1st October, 2022
By Ismaila Chafe
President Muhammadu Buhari has assured citizens that their resilience and patience will not end in vain as his administration continues to reposition and strengthen the security agencies to tackle nation’s security challenges.
The president gave the assurance while addressing Nigerians in a broadcast to mark Nigeria’s 62nd Independence Anniversary on Saturday in Abuja.
”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 these are being addressed by our security forces.
”I share the pains Nigerians are going through and I assure you that your resilience and patience would not be in vain.”
He said the administration continued to reposition and strengthen the security agencies to enable them to deal with all forms of security challenges.
”At the inception of this administration in 2015, I provided the funding requirements of the security agencies which was also improved in my second tenure in 2019 to enable them to surmount security challenges.
”We will continue on this path until our efforts yield the desired results.”
Buhari noted that, in order to address insecurity, the Federal Government worked methodically in reducing insurgency in the North East, militancy in the Niger Delta, ethnic, religious tensions and other problems threatening the country.
He also maintained that the administration’s 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.
He added that the effective implementation of the Treasury Single Account and cutting down on the cost of governance also facilitated early exits from recessions.
”Fellow Nigerians, this administration removed several decades uncertainty for potential Investors in the oil & gas sector with the passage of the Petroleum Industry Act, 2021.
”This landmark legislation created opportunities for foreign investments in addition to improving transparency in the management of the sector.
On food security, the president revealed that his administration had 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.
He said: ”Leading this initiative, the Central Bank of Nigeria’s intervention in a number of areas as well as the Anchor Borrowers Programme had created the required leverages for Nigerians towards self-sufficiency in food and the necessary attraction for farming as a business.
”The growing contribution of non-oil exports, especially in agriculture, information and communication technology as well as the performing arts to our national economy will enhance our foreign exchange earning capacity.
”We are confronting current economic challenges such as debt burden, growing inflation, living standards and increasing unemployment accentuated by our growing youthful population.”
According to him, these problems are globally induced and government will continue to ensure that their negative effects are addressed in its policies.
”This administration will continue to ensure that our fiscal policies are supported by a robust and contemporary monetary policy that recognises our peculiarities in the midst of the growing global economic difficulties.
”This is evidenced by the recent Monetary Policy Committee decision to maintain all parameters, especially interest rates, and marginally increased the Monetary Policy Rate (MPR) from 14% to 15.5% and the Cash Reserve Ratio (CRR) from 27.5% to 32.5%.
”It is projected that this would further insulate our economy from over exposure to uncertainties at the international market by restraining growth in core inflation,” he said.