Day: May 28, 2023

Outgoing President Muhammadu Buhari has apologised to citizens over the negative effects of some economic policies implemented by his administration in the course of revamping the nation’s economy.

The most recent of such policy was the implementation of Central Bank of Nigeria (CBN) naira redesign policy which was suspended on March 13.

The CBN Governor, Mr Godwin Emefiele, had in October 2022 announced that the bank would redesign N200, N500 and N1,000 notes and discontinue the old ones.

The implementation of the policy, which caused scarcity of the naira notes nationwide, caused hardship, agony, humiliation, social uprising and deaths of Nigerians.

Banks and their Automated Teller Machines (ATMs) across the country were attacked by angry youths and other protesters.

However, on March 3, the Supreme Court extended the validity of the N200, N500, and N1,000 notes till Dec. 31, thereby restoring sanity into the various socio-economic activities in the country.

The president, however, said: ”In the course of revamping the economy, we made some difficult choices, most of which yielded the desired results.

“Some of the measures led to temporary pains and sufferings for which I sincerely apologised to my fellow countrymen, but the measures were taken for the overall good of the country.”

According to the president, the Nigerian economy has become more resilient due to the various strategies put in place to ensure that the economy remained afloat during cases of global economic downturns.

“You would all recall the supply chain disruptions and economic downturn that the world witnessed between 2020 and 2022 as a result of the COVID-19 pandemic.

“The deftness of our response to the pandemic still remains a global best practice.

“Furthermore, we increased the ability of the poor and rural Nigerians to earn a living, provided more food for millions in our villages and gave our women opportunities to earn a living.

“Young men and women in urban centres were also supported to put their skills into productive use.”

The president affirmed that his administration also provided an enabling environment for the private sector to engage in businesses for which their return on investments is guaranteed.

According to him, the private sector proved a strong partner in the drive to build a resilient and sustainable economy as evidenced by the growing number of turnkey projects in various sectors of the economy.

On infrastructural development, Buhari disclosed that his administration had successfully completed some legacy projects to drive economic growth in the country.

“Mindful of the need to ensure adequate infrastructure to drive economic growth, we completed age-long projects and processes notably amongst which are the Petroleum Industry Act, completion of some power projects, completion of the Second Niger Bridge and various important roads linking cities and states,” he said.

President Muhammadu Buhari has said he is confident that he is leaving office with Nigeria better in 2023 than it was in 2015.

The president stated this in a farewell broadcast to the nation on Sunday in Abuja.

Buhari, therefore, expressed appreciation to all those that provided their support and encouragement to help him navigate the exciting journey in moving Nigeria forward.

“I also want to use this opportunity to express my appreciation to a good number of Nigerians who provided their support and encouragement to help me navigate the exciting journey in moving Nigeria forward.

“I cannot and will not forget the millions who prayed for me during my illness in my first term of office. I am constantly praying for you and for Nigeria to thrive in peace.

“As I retire home to Daura, Katsina State, I feel fulfilled that we have started the Nigeria re-birth by taking the initial critical steps and I am convinced the incoming administration will quicken the pace of this walk to see a Nigeria that fulfils its destiny to be a great nation,” he said.

The outgoing Nigerian leader also used the opportunity of the broadcast to briefly list some of the achievements of his administration in the last eight years.

On the international scene, Buhari noted that Nigeria’s influence had continued to grow as exemplified by notable Nigerians occupying headship and leadership positions in renowned global bodies.

He also saluted the cordial relationship between the executive and legislative arms of the government, while commending the leadership and members of the National Assembly for their support and cooperation.

He said: ”Our democracy is built on and continues to thrive on the principles of separation of powers.

“The leadership and members of the National Assembly deserve my appreciation for their patriotism which did not detract from their roles as a check to the executive arm.”

To improve service delivery, the president stated that his administration began the implementation of a number of reforms aimed at producing ”an Efficient, Productive, Incorruptible and Citizen-oriented (EPIC) Federal Civil Service and the results are beginning to show.”

On security challenges, Buhari said his administration had been able to reduce the incidences of banditry, terrorism, armed robbery and other criminal activities considerably.

“Our battle to ensure that all Nigerians live in a safe and secure environment has achieved considerable results.

“As I complete my term in office, we have been able to reduce the incidences of banditry, terrorism, armed robbery and other criminal activities considerably,” he said.

The president, however, called on the citizens to sustain the gains made so far by being more vigilant and support the security agencies by ensuring that ”nation’s values defined by being your brothers’ keeper govern our actions.”

Buhari again expressed sadness over those citizens still in captivity, saying the security agencies had intensified efforts to rescue them unharmed.

“’Up till now, I still grieve for our children still in captivity, mourn with parents, friends and relatives of all those that lost loved ones in the days of the senseless brigandage and carnage.

“For all those under unlawful captivity our security agencies are working round-the-clock to secure their release unharmed.”

On the fight against corruption in the last eight years, Buhari said: ”Fellow Nigerians, you know how dear the desire in my heart is, to rid the country of corrupt practices that had consistently diminished our efforts to be a great country.

“I did pursue this commitment relentlessly, in spite of the expected push back.

“I am happy that considerable progress had been made in repatriating huge sums of money back to the country and also taken over properties illegally acquired from our commonwealth.”