My fellow Nigerians,
I handle you at the moment with a heavy coronary heart and a way of accountability, conscious of the riots and violent protests which have damaged out in a few of our states.
Notable among the many protesters are younger Nigerians who lengthy for a greater, extra progressive nation the place their goals, hopes and private aspirations could be realized.
I’m notably saddened by the casualties in Borno, Jigawa, Kano, Kaduna and different states. Public amenities in some states have been broken, and supermarkets and retailers have been wantonly looted. That is incompatible with the protest promised by the protest organizers. The exercise will run counter to what won’t occur. The destruction of properties places us in a tough place as a nation as scarce sources will as soon as once more be used to revive them.
My sympathies exit to the households and relations of those that misplaced their lives within the protests. We should cease additional bloodshed, violence and destruction.
As president of this nation, I have to guarantee public order. In line with my constitutional oath to guard the life and property of each citizen, our authorities won’t stand by and permit a couple of with a transparent political agenda to divide this nation.
On this context, I hereby ask protesters and organizers to droop any additional protests and create house for dialogue, one thing I’ll conform to on the first alternative. Nigeria wants everybody to come back collectively, no matter age, occasion, tribe, faith or different variations, to work collectively to reshape our future as a nation. To those that take undue benefit of this case to threaten any a part of this nation, please be warned: the legislation will come after you. There is no such thing as a place for racial prejudice or such threats within the Nigeria we search to construct.
Our democracy progresses when the constitutional rights of each Nigerian are revered and guarded. Our legislation enforcement businesses ought to proceed to behave responsibly to make sure that the lives and property of harmless residents are absolutely protected.
My imaginative and prescient for our nation is to be a simply and affluent nation the place everybody can benefit from the peace, freedom and significant livelihood that solely democratic good governance can present – a nation that’s open, clear and accountable to the Nigerian individuals .
Our financial system has been weak and declining for many years on account of a bunch of imbalances which have stunted our progress. Simply over a 12 months in the past, our pricey nation, Nigeria, reached the purpose the place we might not proceed to make use of non permanent options to resolve long-term issues, each now and for the sake of our unborn generations. Subsequently, I’ve taken the painful however needed resolution to take away gas subsidies and abolish the a number of overseas change regimes that kind a noose across the vitals of our nation’s financial system and hinder the expansion and progress of our financial system.
These actions deter the greed and earnings of smugglers and rent-seekers. In addition they forestall us from offering inappropriate subsidies to our neighbors, harming our individuals and crippling our financial system. The choices I’ve made are needed if we should reverse many years of financial mismanagement which have labored towards us. Sure, I agree, the accountability is on my desk. However I can guarantee you that I’m fully centered on delivering governance – and for that matter, good governance – to the individuals.
Over the previous 14 months, our authorities has made important progress in rebuilding the foundations of our financial system and transferring us right into a affluent future. On the fiscal entrance, complete authorities income greater than doubled to over N9.1 trillion within the first half of 2024 in comparison with the primary half of 2023, because of our efforts to plug loopholes, introduce automation, and creatively mobilize funds with out inserting extra burden on the federal government. . Productiveness within the non-oil sector is progressively enhancing, reaching new ranges and benefiting from alternatives within the present financial setting
Expensive brothers and sisters, now we have come this far. From the place 97% of our nation’s income goes towards debt service; over the previous 13 months, we have lowered that to 68%. We additionally settled roughly $5 billion of legally excellent overseas change obligations with none antagonistic affect on our plans.
This provides us extra monetary freedom and room to spend extra on behalf of our residents to fund fundamental social companies like schooling and well being care. It additionally resulted in our state and native governments receiving the best allocations from federal accounts within the historical past of our nation.
We’ve additionally launched main infrastructure initiatives throughout the nation. We’re working to finish legacy initiatives vital to our financial prosperity, together with roads, bridges, rail, energy and oil and fuel growth. Notably, the Lagos-Calabar Coastal Expressway and Sokoto-Badagry Expressway plans will open up 16-state connectivity, create hundreds of jobs, and combine by means of commerce, tourism and tradition Improve financial output
Our once-failing oil and fuel business is recovering following the reforms I introduced in Could 2024 to deal with gaps within the Petroleum Business Act. Final month, we elevated our oil manufacturing to 1.61 million barrels per day, and our pure fuel property are getting the eye they deserve. Traders are coming again and since then now we have signed two overseas direct investments in extra of $500 million.
Fellow Nigerians, we’re a rustic blessed with oil and fuel sources, however we’re confronted with a rustic that’s fully depending on petroleum-based gasoline and neglects the pure fuel sources to energy its financial system. We additionally use our hard-earned overseas foreign money to pay for and subsidize its use. To deal with this difficulty, we instantly launched a compressed pure fuel (CNG) program to energy our transportation financial system and scale back prices. This can save over N2 trillion monthly for the introduction of PMS and AGO and unlock our sources for extra funding in healthcare and schooling.
To this finish, we’ll distribute 1 million very low-cost or free kits to business autos transporting individuals and items, which presently eat 80% of imported PMS and AGOs.
We’ve begun working with the personal sector to distribute conversion kits and set up conversion facilities throughout the nation. We consider this CNG measure will scale back transportation prices by roughly 60% and assist curb inflation.
Our authorities has demonstrated its dedication to younger individuals by establishing the scholar mortgage program. Disbursements of N45.6 billion to college students and their respective establishments have been processed so far
I encourage extra energetic younger individuals to benefit from this chance. We spent greater than N200 billion to determine the Shopper Credit score Firm, serving to Nigerians get hold of important items with out paying rapid money, making life simpler for tens of millions of households. This can thus scale back corruption and remove money and opaque transactions. This week, I ordered the discharge of an extra N50 billion every to NELFUND (pupil loans) and credit score corporations from the proceeds of crime recovered from the EFCC.
As well as, we secured $620 million in funding by means of Digital and Inventive Enterprise (IDiCE), a program designed to empower younger individuals and create tens of millions of IT and know-how jobs to make them globally aggressive. These plans embrace a 3 million technical expertise plan. Sadly, one of many digital facilities was vandalized throughout protests in Kano. what a disgrace!
As well as, now we have launched the Expertise Upgrading Artisans Program (SUPA); the Nigerian Youth Academy (NIYA); and the Nationwide Youth Expertise Export Program (NATEP).
Moreover, over N570 billion has been launched to 36 states to develop livelihood assist to their residents, whereas 600,000 nano companies have benefited from our nano grants. It’s anticipated that 400,000 nanometer corporations will profit from this.
Moreover, beginning this month, 75,000 beneficiaries have accessed our N1 million Micro and Small Enterprises single-digit curiosity mortgage. We additionally established 10 micro, small and medium enterprise facilities final 12 months, creating 240,000 job alternatives by means of them, and one other 5 facilities are beneath development and can be put into use in October this 12 months.
We’re additionally disbursing N1 billion every to massive producers by means of single-digit loans to spice up manufacturing output and stimulate progress.
I signed into legislation the Nationwide Minimal Wage Act final week and the bottom paid staff will now earn a minimum of 70,000 Naira monthly.
Six months in the past, I launched the primary section of our formidable housing program, New Hope Metropolis and Property, in Karsana, Abuja. This mission is the primary of six now we have deliberate in geo-political zones throughout the nation. These cities will present a minimum of 1,000 housing items, of which Karsana itself will present 3,212 housing items
Along with these city initiatives, we’re launching Renewed Hope Estates in each state, every containing 500 housing items. Our goal is to finish a complete of 100,000 housing items inside the subsequent three years. This measure isn’t just about offering housing, however about creating hundreds of jobs and stimulating financial progress throughout the nation.
We’re offering incentives to farmers to extend meals manufacturing at reasonably priced costs. I’ve directed that tariffs and different import duties on rice, wheat, corn, sorghum, prescribed drugs and different prescribed drugs and medical provides be eradicated over the following six months, in the beginning to assist preserve costs down.
I’ve been assembly with our governors and key ministers to hurry up meals manufacturing. We’ve distributed fertilizers. Our aim is to domesticate greater than 10 million hectares of land to develop what we eat. The federal authorities will present all needed incentives for this initiative, whereas the states present the land, which can put tens of millions of our individuals to work and additional enhance meals manufacturing. Prior to now few months, now we have additionally ordered tractors, seed drills and different mechanized agricultural gear price billions of naira from america, Belarus, Brazil and different international locations. I can verify to you that the gear is on its method.
My pricey Nigerians, particularly our youths, I hear you loud and clear. I perceive the ache and frustration that prompted these protests, and I wish to guarantee you that our authorities is dedicated to listening to and addressing the considerations of our residents.
However we should not enable violence and destruction to tear our nation aside. We should work collectively to construct a brighter future the place each Nigerian can reside a lifetime of dignity and prosperity.
The duty earlier than us is a collective one, one which I’ll lead as your President. A lot has been carried out to stabilize our financial system and I have to stay centered on making certain that each Nigerian advantages as promised.
My administration is working onerous to enhance and develop our nationwide infrastructure and create extra alternatives for our younger individuals.
Don’t let anybody mislead and miseducate your nation or inform you that your authorities doesn’t care about you. Whereas many hopes have been dashed up to now, we’re in a brand new period of renewed hope. We’re working onerous in your behalf and shortly the outcomes can be seen and concrete for everybody to see, really feel and revel in.
Allow us to work collectively to construct a greater future for ourselves and for future generations. Allow us to select hope over concern, unity over division, progress over stagnation. The financial system is recovering; please do not shut off its oxygen. Now that now we have loved 25 years of democratic governance, don’t let the enemies of democracy use you to push an unconstitutional agenda that may set us again on our journey to democracy. All the time transfer ahead, by no means again!
In conclusion, safety personnel ought to proceed to uphold peace, legislation and order in our nation by adhering to needed human rights conventions to which Nigeria is a signatory. The protection of all Nigerians is of paramount significance.
Thanks God to your consideration and will God proceed to bless our nice nation. Thanks a lot.
