been made in the 2023 Budget for the successful conduct of the forth-coming general elections and the transition programme.
15. To achieve the laudable objectives of the 2023 Budget, we must achieve our revenue targets. MDAs and Government Owned Enterprises (GOEs) must intensify their revenue mobilization efforts, including ensuring that all taxable organizations and individuals  pay taxes due.
16. Relevant Agencies must sustain current efforts towards the realization of our crude oil production and export targets.
17. To augment available fiscal resources, MDAs are to accelerate the implementation of Public Private Partnership initiatives, especially those designed to fast-track the pace of our infrastructural development.
18. This, being a deficit budget, the associated Borrowing Plan will be forwarded to the National Assembly shortly. I count on the cooperation of the National Assembly for a speedy consideration and approval of the Plan.
19. Regrettably, the review of the Finance Bill 2022 as passed by the National Assembly is yet to be finalized.. This is because some of the changes made by the National Assembly need to be reviewed by the relevant agencies of government. I urge that this should be done speedily to enable me to accent into law.
20. I thank the Minister of Finance, Budget and National Planning, the Minister of State, Budget and National Planning, the Budget Office of the Federation, the Senior Special Assistants to the President (Senate and House of Representatives), the Office of the Chief of Staff, and everyone else who worked tirelessly and sacrificed so much towards producing the 2023 Appropriation Act that I am signing today.
21. These are challenging times worldwide. Let me conclude by expressing my deep appreciation to Almighty God for His Grace, and commend the continuing resilience, understanding and sacrifice of our people in the face of current economic challenges. As this Administration draws to a close, we will accelerate the implementation of critical measures aimed at further improving the Nigerian business environment, enhancing the welfare of our people and ensuring sustainable economic growth over the medium- to long-term.
22. I thank you distinguished and honourable members most sincerely for your attention.
23. May God continue to bless the Federal Republic of Nigeria.

PROTOCOLS:

• Honourable Prime Minister,
• Excellencies,
• Ladies and Gentlemen,

I would like to begin by expressing my appreciation to the Prime Minister of India, Narendra Modi, for inviting me to participate in this summit. The Global South is driven by historical ties and sense of deep solidarity in pursuit of bridging the gap between the South and the North. The initiative to convene this summit which is called the Voice of the Global South under the theme: Unity of Voice and Unity of Purpose, is indeed very commendable.

2. I have no doubt that, the emergence of India as voice of the Global South is apt considering the role the country played during its two-year terms at the United Nations Security Council and the humanitarian gesture it extended during the Covid-19 pandemic.
3. Excellencies, it is in line with the vision of One Earth, One Family, One Future that, India calls for this Summit bringing together leaders of the South to share their perspectives and priorities on a common platform ahead of the G20 Summit later this year.
4. Nigeria is in full support of this noble initiative and hope that the outcome of the Summit will be given top priority at the G20 meetings.
5. I am also optimistic that, the Summit will address issues of climate change, food security and access to energy, as well as ways to reduce the increasing burden of debt and inflation on the Global South. This huge debt burden has significantly derailed many countries’ development plans. The effect of the Covid-19 pandemic and the Russia/Ukraine conflict has further aggravated the situation.
6. In this regard, I wish to advise fellow leaders to agree on a common agenda to enable us to put forward our collective demands to the Global North through India as voice of the South.
7. Excellencies, to conclude my remarks, I would urge India to further intensify efforts to facilitate the flow of Foreign Direct Investment to the Global South using its leverage as President of G20.
8. Thank you all for listening.

PROTOCOLS:

I am delighted to welcome you all to the official launching of the Ministry of Finance Incorporated (MOFI). It is a significant day for Nigeria and a significant milestone given the importance of a restructured MOFI to the revitalization of the national economy.

2. A major part of our economic reform programme is knowing “what we own” in terms of our investments and assets, in order to maximize returns from them.

In recognition of the need to build the institutional framework for managing our nation’s investments and assets, the Ministry of Finance Incorporated was borne through enactment of the MOFI Act of 1959 now Cap. 229, Laws of the Federation, 2004. The Act established MOFI as a corporation sole.

3. This Act explicitly empowers MOFI to enter into commercial transactions of any description on behalf of the Federal Government of Nigeria in its own name. As a result, MOFI was used as a Special Purpose Vehicle across different sectors, to invest in commercial entities over the last 64 years. To put this in context, MOFI was created even before Nigeria’s independence.
4. However, MOFI was not structured to be governed or resourced to deliver on the mandate that was expected of it. MOFI’s peers, on the other hand, that were deliberately set up with the institutional framework, governance structure, and execution capacity have gone on to make major social and economic impacts in their respective nations. Many of which have become global brands for investing domestically and internationally.
5. The British also enacted the establishment law for Singapore’s MOFI in 1959. But in 1974, after Singapore’s independence from the British, the Singapore government decided to create Temasek as a world-class commercial firm solely focused on managing all government investments while the government focused on putting in place, policies regulations and the enabling environment for businesses to thrive. Since then, Temasek has grown to become an asset management company of global repute with Assets Under Management of over 300 billion US dollars and investments in over 11 countries such as China (Beijing), India (Mumbai), the United Kingdom (London) and the United States of America (New York).
6. As part of our broader reform of the economy, we launched the reform of MOFI to transform it from a registry of investment records to becoming a World-Class Asset and Investment Management Company specifically charged with the following responsibilities:

1. Optimize the return on Federal Government of Nigeria investments by ensuring that they provide risk-adjusted returns in a consistent and sustainable manner; 

1. Provide visibility over what the Federal Government of Nigeria owns by creating and managing a National Asset Register;

1. Take steps to unlock liquidity from Federal Government of Nigeria’s idle assets;

1. Mobilizing capital and investing the capital in opportunities that are strategic to the nation’s social and economic development plan; and

1. Partner with the Federal Government to leverage the nation’s investments and assets to support the Federal Government in delivering on its social and economic mandate.

7. Under the leadership of the Honourable Minister of Finance, Budget and National Planning, Mrs. (Dr.) Zainab Shamsuna Ahmed, I approved that MOFI be restructured and repositioned to become a trusted custodian and manager of Federal Government investments and assets.

8. As part of the governance structure, there will be a Governing Council headed by me, a Board of Directors under the leadership of a former Minister of Finance, Dr. Shamsudeen Usman, and an Executive Management Team headed by Dr. Armstrong Takang.
9. We have carefully selected individuals of repute and experience for the respective positions, and I have no doubt that they will live up to our expectations to the highest standard. They are to ensure that rules and procedures are respected, high fiduciary standards are maintained, and that MOFI delivers on its mandate.
10. To the Honourable Ministers who are members of the Governing Council, you are major stakeholders, I am counting on your support for the new MOFI. I expect you to create an enabling environment that will facilitate the creation of a National Asset Register that will be harnessed to strengthen our fiscal and economic realities and the optimization of our investments and assets that will be under the purview of MOFI.
11. The Board of Directors will provide strategic direction to guide the Management of the new MOFI. I am charging the Management team with the responsibility to exercise utmost professionalism in managing the day-to-day operations of the new MOFI.

12. Today, I am tasking the new MOFI to:

1. Grow its Assets under Management from the current value of 18 trillion naira to at least 100 trillion naira in the next 10 years.
2. Be the clearinghouse for the management of Federal Government investments and assets in line with global best practices with a view to ensuring that these investments are delivering superior risk-adjusted returns to the government;
3. Work with other MDAs to create a consolidated national asset register with a view to converting these assets into cashflow-generating entities to support the government’s revenue drive; and
4. Partner with the government with a view to using government-owned investments and assets to support the government in delivering on its social and economic obligations to the citizenry.
5. I now formally launch the new Ministry of Finance Incorporated (MOFI) as I also inaugurate the Governing Council and Board of Directors as presented by the Honourable Minister of Finance, Budget and National Planning.
6. I hereby direct the Honourable Minister of Finance, Budget and National Planning to commence the process of amending the MOFI Act and other relevant legislation to further institutionalize this reform.
7. Let me commend the Honourable Minister of Finance, Budget and National Planning and her team for working tirelessly to make this day a reality.

I thank you all, and may God bless the Federal Republic of Nigeria.