Press Release: President Buhari Urges African Religous Movements To Fight Corruption

President Muhammadu Buhari has urged religious movements to assist African countries rid themselves of the scourge of corruption.

Speaking at the State House on Friday while receiving the Grand Khalifa of Tijjaniyya Islamic Movement Worldwide, Sheikh Muhammadul-Kabir, the President also enjoined such movements to work for “the cementing of our continental relationships and peaceful coexistence.”

President Buhari commended the movement’s commitment to spiritual cleansing.

According to him, “while the evil of material corruption seeks to undermine the dignity and worldly existence of man, moral and spiritual corruption seek to destroy man and condemn him to perpetual punishment by his Creator”

President Buhari also lauded the peaceful conduct of the Tijjaniyyah Islamic movement in Nigeria.

“The Tijjaniyyah adherents are peaceful and never found to be in breach of peace nor associated with extreme religious views or terrorism,” he said, noting in particular, “the peaceful way you have conducted all your celebrations without disturbance to the public. This is commendable.”

The President, while expressing appreciation for the prayers from congregations such as the Tijjaniyyah, appealed to all religious groups to continue to preach peace particularly among the youth.

Sheikh Muhammadul-Kabir and other clerics accompanying him from several African countries, commended President Buhari for nurturing peaceful coexistence among all religious adherents in the country.

He said they had come to Nigeria to observe their Maulud celebration of the birthday of the Holy Prophet Muhammad which took place peacefully in Bauchi.

Garba Shehu
Senior Special Assistant to President on Media & Publicity
November 24, 2017.

Press Release: President Commends Benin Kingdom for Stabilising Nigeria

President Muhammadu Buhari Thursday expressed delight with the stabilising roles that the Eweka Dynasty of Benin Kingdom had been playing in the affairs of the country.

Speaking while receiving the Oba of Benin, His Royal Majesty, Omo N’Oba Uku Akpolokpolo, Oba Ewuare II at the State House, the President said that Nigerians have reasons to be proud of the stabilising roles Benin chiefs had played right from the colonial era to the current period, not only in the Delta region but the entire country.

President Buhari singled out the role of the immediate past Oba of Benin, Oba Erediauwa I, whom he described as his “back bone of support” when he was Federal Commissioner of Petroleum Resources and the late Oba was a Federal Permanent Secretary.

“I cannot hold back my emotions, talking about my relationship with your predecessor. After General Murtala Mohammed was assassinated, I was moved from the North-East as governor to Ministry of Petroleum. Your father was then Permanent Secretary. My relationship with him was very strong. I have lost count of the number of visits to his palace as Oba,” he said.

President Buhari praised the late Oba for “stabilising that part of the country because of his firmness. I must also commend the immediate past governor, Adams Oshiomhole for stabilising Edo State.”

Welcoming Oba Ewuare’s delegation made up of chiefs from other parts of Edo State, including the National Chairman of the All Progressives Congress, Chief John Odigie-Oyegun, the President commended His Royal Majesty for following the footsteps of his predecessor while reiterating his support for the traditional institution.

“I know and respect the traditional institution. I try as much as possible to understand why the authors of our Constitution kept silent about their role,” he said, noting however, that this was probably the best thing way to preserve their neutrality.

“Your Royal Majesty, you are safe where you are,” the President added.

In his remarks, Oba Ewuare II, who commended the President for his handling of security matters in the country, urged the Federal Government to establish industries in the rural areas to curb unemployment, rural-urban migration and human trafficking.

Garba Shehu
Senior Special Assistant to the President (Media & Publicity)
November 23, 2017.

Speech: President Buhari’s Remarks at the Inauguration of Audit Committee on Recovery of Stolen Assets

Members of the committee may recall that pursuant to the resolve of this administration since its inception to pursue a strong and effective anti-corruption regime, and in view of the multiple cases of mis-managed and misappropriated national assets identified by this administration upon our assumption of office, the Federal Government embarked on tracing and recovery of all such stolen assets within and outside Nigeria using all legal and diplomatic resources at our disposal.

The gains of our initiatives over the past two and a half years have been very obvious to all Nigerians. This is clear from the level of investigation, prosecution and forfeitures involving both public and private sector officials in the country. The message has therefore been passed loud and clear that never again as a nation are we going to allow the wanton diversion and embezzlement of public funds to private pockets.

Nigerians will further recall that pursuant to requisite directives, recovered assets are progressively being returned to designated accounts by the anti-graft agencies and other agencies of Government involved with the process.

In the course of implementing this exercise and given the number of agencies who are concurrently pursuing specialized initiatives and making recoveries for Government, it has become obvious that fundamental gaps still exist in ensuring that the recovered assets are accounted for, and managed in an accurate, transparent and logical manner.

It was in realization of this and due to our determination to ensure that in pursuing the anti-graft war, we do not create new room for dishonorable conduct by any individual or agency that I directed, earlier in the year, that all agencies should send in detailed reports of all their recovered assets as at March, 2017.

The decision to inaugurate this Audit Committee on the Recovery and Management of Stolen Assets within and Outside Nigeria today is therefore the next step in ensuring that all returns filed by the various agencies are accurate and consistent with actual recoveries made.

The Committee, in essence, is therefore expected to judiciously undertake an audit of all recovery accounts established by government agencies from the date of opening such accounts up to 10th April, 2017. The details of the Committee’s functions are as set out in your Terms of Reference.

I congratulate all Members of the Committee on your appointment which is another opportunity for you all to serve your country. I therefore urge you to perform your duties diligently in the best interests of Nigeria.

I hereby direct and request all relevant Ministries, Departments and Agencies, Banks, and Companies to give the Committee full cooperation as your assignment is crucial not only to the harvesting of needed resources for our national development but also in setting out a fresh template of public accountability.

Where it becomes necessary, the Committee will of course rely on existing laws to compel the production of information and will also have the benefit of necessary interventions by the Attorney-General of the Federation and Minister of Justice in obtaining such information through legal processes, where so required.

The Committee is hereby given a time frame of four weeks to finish this assignment and submit its Report to my office. I look forward to receiving your report and recommendations in due course and I wish you the best of luck in this assignment.

I thank you all.

Press Release: FG Set to Improve Infrastructure

President Muhammadu Buhari has emphasized the determination of his administration to speed up the improvement of aviation infrastructure in the country for the benefit of the country’s economic development.

Speaking while receiving the President of the International Civil Aviation Organization (ICAO), Muyiwa Aliu, at the State House, Abuja on Monday, President Buhari declared his total support and commitment to work with regulatory agencies in the aviation sector to make air travel safer throughout the country.

The President, who received three awards recently won by Nigeria from ICAO, expressed delight with the high ranking accorded Nigeria in safety and security at the airports, following measures put in place to address gaps in airport security.

On the setting up of a national airline, President Buhari said he was under tremendous pressure from many patriotic Nigerians desirous of establishing one.

“I equally support a national airline for both patriotic and economic reasons. We have enough trained citizens including pilots and engineers. But Nigerians need to know how we lost the one we had before,” he said, referring to the defunct Nigeria Airways.

The Minister of State, Aviation, Hadi Sirika, who led the ICAO delegation, informed President Buhari that the Nigeria was hosting the meeting of International World Aviation Forum in Abuja starting on Tuesday, the first time such conference will hold anywhere outside Montreal, Canada.

He said over 40 aviation ministers and representatives from 70 countries, the World Bank, African Development Bank, manufacturers of planes and aviation equipment will attend this year’s conference focusing on “Financing Development of Aviation Infrastructure.”

The President of ICAO, who is a Nigerian, commended President Buhari for fast-tracking policy initiatives that changed the fortunes of air travel in Nigeria, describing the reconstruction of the runway at the Abuja airport as a rare feat.

On behalf of the ICAO, Mr Aliu presented a certificate of recognition of the School of Aviation, Zaria as a regional center of excellence; the certification of both Abuja and Lagos airports which have attained ICAO standards for the first time in history, and another certificate marking the attainment of the International Organization for Standardization ISO 9001, 2015 by the Nigerian Meteorological Agency.

Garba Shehu
Senior Special Assistant to the President (Media & Publicity)
November 20, 2017.

Press Release: Presidency Welcomes Latest GDP Figures

In a clear indication of ongoing progress, the Nigerian economy has improved further, according to the latest GDP figures just released by the National Bureau of Statistics, with oil, agriculture and industrial sectors leading the charge.

The Buhari administration welcomes the new growth figures, and will continue to work diligently on a daily basis to ensure inclusive growth, to which we have always been committed through the active pursuit of a raft of policy initiatives, past and present.

Such initiatives include but not limited to the Social Investment Programmes, Anchor Borrowers Scheme, longstanding Budget Support Facilities to the States, plus other bailout packages, ensuring the comprehensive payment of workers’ salary & pension backlogs among others. Equally, the Federal Government will be ramping up the implementation pace of the Economic Recovery & Growth Plan.

Below is the Statement of the Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu, after the Q3 figures were released:

“The latest NBS GDP figures show that the Nigerian economy grew by 1.4% year-on-year in real terms in the third quarter of 2017 (Q3 2017). This is a steady continuation of the positive growth of 0.55% (now revised to 0.72%) experienced in Q2 2017 and reinforces the exit from the 2016 recession.

“The positive growth in Q3 is consistent with the improvements in other indicators. Foreign exchange reserves have risen to nearly $34 billion while stock market and purchasing managers indices have also been positive.

“The naira exchange rate has stabilised while inflation has declined to 15.91% from 18.7 in January 2017. While inflation is not declining as fast as desirable, it is approaching the estimated target of 15.74% for the year in the Economic Recovery and Growth Plan.

“Agricultural growth was 3.06% in the third quarter of 2017, maintaining the positive growth of the sector even when there was a slow-down in the rest of the economy.

“The industrial sector grew at 8.83% mostly due to mining and quarrying. The oil sector grew very strongly as forecast in the ERGP and partly as a result of the policy actions in the plan to restore growth in the sector.

“The service sector is yet to recover but should soon begin to be positively affected by the improvements in the real economy and the effects of the dedicated and focused capital spending of over N1.2 trillion on infrastructure by the Federal Government.

“It is expected that the economy will continue to grow given these developments and the reform, and improvements in the business environment shown by the upward movement of 24 places in the recently released World Bank’s Ease of Doing Business Rankings which was better than the target of 20 places specified in the ERGP.

“The overall picture that emerges is that the economy is on the path of recovery. As inflation trends downwards, and with steady implementation of the ERGP, real growth should soon be realised across all sectors in a mutually reinforcing manner.”

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
20 November 2017

Speech: President Buhari’s Remarks at The 2017 All Nigeria Judges’ Conference of the Supreme Courts

I am happy to accept your kind invitation to address this Assembly of the learned minds and to declare this conference open.

The conference organizers have chosen a very important and apt subject for this year’s conference namely; “Strengthening Judicial Integrity and the Rule of Law”. A democratic system such as ours can not survive or prosper without strict adherence to the Rule of Law.

My Lords, Distinguished delegates, the prime purpose of any government is to regulate social relations within its territorial jurisdiction. Without the rule of law the government will degenerate into dictatorship or anarchy.

The theme you have chosen this year keys in with our Administration’s resolve to strengthen the three arms of government to effectively fulfill their constitutional obligations.

For the judiciary, the public expects fairness, impartiality and speed in the administration of justice. Regrettably court cases can drag on for years and years, sometimes decades without resolution. I need only mention land cases in Lagos to illustrate my point.

Furthermore, there are huge backlogs of cases waiting to be dispensed especially at the Appellate levels. Reform of the judiciary should start at eliminating these seemingly endless delays in settling what to the layman are apparently simple cases.

Again, litigants expect that higher courts should endeavour to harmonize their rulings. There are contradictory decisions of superior courts on the same subject matter in cases where facts are substantially the same without a clear attempt in subsequent cases to distinguish the earlier cases. This lack of clarity leads to serious confusion to the lower courts.

The knock-on efforts of these delays and dis-continuities range from loss of confidence in the judicial system to over-crowding of prisons. This is an area Your Lordships should pay close attention to in your efforts at reforming the system.

Last month I wrote to all State Governors urging them to make special visit to prisons in company with State Chief Judges and release prisoners unnecessarily detained without due process.

My lords, as all of us are aware one of the objectives of this Administration is to combat graft and other forms of corruption so endemic in our public life. The executive can not achieve these objectives alone. We require the close cooperation of other arms of government.

My lords, earlier this year the Judiciary came under investigation. Let me again assure the judicial community, this action taken by the Executive was in no way a prelude to usurping the powers of the National Judicial Council or aimed at intimidating the Judiciary as wrongly portrayed in some sections of the media. Executive and legislative officials were also investigated

I am aware that the majority of judicial officers are learned and incorruptible and day in day out acting in the best spirit of their oath of office.

At the same time, I am quite aware of the problems besetting the Judiciary including under-funding, inadequate personnel and absence of modern technological aids.

Bearing these in mind, this Administration increased allocation to the Judiciary from N70 billion to N100 billion in the 2017 Budget. A similar figure has been proposed for 2018.

Mr. Chief Justice, our Administration’s commitment is to accord the Judiciary its constitutional rights. I therefore commend your recent decision to ask all judges at lower courts to provide you with a comprehensive list of all corruption and financial crimes in order to designate special courts to handle them. I support your action and the public is awaiting the results of this initiative.

My lords, Distinguished delegates, it is now my singular honour to formally declare the 2017 Biennial All Nigeria Judges Conference open.

I thank you all for your attention and may God bless the Federal Republic of Nigeria.

Speech: President Buhari’s Remarks at FEC’s Special Retreat on Education held in Abuja

I am delighted to welcome you all to this important ministerial summit which I consider crucial to our quest to improving the lot of our people through the provision of quality and functional education for all, at all levels.

I want to begin by congratulating the Minister of Education and the entire education family for setting the stage for this national conversation that is aimed at refocusing the education sector not only to overcome the numerous challenges, but also to strengthen the Ministerial Strategic Plan that has already been developed by the ministry.

The significance of this summit is obvious. We cannot progress beyond the level and standard of our education. Today, it is those who acquire the most qualitative education, equipped with requisite skills and training, and empowered with practical knowhow that are leading the rest.

We cannot afford to continue lagging behind. Education is our launch-pad to a more successful, more productive and more prosperous future. This administration is committed to revitalizing our education system and making it more responsive and globally competitive.

One of the primary roles of education is to build and sustain individual and society’s development. It renews and improves the economic, social, political and cultural aspects of any nation.

Education upgrades the living standard of citizens and enables people to become better and more productive citizens. It is a human right that creates a safe, healthy and prosperous society.

It changes the visions and perspectives of individuals, enhances critical decisions and improves democracy. Indeed education is paramount and necessary requirement for all-round development.

Nigeria’s participation in all relevant international education fora together with our investment in education and collaboration with development partners is an indication of high level of commitment towards ensuring that every capable Nigerian receives good quality education.

These efforts are justifiable only to the extent that schooling is effective in promoting the realization of national objectives, attaining the Sustainable Development Goals (SDGs), and Education For All (EFA) by 2030.

These targets are, happily, in harmony with the manifesto and the CHANGE agenda of our Party, the All Progressive Congress (APC).

It is also in agreement with my campaign promises during the 2015 elections exercise and in pursuit of the yearnings and aspirations of the generality of Nigerian citizens.

Ladies and gentlemen, the state of education in Nigeria calls for a serious concern and that is why we are all gathered here today. The problem is no longer a secret that the quality of education in Nigeria requires greater attention and improvement.

That our country is facing numerous challenges in education and all other sectors as a result of historical abuses, mindless impunity and corruption is not news to anyone.

With an estimated 13.2 million children out of school, high illiteracy level, infrastructural deficit and decay, unqualified teachers, and inadequate instructional materials, to mention some of the challenges, we can clearly see the effect of decades of neglect that the education sector has suffered.

We are determined to turnaround the sector for the better. We are already making appreciable progress in this respect. This summit must therefore, among other things, sharpen our strategies for addressing the challenges of basic and secondary education, teacher training and professional development; technical and vocational education.

The summit must work to enhance quality in, and access to, higher education and other challenges in the sector that will debar us from attaining the SDGs and be among the top 20 economies in the world.

My firm belief is that with the calibre of participants at this summit, the road to a better future is before us and we must chart it.

It is my expectation that at the end of this summit, we shall come up with feasible, implementable but far-reaching action plans for the ministerial strategic plan that would make education play the pivotal role as the engine that drives national prosperity and development.

While there are numerous other competing demands and responsibilities from different sectors of the economy, I want to assure you of this administration’s commitment to confronting and tackling the challenges in the education sector. This will be part of our deliberate policy of revitalizing education provisioning and capacity building.

Ladies and gentlemen, let me in conclusion, emphasize that we must get it right in this country. To get it right means setting our education sector on the right path.

No nation can achieve economic, social, political and cultural prosperity without a sound and functional education system.

We should also bear in mind that the security and stability of the country hinges, to a large extent, on its ability to provide functional education to its citizens.

It is on this note and in the name of God that I declare this summit open. I look forward to reading your conclusions and recommendations for action by Government.

Thank you for your attention. God bless Nigeria.

Press Release: Buhari Administration’s Vision for Niger Delta

The Buhari administration, in line with its New Vision for the Niger Delta (#NDNewVision), is working hard to ensure that the people of the region benefit maximally from the wealth of their land.

So far, the Buhari administration has also taken actions to underscore its commitment to the people of the region.

These include:

Increased Budgetary Allocation to Niger Delta Ministry and NDDC

Take-off of Maritime University in Delta State

Commencement of Ogoni Clean-up

Investments in Infrastructure: Bonny-Bodo Road and Ibaka Deep Sea Port

Approval for establishment of Export Processing Zone in Delta State

Approval for establishment of Modular Refineries

Presidential Amnesty Programme

Increased Budgetary Allocation:

N71.20 billion allocated in the 2018 Budget for the Niger Delta Development Commission

N53.89 billion allocated in the 2018 Budget for the Ministry of Niger Delta, up from the N34.20 billion provided in 2017

Maritime University, Delta State:

The new Maritime University in Okerenkoko, Delta State, has now commenced operations, inviting job applications for academic staff.

President Muhammadu Buhari administration recently approved an increase in the take-off grant from the N2bn earlier announced to N5bn. This sum was included in the 2018 budget presented to the National Assembly earlier this week, under the Federal Ministry of Education allocation.

Academic activities are expected to start in the University soon following the completion of the hiring process for professors, readers, senior lecturers, lecturers, assistant, assistant lecturers and graduate assistants to teach in the faculties of Science, Maritime Transportation, Maritime Engineering and Technology, Maritime Environmental Management and General Studies.

The take-off of the Maritime University was one of the major requests tabled before the Federal Government when the Vice President Yemi Osinbajo, SAN, went on a series of tour to all the Niger Delta states during the year, following President Buhari’s meeting with leaders of Pan Niger Delta Elders Forum (PANDEF) last November.

Ogoni clean-up:

In June 2016, the Buhari administration started the implementation of the 2011 United Nations Environment Programme (UNEP) report on Ogoniland devastated by decades of oil spills.

An Inter-Ministerial committee on Hydrocarbon Pollution Restoration Project (HYPREP) (under the Federal Ministry of Environment) was established.

HYPREP has since set up structures in place for the final take off of clean-up and restoration of the region devastated by oil spills. This shows the commitment of the FG to restore the region.

8 Companies engaged to conduct Demonstration Clean-up Exercises in the 4 Local Government Areas of Ogoni Land, to enable HYPREP select the best and most suitable technology for the remediation work. These Demonstrations were recently concluded; the results are being studied by the Governing Council of the Ogoni Clean-up Project.

HYPREP has also trained 15 indigenous Ogoni scientists on environmental assessment remediation.

HYPREP assessed existing water facilities in Ogoni land in line with the UNEP recommendation report that potable water be provided for Ogoni following pollution of water sources in region by oil spills.

Health impact assessment study to be done to ascertain whether there is a link between some disease patterns and oil pollution in the affected communities.

Bids have been invited for consultancy on provision of water, health study and environmental remediation.

Infrastructure:

Investment in Ibaka Deep Sea Port:

The Federal Government has budgeted N1 billion towards the development of Ibaka seaport in Akwa Ibom.

Investment in Bonny-Bodo Road Project:

The N120 billion Bonny-Bodo road project was flagged-off in October 2017 by the Vice President, Prof. Yemi Osinbajo, SAN. The 34-kilometre road project, linking Bonny Island to the mainland was first mooted about 40 years ago.

The Bonny-Bodo bridge and road project is a Public Private Partnership arrangement jointly funded by Nigeria LNG and the Federal Government, in which the Federal Government and the Nigeria Liquefied Natural Gas Company Limited (NLNG) will each bear 50 percent of the N120.6 billion that it will cost to complete the project.

When completed, the 34-kilometres road would connect several major communities in the Niger Delta region and boost socio-economic development and improve the lives of people in the Niger Delta region.

Export Processing Zone (EPZ):

The Federal Government approved the establishment of the Export Processing Zone (EPZ) comprising the Gas City Project at Ogidigben, and the Deep Seaport in Gbaramatu, Warri South-West local government area, Delta State.

When fully operational, these projects are expected to boost socio-economic activities and improve the security landscape of the Niger Delta region.

Modular Refineries:

The objectives of establishing modular refineries in the Niger Delta region include the following: to create a robust domestic refining sector necessary to meet and exceed the full capacity of national demand, address the proliferation of illegal refineries in the Niger Delta, and attendant environmental degradation, and to provide jobs for unemployed youths in the region.

13 out of 35 applications have reached what is known as the LTC (License to Construct) stage.

Two out of these 13 refineries are almost ready for shipment. Consideration for Customs duty waiver and some form of tax holiday also underway.

Government is also working with Nigerian Sovereign Wealth Fund (NSWF), Bank of Industry (BOI), AfrExim Bank, and Nigerian Content Development Management Board to address the issue of lack of financial capacity on the part of the local partners (Local partners are expected to come up with a minimum of 15% of cost as counterpart funding).

Presidential Amnesty Programme (PAP):

The Presidential Amnesty Programme engages ex-militants and youths from the impacted communities in formal education, vocational skills acquisition and empowerment schemes.

The 2018 budgetary allocation for the Niger Delta Amnesty Programme is N65 billion.

21,615 beneficiaries have so far been trained, out of which 4,079 have been empowered.

PAP has empowered 4,079 ex-militants through the establishment of businesses such as agriculture (cluster farms). 3,237 ex-militants are in various stages of Vocational Training and University Scholarship Programmes.

The Amnesty Office has initiated the training of 10,000 beneficiaries in modern agriculture and established them into 10,000-hectare cluster farms in the nine (9) Niger Delta States.

PAP modern agricultural schemes are projected to create 80,000 new jobs in three years

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
12th November 2017

Speech: President Buhari’s 2018 Budget Address

I am here to present 2018 Budget Proposals. Before presenting the Budget, let me thank all of you Distinguished and Honourable Members of the National Assembly, and indeed all Nigerians, for your support and prayers for my full recovery while I was on medical vacation.

I am very pleased to address this Joint Session of the National Assembly, on the revenue and expenditure estimates, and related matters, of the Federal Government of Nigeria for the 2018 fiscal year.

The 2018 Budget will consolidate on the achievements of previous budgets and deliver on Nigeria’s Economic Recovery and Growth Plan (ERGP) 2018 – 2020.

OVERVIEW OF ECONOMIC DEVELOPMENTS IN 2017

2017, so far, has been a year of uncertainty on many fronts across the world. Whether it is Brexit, the crisis in the Korean Peninsular, or indeed, the political uncertainty in key oil producing nations of the Middle East and South America, we can all agree that these developments have in one way or another impacted Nigeria’s economic fortunes.

By all accounts, 2018 is expected to be a year of better outcomes. The tepid economic recovery is expected to pick up pace and the global political terrain is expected to stabilize. The International Monetary Fund (IMF) is anticipating global GDP growth of 3.7 percent in 2018. Emerging markets and developing economies are expected to lead with GDP growth of 4.9 percent, while advanced economies are projected to grow at a slower rate of 2 percent.

Nigeria’s journey out of the recent recession was a revealing one. We heard many opinions from within and outside Nigeria on how best to address our economic woes. We listened carefully and studied these proposals diligently. Our belief has always been that the quickest and easiest solution may not necessarily be the best solution for a nation as diverse as ours. We took our time to create a balanced and equitable response, keeping in mind that only tailored Nigerian solutions can fix Nigeria’s unique problems.

And from the recovery that we are seeing today, it is clear that we made the right decisions. Distinguished and Honourable Members of the National Assembly, I am now asking you to continue to support our economic policies in order to consolidate and sustain on the success achieved so far. We simply cannot go back.

In the non-oil sector, crop production has been one of the main contributors to non-oil growth, which rose to 0.45 percent in the second quarter of this year. This was primarily driven by our ongoing financial, capacity building and infrastructure development programs.

The Ministry of Agriculture and Rural Development, working with development partners and the private sector, have embarked on numerous capacity building projects. We have also completed over 33,000 Hectares of Irrigation Projects that have increased water availability in key food producing states. We shall continue to intensify our interventions through the Anchor Borrowers’ Programme and the Presidential Fertilizer Initiative to ensure that this momentum is sustained. We have also made provisions in the 2018 Budget to complete ongoing Irrigation Projects at Ada, in Enugu State; Lower Anambra, in Anambra State; and Gari, in Jigawa State. In 2017, many factories and projects in the food and agricultural sectors were commissioned in Kebbi, Nasarawa, Kaduna, Anambra, Edo, Jigawa, Rivers, Niger, Ogun and Ebonyi States, to mention a few. This is a clear statement that our economic diversification and inclusive growth ambitions are coming to fruition.

Significant progress has also been made in the Solid Minerals development sector. In Ondo State, for instance, work is ongoing to fully exploit the bitumen resources to meet the 600,000 MTs of asphalt imported per annum for roads and other construction projects. To consolidate on these efforts, we have also established a 30 billion Naira Solid Minerals Development Fund to support other minerals exploration activities across the country.

In the oil and gas sector, the relatively higher crude oil prices supported our economic recovery. Our mutually beneficial engagement with oil producing communities in the Niger Delta contributed immensely to the recovery in oil production experienced in recent months. We would like to thank the leadership and communities in the Niger-Delta for their continued support and to also reiterate our assurances that this Administration will continue to honour our commitments to them. We cannot afford to go back to those dark days of insecurity and vandalism. We all want a country that is safe, stable and secure for our families and communities. This means we must all come together to address any grievances through dialogue and peaceful engagement. Threats, intimidation or violence are never the answer.

We are working hard on the Ogoni Clean-up Project. During the year, we engaged 8 international and local companies proposing different technologies for the mandate. To enable us select the best and most suitable technology for the remediation work, we asked each company to conduct Demonstration Clean-up Exercises in the 4 Local Government Areas of Ogoni Land. These Demonstrations were recently concluded and the results are being studied by the Governing Council of the Ogoni Clean-up Project. Although the Project will be funded by the International Oil Companies, we have made provisions in the 2018 Budget for the costs of oversight and governance, to ensure effective implementation.

On the international front, I would like to thank our friends and partners in the Joint OPEC / Non-OPEC Ministerial Monitoring Committee (JMMC) who graciously granted Nigeria an exemption from the output cuts imposed on OPEC Member Countries in January 2017. This exemption, which was extended in September 2017, significantly helped during our most challenging time. We shall continue our positive engagement with other oil producing nations to ensure that the momentum generated is sustained.

Permit me, Mr. Senate President and Right Honourable Speaker, to state that despite the downturn in oil prices and our challenging economic circumstances, this Administration was able to invest an unprecedented sum of over 1.2 trillion Naira in capital projects through the 2016 Budget. This is the highest ever in the history of this country. This is a clear demonstration of our commitment to consolidate on our economic diversification reforms and lay a stronger foundation for future growth and development.

Our Sovereign Wealth Fund, which was established in 2011 with US$1 billion, did not receive additional investment for 4 years when oil prices were as high as US$120 per barrel. However, despite record low oil prices, this Administration was able to invest an additional US$500 million into the Fund. This further demonstrates that in our struggle to have a stable and secure nation today, we have not, and will not, lose sight of the need to lay a solid foundation for the future prosperity of successive generations.

We have asked the Sovereign Wealth Fund to look inward and invest locally. Some of the successes we are seeing today in the agricultural sector are driven by this new investment approach by the Nigeria Sovereign Investment Authority (NSIA). The NSIA also has a very strong pipeline of local investments that will support our inclusive and diversified economic growth plan.

Stability has been restored to the foreign exchange market due to the interventions by the Central Bank of Nigeria to improve access to liquidity, discourage currency speculation and increase net foreign exchange inflows. As at the 30th of October, 2017, our external reserves had increased to US$34bn. This stability has supported our efforts to provide the enabling environment and interventions needed to empower Micro, Small and Medium-Sized enterprises, investors, manufacturers and exporters, to sustain and in some cases, grow their operations. Indeed, by the second quarter of 2017, exports significantly outpaced imports, resulting in a trade surplus of 506.5 billion Naira.

Ease of Doing Business Reforms

One of the targets we set for gauging our progress in creating an enabling environment for business was to achieve a positive movement in the World Ease of Doing Business Index. You would recall Nigeria experienced a decade-long decline in this ranking. In 2008, Nigeria was ranked 120th. By 2015, our situation had deteriorated to 169th of the 189 countries surveyed. Our very simple, logical and user-friendly reforms are reversing this trend. A recently released World Bank business ranking report announced that Nigeria had moved 24 places to 145th position in 2017. I am delighted that we have met and even surpassed our target of moving at least 20 paces up this global ranking. The same World Bank report also stated that Nigeria is among the top 10 reforming countries in the world.

To ensure these reforms are institutionalized, Executive Order Number #1 on the Promotion of Transparency and Efficiency in the Business Environment was issued in May 2017. The Order contained measures that ease the process of business registration, approval of permits, granting visas and streamlining port operations. We are committed to continuing and accelerating the Ease of Doing Business reforms, which are critical to attracting new investments, growing the economy and creating jobs for our people.

Improved Tax Administration

Although the economy is diversified with non-oil Sector accounting for over 90 percent of total Nominal GDP, the Government’s revenues are not as diversified yet. Our Tax-to-GDP ratio of about 6% is one of the lowest in the world. This situation is not consistent with our goal of having a diversified, sustainable and inclusive economy. Accordingly, we are stepping up efforts to ensure all taxable Nigerians comply with the legal requirement to declare income from all sources and remit taxes due to the appropriate authorities.

Already, we have introduced the Voluntary Assets and Income Declaration Scheme (VAIDS) on the 1st of July, 2017. The Scheme provides non-compliant taxpayers with a nine-month window to regularise their tax status relating to historical periods. In return, overdue interest and penalties will be forgiven. In addition, no investigations or criminal charges will be brought against participating taxpayers. We expect that this Scheme will widen the tax net for both the Federal and State Governments. I am therefore, asking all Nigerians to seize this opportunity and do right thing. Let us not shy away from our duty to build a better Nigeria.

Optimising Efficiency in Expenditure

In 2016 this Administration adopted a policy of allocating at least 30 percent of our annual budget to capital expenditure. This was entrenched in the ERGP to unlock further growth in the economy. This tradition was maintained in the 2017 Budget and has been reflected in the proposal for 2018, in which 30.8 percent of total expenditure has been set aside for the capital vote.

To support these efforts, you would recall that an Efficiency Unit was set up under the Federal Ministry of Finance to reduce wastage, plug leakages and foster greater fiscal transparency. We have intensified the implementation of the Integrated Payroll and Personnel Information System (IPPIS) across government MDAs to automate personnel records and salaries’ payment process, with the goal of eliminating ghost workers. 461 Federal MDAs have been captured on the system, so far. Our target is to enroll all MDAs. I have directed the military and other security agencies to ensure total compliance without further delay.

Increased Investment in Infrastructure

Mr. Senate President, and the Right Honourable Speaker, we shall continue to develop our infrastructure across the country. Although a lot of progress has been made, the huge contractor liabilities we inherited have adversely impacted our infrastructure development timetable. Indeed, contractors were owed trillions of Naira when this Administration came into office. In some areas, we have made payments so projects may be completed; while in others, we are reconciling the liabilities to identify and settle legitimate claims. As a responsible and accountable Administration, we decided that clearing this backlog was an important priority.

For instance, at the outset of this Administration in 2015, the Abuja Metro-Rail Project, which began in 2007 was only 50% completed, after 8 years. Today, in just 18 months, we have pushed the project to 98% completion. This was achieved as the Nigerian Government was diligently able to meet its counterpart funding obligations for the Chinese loans.

We have also continued work on key strategic Roads. Over 766 kilometres of roads were constructed or rehabilitated across the country in 2017. For instance, work is at various stages of completion on these strategic roads with immense socio-economic benefits:

1. Rehabilitation of Ilorin-Jebba-Mokwa-Birnin-Gwari-Kaduna Road;
2. Dualization of Oyo-Ogbomosho-Ilorin Road;
3. Rehabilitation of Gombe-Numan-Yola Road;
4. Dualization of Kano-Maiduguri Road;
5. Rehabilitation of Sokoto-Tambuwal-Jega Road and Kotangora-Makera Road that transverse Sokoto, Kebbi and Niger States;
6. Rehabilitation and Reconstruction of Enugu-Port-Harcourt Road;
7. Rehabilitation of Enugu-Onitsha Dual Carriageway Road;
8. Rehabilitation of Aleshi-Ugep Road and the Iyamoyun-Ugep Section in Cross River State;
9. Rehabilitation, Reconstruction and Expansion of Lagos-Ibadan Dual Carriageway Road;
10. Construction of Loko-Oweto Bridge over River Benue in Nasarawa and Benue States; and
11. Construction Gokanni Bridge along Tegina-Mokwa-Jebba Road in Niger State.

Under the Federal Roads Development Programme, we recently completed a Data Collection Exercise on the 7,000km Federal Road Network which was funded by the World Bank. This information is enabling us to make informed decisions regarding the planning, budgeting and management of the Federal Road Network. Going forward, we will be working based on facts rather than subjectivity.

Furthermore, we have also invested a lot of time and effort in identifying alternative means of funding new projects. For example, the recent 100 billion Naira Sukuk Financing will cater specifically for the development of 25 roads across the country. We also developed different structures that empower private investors to contribute to the development of roads of significant national importance. Already, we are seeing results. For example:

1. The Bonny-Bodo Road is being jointly funded by the Federal Government and Nigeria LNG Limited. This project was conceived decades ago but it was abandoned. This Administration restarted the project and when completed, it will enable road transportation access for key communities in the Niger- Delta region; and
2. The Apapa Wharf-Toll Gate Road in Lagos State is also being constructed by private sector investors in exchange for tax credits.

Distinguished Members of the National Assembly, our Power Sector Reforms still remain a work in progress. Although we have increased generation capacity significantly, we still have challenges with the Transmission and Distribution Networks. That said, I am pleased to announce that since 2015, the Transmission Company of Nigeria (TCN) and Niger-Delta Power Holding Company (NDPHC) have added 1,950 MVA of 330-132kV transformer capacity at 10 Transmission stations, as well as 2,930 MVA of 132-33kV transformer capacity to 42 substations nationwide. With these additions, the Transmission Network today can handle up to 7,000 Mega Watts (MW).

The key bottleneck now is the Distribution Network where the substations cannot take more than 5,000 MW. This is constraining power delivery to consumers. We are working with the privatized Distribution Companies to see how to overcome this challenge. Nigerians should be rest assured that this Administration is doing all it can to alleviate the embarrassing power situation in this country.

Furthermore, to sustain the continued expansion of generation capacity and enhance evacuation, we approved a Payment Assurance Guarantee Scheme which enabled the Nigerian Bulk Electricity Trader (NBET) to raise 701 billion Naira. This assures the Generation Companies of up to 80% payment on their invoices. This intervention has brought confidence back into the sector and we expect additional investment to flow through, particularly in the gas production sector.

Distinguished Members of the National Assembly, this Administration is committed to the development of Green Alternative Energy Sources. To date, we have signed Power Purchase Agreements (PPA) with 14 solar companies. We also approved:

1. The completion of the 10 MW Wind Farm in Katsina State, a project that was abandoned since 2012; and
2. The concession of 6 small hydro-electric power plants with a total capacity of 50 MW.

To enable the successful take-off of these, and future Green Projects, I am pleased to inform this Distinguished Assembly that the Federal Government will be launching the first African Sovereign Green Bond in December 2017. The bond will be used to finance renewable energy projects. We are very excited about this development as it will go a long way in solving many of our energy challenges, especially in the hinterland.

On Rail, we recently received 2 additional locomotives and 10 standard gauge coaches for the Abuja-Kaduna Rail Line. These will be deployed for the new non-stop express service between the two cities that will only take one hour and fifteen minutes. This new service will complement the existing service currently in place. We plan to commission this by December 2017.

We have also kick-started the abandoned Itakpe-Ajaokuta-Warri Rail Line. This project has been on for over 17 years. We had to take some drastic measures but I am pleased to announce that work is ongoing and we expect to commission this service by September 2018. This service will start with 7 standard gauge coaches.

The situation at the Apapa port complex is a top priority for this Administration. The delays due to congestion and their adverse impact on business operations and costs is a key concern to our Government. As I mentioned earlier, we are partnering with the private sector to fix the road. We shall do the right thing considering. We will not cut corners.

In addition to the road, we have also commenced the extension of the Lagos-Ibadan Standard Gauge Rail Line to connect Apapa and Tin Can Port Complexes. This project will significantly ease the congestion at the ports and enhance both export and import operations. This project shall be completed by December 2018. Already, working with the private sector, we have repaired the Apapa Port Narrow Gauge Line which is currently being used to evacuate goods from the port, thereby easing congestion.

As we all know, sometimes doing the right thing takes time and requires sacrifices. I am therefore appealing to all stakeholders to work with us in ensuring we deliver a solution that we will all be proud of.

Certainly, the infrastructure requirement to reposition Nigeria for the future is huge and our resources are limited. Government, therefore, will pursue private partnerships to maximise available capital and developmental impact. In the next fiscal year, we will also establish 7 tertiary health institutions across the country through partnership with our Sovereign Wealth Fund and other private sector investors.

Agricultural Development

The agricultural sector played a crucial role in Nigeria’s exit from recession. Today, it remains the largest employer of labour and holds significant potential to realise our vision of repositioning Nigeria as a food secured nation.

We will consolidate on existing policies and develop new ones to ensure the numerous value chain challenges in the agricultural sector are addressed. As I mentioned earlier, several investors have deployed significant capital in the production and processing of rice, sugar, maize, soya, cassava, yams, tomato, oil palm, rubber and poultry, to mention a few. We are also seeing increased investment in the agro-inputs manufacturing sector such as fertilisers.

We are determined to protect these investments and encourage more. Food Security is an important aspect of this Administration’s National Security agenda. Any person involved in smuggling of food items is a threat to our National Security and will therefore be dealt with accordingly. A Committee chaired by the Vice President is working on this matter. A key part of their work will be the reactivation of the Badagry Agreement signed between Nigeria and the Republic of Benin in 2003. This agreement, which was abandoned by previous Administrations, established a mutually beneficial framework for the two neighbours and allies to partner in tackling smuggling and other cross border crimes. I would like to assure investors in the agricultural value chain that the menace of smuggling will be handled decisively.

To further support investors and State Governments, we will accelerate the establishment of at least 6 Staple Crop Processing Zones, in the first phase. This initiative will develop infrastructure for the production, processing and storage of strategic commodities. The focus is on backward integration for grains, horticulture, livestock, fisheries and sugar; as well as exportable commodities such as cocoa, cassava and oil palms.

Health Sector Developments

During 2017, the country had a number of disease outbreaks such as Meningitis, Yellow Fever, Monkey Pox and Lassa Fever. I would like to commend the Federal and State Ministries of Health for their selfless service and timely responses to contain these outbreaks. I would also like to thank the World Health Organisation, the Global Fund and UNICEF, for their continued support during these trying times. This collaboration was a key factor in the low mortality rates experienced. To further improve our response to such outbreaks, we are working to upgrade our Integrated Disease Surveillance and Response System. This will further enhance the efficiency of our diagnostic and clinical management processes.

In this respect, I urge this Distinguished House to expedite the passage of the Bill for the Nigeria Centre for Disease Control to enable us consolidate on the successes recorded to date.

Implementing the Social Investment Program

I am pleased to inform you that we have recorded tremendous success in the implementation of the Federal Government’s Social Investment Program. Specifically,

d. Over 4.5 million Primary 1 to Primary 3 pupils in public schools are being fed under the School Feeding programme;

Over 200,000 unemployed graduates have been employed under the N-Power Scheme in education, health and agricultural sectors;

Over 250,000 enterprises have benefitted from the sum of 12.5 billion Naira, which has been disbursed to entrepreneurs to expand their businesses; and

Over 110,000 households are currently benefitting from the Conditional Cash Transfer programme across the country.

PERFORMANCE OF THE 2017 BUDGET

The 2017 Budget of Recovery and Growth was based on a benchmark oil price of US$44.5 per barrel, oil production of 2.2 million barrels per day, and a Naira-to-US Dollar Exchange Rate of 305. Based on these assumptions, total revenue of 5.084 trillion Naira was projected to fund aggregate expenditure of 7.441 trillion Naira. A projected fiscal deficit of 2.356 trillion Naira was to be financed mainly by domestic and external borrowing.

On revenue performance, collections were 14 percent below target as of September 2017, mainly due to the shortfall in non-oil revenues.

A key revenue shortfall was from Independent Revenues; only 155.14 billion Naira was remitted by September 2017 as against the projected pro-rated sum of 605.87 billion Naira. This represents a 74 percent shortfall, which is very disappointing.

This recurring issue of under-remittance of operating surpluses by State Owned Entities is absolutely unacceptable. You will all recall that in September 2017, the Joint Admissions and Matriculation Board (JAMB) announced that they were ready to remit 7.8 billion Naira back to the Government. The shocking discovery was that in the last decades, JAMB only remitted an aggregate of 51 million Naira. This clearly illustrates the abuses that occur in State Owned Entities as well as their potential for increased Independent Revenues, if only people would do the right thing. We all need to play our role to ensure the right thing is done. I would also like to remind Nigerians that the Whistle Blower lines are still open.

Accordingly, I have directed the Economic Management Team (EMT) to review the fiscal profiles of these agencies, to ensure strict compliance with the applicable Executive Orders and Financial Regulations. There may be a need to consider a review of the Fiscal Responsibility Act and the Executive will be approaching the National Assembly on this issue in due course.

On the expenditure side, a total of 450 billion Naira of the capital vote had been released as at the end of October 2017. With your support for our funding plan, our target is to release up to 50% of the capital vote for MDAs by the year’s end. We have prioritised payments of our counterpart obligations on our concessionary loans, as well as funding of critical infrastructure and other projects with socio-economic benefits. Furthermore, MDAs have made provisions to carry over to the 2018 Budget, capital projects that are not likely to be fully funded by year-end 2017, to ensure project continuity.

Regrettably, the late passage of the 2017 Budget has significantly constrained budget implementation. As you are aware, the 1999 Constitution authorized necessary Federal Government expenditures prior to the 12th of June, 2017 when the 2017 Appropriation Act was signed into law. This year, we have worked very hard to achieve an earlier submission of the Medium-term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), and the 2018 Appropriation Bill. Our efforts were to avail the National Assembly with sufficient time to perform its important duty of passing the Appropriation Bill into law, hopefully by the 1st of January, 2018. It is in this spirit that I solicit the cooperation of the Legislature in our efforts to return to a more predictable budget cycle that runs from January to December.

PRIORITIES FOR THE 2018 BUDGET OF CONSOLIDATION

The 2018 Budget Proposals are for a Budget of Consolidation. Our principal objective will be to reinforce and build on our recent accomplishments. Specifically, we will sustain the reflationary policies of our past two budgets. In this regard, the key parameters and assumptions for the 2018 Budget are as set out in the 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). These include:

1. Benchmark oil price benchmark of US$45 per barrel;
2. Oil production estimate of 2.3 million barrels per day, including condensates;
3. Exchange rate of N305/US$ for 2018;
4. Real GDP growth of 3.5 percent; and
5. Inflation Rate of 12.4 percent.

Federally-Collectible Revenue Estimates

Based on the above fiscal assumptions and parameters, total federally-collectible revenue is estimated at 11.983 trillion Naira in 2018. Thus, the three tiers of Government shall receive about 12 percent more revenues in 2018 than the 2017 estimate. Of the amount, the sum of 6.387 trillion Naira is expected to be realised from oil and gas sources. Total receipts from the non-oil sector are projected at 5.597 trillion Naira.

Federal Government Revenue Estimates

The Federal Government’s estimated total revenue is 6.607 trillion Naira in 2018, which is about 30 percent more than the 2017 target. As we pursue our goal of revenue diversification, non-oil revenues will become a larger share of total revenues. In 2018, we project oil revenues of 2.442 trillion Naira, and non-oil as well as other revenues of 4.165 trillion Naira.

Non-oil and other revenue sources of 4.165 trillion Naira, include several items including: Share of Companies Income Tax (CIT) of 794.7 billion Naira, share of Value Added Tax (VAT) of 207.9 billion Naira, Customs & Excise Receipts of 324.9 billion Naira, FGN Independently Generated Revenues (IGR) of 847.9 billion Naira, FGN’s Share of Tax Amnesty Income of 87.8 billion Naira, and various recoveries of 512.4 billion Naira, 710 billion Naira as proceeds from the restructuring of government’s equity in Joint Ventures and other sundry incomes of 678.4 billion Naira.

Proposed Expenditure for 2018

A total expenditure of 8.612 trillion Naira is proposed for 2018. This is a nominal increase of 16 percent above the 2017 Budget estimate. In keeping with our policy, 30.8 percent (or 2.652 trillion Naira) of aggregate expenditure (inclusive of capital in Statutory Transfers) has been allocated to the capital budget.

We expect our fiscal operations to result in a deficit of 2.005 trillion Naira or 1.77 percent of GDP. This reduction is in line with our plans under the ERGP to progressively reduce deficit and borrowings.

We plan to finance the deficit partly by new borrowings estimated at 1.699 trillion Naira. Fifty percent of this borrowing will be sourced externally, whilst the balance will be sourced domestically. The balance of the deficit of 306 billion Naira is to be financed from proceeds of privatisation of some non-oil assets by the Bureau of Public Enterprises (BPE).

The proposed 8.612 trillion Naira of 2018 Aggregate Expenditure comprises:

1. Recurrent Costs of N3.494 trillion;
2. Debt Service of N2.014 trillion;
3. Statutory Transfers of about N456 billion;
4. Sinking Fund of N220 billion (to retire maturing bond to Local Contractors);
5. Capital Expenditure of N2.428 trillion (excluding the capital component of Statutory Transfers).

Statutory Transfers

456.46 billion Naira was provided in the 2018 Budget for Statutory Transfers. The 5 percent increase over last year’s provision is mainly due to increases in transfer to Niger Delta Development Commission (NDDC) and the Universal Basic Education Commission (UBEC), which are related directly to the size of oil revenue.

Debt Restructuring

We are closely monitoring our debt service to revenue ratio. We shall address this ratio through our non-oil revenue-generation drive and restructuring of the existing debt portfolio. Presently, domestic debt accounts for about 79 percent of the total debt. Our medium-term strategy is to reduce the proportion of our domestic debt to 60% by the end of 2019 and increase external debt to 40 percent. It is noteworthy that rebalancing our debt portfolio will enhance private sector access to domestic credit. In addition, annual debt service costs will reduce as external debts are serviced at lower rates and repaid over a longer period than domestic debt.

Recurrent Expenditure

A substantial part of the recurrent cost proposal for 2018 is for the payment of salaries and overheads in key Ministries providing critical public services such as:

1. N510.87 billion for Interior;
2. N435.01 billion for Education;
3. N422.43 billion for Defence; and
4. N269.34 billion for Health.

The allocation to these Ministries represent significant increases over votes in previous budgets.

Personnel Costs

Personnel costs is projected to rise by 12 percent in 2018. Although we have made substantial savings by registering MDAs on the Integrated Personnel Payroll Information System (IPPIS) platform, the increase is mainly due to provision for staff promotion arrears, and recruitments by the Military, Police Force and para-military agencies. Furthermore, I have directed agencies are not to embark on any fresh recruitment unless they have obtained all the requisite approvals. Any breach of this directive will be severely sanctioned.

Overhead Costs

Overhead costs is projected to rise by 26 billion Naira in 2018, a modest increase of about 12 percent reflecting inflationary adjustments. MDAs are required to adhere to government regulations regarding cost control.

Capital Expenditure

To consolidate on the momentum of the 2017 Budget’s implementation, many ongoing capital projects have been provided for in the 2018 Budget. This is in line with our commitment to appropriately fund ongoing capital projects to completion. By allocating 30.8 percent of the 2018 Budget to capital expenditure, the Federal Government is also demonstrating its strong commitment to investing in critical infrastructure capable of spurring growth and creating jobs in the Nigerian economy.

Key capital spending allocations in the 2018 Budget include:

1. Power, Works and Housing: N555.88 billion;
2. Transportation: N263.10 billion;
3. Special Intervention Programmes: N150.00 billion;
4. Defence: N145.00 billion;
5. Agriculture and Rural Development N118.98 billion;
6. Water Resources: N95.11 billion;
7. Industry, Trade and Investment: N82.92 billion;
8. Interior: N63.26 billion;
9. Education N61.73 billion;
10. Universal Basic Education Commission: N109.06 billion;
11. Health: N71.11 billion;
12. Federal Capital Territory: N40.30 billion;
13. Zonal Intervention Projects N100.00 billion;
14. North East Intervention Fund N45.00 billion;
15. Niger Delta Ministry: N53.89 billion; and
16. Niger Delta Development Commission: N71.20 billion.

As I had previously indicated, we aim to consolidate on our achievements in 2017. We shall meet our counterpart funding obligations. We shall complete all ongoing projects. And we shall carry forward all strategic projects that were budgeted for but which we were unable to kick start due to liquidity challenges, late passage of the budget, prolonged contractual negotiations, and other matters.

Specifically, I would like to bring your attention to the following key projects and programmes that we are determined to implement in 2018:

1. N9.8 billion for the Mambilla hydro power project, including N8.5 billion as counterpart funding;
2. N12 billion counterpart funding for earmarked transmission lines and substations;
3. N35.41 billion for the National Housing Programme;
4. N10.00 billion for the 2nd Niger Bridge; and
5. About N300 billion for the construction and rehabilitation of the strategic roads mentioned earlier.

Consolidating on the Social Intervention Programme

This Administration remains committed to pursuing a gender-sensitive, pro-poor and inclusive growth. We are keenly interested in catering for the most vulnerable. Accordingly, we have retained the 500 billion Naira allocation to the Social Intervention Programme. Under the programme, 100 billion Naira has been set aside for the Social Housing Programme.

Government will also continue to implement the Conditional Cash Transfer (CCT) programme, as well as the National Home-Grown School Feeding programme in 2018. These initiatives are already creating jobs and economic opportunity for local farmers and cooks, providing funding to artisans, traders and youths, as well as supporting small businesses with business education and mentoring.

Regional Spending Priorities for Peace, Security and Development

To maintain peace and security in the Niger Delta for economic and social activities to thrive, the provision of 65 billion Naira for the Presidential Amnesty Programme has been retained in the 2018 Budget. In addition, the capital provision for the Ministry of Niger Delta has been increased to 53.89 billion Naira from the 34.20 billion Naira provided in 2017. This is to further support the development in the region. We will complete all critical projects, including the East-West Road, which has a provision of about 17.32 billion Naira in 2018.

Across the nation, and particularly in the North East region, our commitment to the security of life and property remains absolute. We will ensure that our gallant men and women in arms are properly equipped and well-motivated. The result of our efforts is evident in the gradual return to normalcy in the North East. It is in this spirit that I recently assented to the North-East Development Commission Bill that was passed by this Distinguished House. We expect that this development will consolidate on our ongoing efforts to combat insurgency, reintegrate Internally Displaced Persons and rebuild communities in the North East Region, which have been adversely affected by the insurgency.

Similar attention is being given to efforts to reduce violent crime across the country. The Nigerian Army was recently deployed to combat the growing scourges of cattle rustling and banditry that have plagued our communities in Kaduna, Niger, Kebbi, Katsina and Zamfara States. We will also continue to arrest the incidence of Armed Robbery, Kidnapping and other Violent Crimes across our nation.

We have also increased our focus on cyber-crimes and the abuse of technology through hate speech and other divisive material that is being propagated on social media. Whilst we uphold the Constitutional rights of our people to freedom of expression and association, where the purported exercise of these rights infringes on the liberties of other citizens or threatens to undermine our National Security, we will take firm and decisive action.

In this regard, I reiterate my call for Nigerians to exercise restraint, tolerance and mutual respect in airing any grievances and frustrations. Whilst the ongoing national discourse on various political issues is healthy and welcome, we must not forget the lessons of our past. I trust that the vast majority of our people would rather tread the path of peace and prosperity, as we continue to uphold and cherish our Unity in Diversity.

CONCLUSION

Distinguished and Honourable Members of the National Assembly, you will recall that in my 2017 Budget Speech, I promised a new era for Nigeria and an end to the old ways of overdependence on oil revenues. The statistics and initiatives I mentioned clearly show that this new era has come and the old Nigeria is surely disappearing. We must, therefore, all work together to protect and sustain this CHANGE to create a new Nigeria:

1. A Nigeria that feeds itself;
2. A Nigeria that optimally utilizes its resources;
3. A Nigeria with a diversified, sustainable and inclusive economy.

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 move our great nation forward. I wish to assure you of the strong commitment of the Executive branch to deepen the relationship with the Legislature.

Nigeria is currently emerging from a very difficult economic period. If we all cooperate, and support one another, we can consolidate on our exit from the recession and firmly position Nigeria for economic prosperity. All the projects presented within this Budget have been carefully selected and subjected to extensive consultations and stakeholder engagements. As a Government, we are determined to bring succour to our people, improve their lives, and deliver on our promises to them. 2018 is a crucial year as we strive to ensure that we consolidate our successes and institutionalize the policies and practices that drove this turnaround.

I appeal to you to swiftly consider and pass the 2018 Appropriation Bill.

It is therefore with great pleasure and a deep sense of responsibility, that I lay before this Distinguished Joint Session of the National Assembly, the 2018 Budget Proposals of the Federal Government of Nigeria.

I thank you most sincerely for your attention.

May God bless the Federal Republic of Nigeria.

Press Release: President Buhari Calls For Caution In Implementing ECOWAS Single Currency

President Muhamadu Buhari Tuesday in Niamey, Niger, urged ECOWAS member countries to tread carefully in pushing for a single currency in the sub-region by 2020, drawing attention to the challenges faced by the European Union in realising the same goal.

In his speech at the 4th Meeting of the Presidential Task Force on the ECOWAS Currency Programme, President Buhari said the necessary economic fundamentals among countries continue to differ over the years, making it more difficult to pull through with the project by 2020.

“Nigeria advises that we proceed cautiously with the integration agenda, taking into consideration the above concerns and the lessons currently unfolding in the European Union. To that end, Nigeria will caution against any position that pushes for a fast-track approach to monetary union, while neglecting fundamentals and other pertinent issues,’’ he said.

President Buhari noted that some of the obstacles to realising the roadmap for the implementation of a single currency include diverse and uncertain macro – economic fundamentals of many countries, unrealistic inflation targeting based on flexible exchange rate regime and inconsistency with the African Monetary Co-operation Programme.

The President said domestic issues in ECOWAS member countries relating to their constitutions and dependence on aids continue to affect the framework for implementing the single currency in the sub-region

He said “although the ECOWAS Commission has anchored its pursuit of the new impetus to monetary integration on “the information presented to the Heads of State which were the basis for their recommendations”, we are concerned that we have not properly articulated and analyzed a comprehensive picture of the state of preparedness of individual countries for monetary integration in ECOWAS by 2020.

“In previous meetings, we had specifically raised observations on the state of preparedness of the member states, the credibility of the union if anchored on watered down criteria, and the continuing disparities between macroeconomic conditions in ECOWAS countries, amongst others. And I would like to reiterate this concerns.’’

The President told the Heads of State that the conditions that pushed Nigeria into withdrawing from the process in the past had not changed.

“Nigeria had earlier withdrawn from the process because its key questions and concerns were ignored and till date, none of the issues has come up as an agenda issue to be considered by the Taskforce. Consequently, the Roadmap which did not involve widespread consultation with national stakeholders is not sufficiently inclusive,’’ he added.

Going forward with the project, President Buhari suggested a thorough review of the convergence roadmap and the constitution of an expert committee on each of the subject areas to come up with acceptable time frame, defined cost and funding sources identified.

“This should also consider stakeholders such as the Ministries of Finance, Customs, Parliamentary groups, Tax Authorities, Immigration authorities to achieve comprehensiveness,’’ he said.

The President said there should be a push towards ratification and domestication of legal instruments and related protocols, while fiscal, trade and monetary policies and statistical systems, which had not gone far, could be harmonized.

President Buhari noted that the West African Economic and Monetary Union (UEMOA) countries should make a presentation on a clear roadmap towards delinking from the French Treasury.

He also advised an examination of the African Union position on the same issue, which the African Central Bank Governors, in line with the African Union programme of monetary convergence, recommended a convergence deadline of 2034 for the establishment of Regional Central Banks in all sub-regions.

In his remarks, the President of the ECOWAS Commission, Marcel Alain de Souza, said the single currency for the West African sub-region was a laudable and historical project, but regretted that it had taken too long to be actualized.

The President said the creation of a Central Bank for the West Coast would accelerate the process.

He noted that Nigeria constitutes more than 70 percent of the GDP of the West African region, with a population of 180 million, and would play a significant role in facilitating the process of realising a single currency for the sub-region.

Femi Adesina
Special Adviser to the President
(Media & Publicity)
October 24th, 2017