Govt to disclose recovered fund this week, says minister
Advocates of devaluation were yesterday told to forget it because it will hurt the economy.
President Muhammadu Buhari in a broadcast to mark his administration’s one year in office and the 17th anniversary of uninterrupted democracy, spoke on a variety of issues affecting the polity in a 30-minute speech broadcast between 7a.m. and 7.30a.m.
The Federal Government has been hailed for fighting corruption and insecurity but the accolades have been trickling in on the economy. The President said he would continue to keep an eye on measures introduced to stabilise the economy, adding that he supported the monetary authority’s decision to ensure alignment between monetary policy and fiscal policy.
“We resolved to keep the naira steady as, in the past, devaluation had done dreadful harm to the Nigerian economy.
“Furthermore, I supported the monetary authority’s decision to ensure alignment between monetary policy and fiscal policy.
“We shall keep a close look on how the recent measures affect the Naira and the economy,” Buhari said, adding:
“But we cannot get away from the fact that a strong currency is predicated on a strong economy.
“And a strong economy pre-supposes an industrial productive base and a steady export market.”
But the President warned that “the measures we must take may lead to hardship.’’
Buhari maintained that the past 12 months of his administration had been spent collaborating with all arms of government to revive institutions so that they are more efficient and fit for effective service delivery.
“We started boldly with the Treasury Single Account (TSA), stopping the leakages in public expenditure.
“We then identified 43,000 ghost workers through the Integrated Payroll and Personnel Information System (IPPIS).
“That represents pay packets totalling N4.2 billion stolen every month. In addition, we will save N23 billion per annum from official travelling and sitting allowances alone.
“Furthermore, the efficiency unit will cut costs and eliminate duplications in ministries and departments. Every little saving helps.
“The reduction in the number of ministries and work on restructuring and rationalisation of the MDAs is well underway.
“When this work is complete we will have a leaner, more efficient public service that is fit for the purpose of changing Nigeria for the good and for good,’’ the President said.
He frowned at the activities of illegal miners, saying a special security team had been set up to check the menace and protest the nation’s mining assets.
Buhari said special measures would be in place to protect miners in their work environment.
According to him, the Ministry of Solid Mineral Resources has produced a roadmap where Nigeria would work closely with the World Bank and major international investors to ensure best practices and due diligence in the mining sector.
President Buhari, who announced the official inauguration of his administration’s Social Protection Programme, lamented that the society had been neglecting the poor and victimising the weak.
“For too long, ours has been a society that neglects the poor and victimises the weak.
“A society that promotes profit and growth over development and freedom.
“A society that fails to recognise that, to quote the distinguished economist Amartya Sen,” poverty is not just lack of money. It is not having the capability to realise one’s full potential as a human being.
“So, today, I am happy to formally launch, by far the most ambitious social protection programme in our history.’’
According to him, the N500 billion appropriated in the 2016 budget for social intervention programmes will be used in in five key areas.
He said that his administration was committed to providing jobs for 500,000 Nigerians to work as teachers. Besides, 100,000 artisans will be engaged.
He added that 5.5 million children would be provided with nutritious meals through the school feeding programme to improve learning outcomes.
There is also the conditional cash transfer scheme, which will provide financial support for up to one million vulnerable beneficiaries, and complement the enterprise programme.
This programme would target up to one million market women, 460,000 artisans and 200,000 agricultural workers.
Security
On Security, the president praised members of the Armed Forces for their efforts in checking the Boko Haram insurgency in the Northeast
“I would like to pay a special tribute to our gallant men and women of the armed forces who are in harm’s way so that the rest of us can live and go about our business in safety.
“Their work is almost done. The nation owes them a debt of gratitude.’’
The immediate focus, he said, is for a gradual and safe return of internally displaced persons in safety and dignity and for the resumption of normalcy in the lives of people living in the Northeast.
He also pointed out that the EFCC was given the freedom to fight corruption while the judiciary was alerted on what Nigerians expected of it in the fight.
Stolen funds
The president said a significant amount of stolen assets and funds had been recovered.
The President said the recovered funds would be credited to the Federation Account after all necessary legal procedures.
“We are also engaged in making recoveries of stolen assets some of which are in different jurisdictions.
“The processes of recovery can be tedious and time consuming, but today I can confirm that thus far significant amount of assets have been recovered.
“A considerable portion of these are at different stages of recovery. Full details of the status and categories of the assets will now be published by the Ministry of Information and updated periodically.
“When forfeiture formalities are completed these monies will be credited to the treasury and be openly and transparently used in funding developmental projects and the public will be informed,’’ he said.
Minister of Information and Culture Alhaji Lai Mohammed, said yesterday that “the list of the looted and recovered funds will be released before the end of the week.
“The names of the persons will be withheld for legal reasons.”
Niger Delta
The President reiterated the commitment of his administration to implementing the United Nations Environment Programme report. He said the government was advancing clean-up operations in the region.
“I believe the way forward is to take a sustainable approach to address the issues that affect the delta communities. Re-engineering the amnesty programme is an example of this.’’
He frowned at the recent spate of attacks by militants disrupting oil and power installations.
“If the militants and vandals are testing our resolve, they are much mistaken. We shall apprehend the perpetrators and their sponsors and bring them to justice.
“The policy measures and actions taken so far are not to be seen as some experiment in governance.
“We are fully aware that those vested interests who have held Nigeria back for so long will not give up without a fight.
“They will sow divisions, sponsor vile press criticisms at home and abroad, incite the public in an effort to create chaos rather than relinquish the vice-like grip they have held on Nigeria,’’ he maintained.
According to President Buhari, the economic misfortune the country is experiencing from the very low oil prices has provided an opportunity to restructure the economy and diversify.
He said that his administration was in the process of promoting agriculture, livestocks, exploiting the solid mineral resources and expanding the nation’s industrial and manufacturing base.
This process, he said, would make the nation to import less and make the social investments necessary to allow the country to produce a large and skilled workforce.
He revealed that the Central Bank of Nigeria (CBN) would also offer more “fiscal incentives for business that prove capable of manufacturing products that are internationally competitive.’’
He said the APC-led government remained committed to reforming the regulatory framework, for investors by improving the ease of doing business in Nigeria.
President Buhari noted that already the first steps along the path of self-sufficiency in rice, wheat and sugar (big users of our scarce foreign exchange) had been taken.
According to him, the Labour Intensive Farming Enterprise will boost the economy and ensure inclusive growth in long neglected communities.
While expressing concerns over rising cost of foods such as maize, rice, millet, beans and gari, the president said the special intervention funds through the Bank of Agriculture would provide targeted support.
“Farmers tell me that they are worried about the cost of fertilizers, pesticides and the absence of extension services.
“The federal and state governments are on the same page in tackling these hurdles in our efforts at increased food production and ultimately food security.
“I would like to take this opportunity to express my appreciation for the increasing role that our women are playing in revitalizing the agricultural sector.
“Modern farming is still hard and heavy work and I salute our Nigerian women in sharing this burden.’’
President Buhari announced that the government would soon inaugurate the national women’s empowerment fund.
He disclosed that he had already approved N1.6 billion in micro-finance loans to women across the nation to assist in rehabilitating the economies of rural communities, particularly those impacted by the insurgency and conflict.
President Buhari reassured the international community of Nigeria’s commitment to strengthen democratic principles and sustain the fight against terrorism and violent crimes.
“We want to assure our neighbours, friends and development partners that Nigeria is firmly committed to democratic principles.
“We are ready partners in combating terrorism, cyber crimes, control of communicable diseases and protection of the environment.
“Following on the Paris Agreement, COP 21, we are fully committed to halting and reversing desertification.
On restructuring of Ministries, Departments and Agencies (MDAs), Buhari said that his administration was committed to the restructuring exercise and the rationalisation of the MDAs for more efficient public service.
Budget
“In all my years as a public servant, I have never come across the practice of padding budgets.
“I am glad to tell you now we not only have a budget, but more importantly, we have a budget process that is more transparent, more inclusive and more closely tied to our development priorities than in the recent past,’’ he said.
The president further noted that his administration had delivered significant milestones on security, corruption and the economy.
“In respect of the economy, I would like to directly address you on the very painful but inevitable decisions we had to make in the last few weeks specifically on the pump price of fuel and the more flexible exchange rate policy announced by the Central Bank.
“It is even more painful for me that a major producer of crude oil with four refineries that once exported refined products today has to import all of its domestic needs.
“This is what corruption and mismanagement has done to us and that is why we must fight these ills.
“As part of the foundation of the new economy we have had to reform how fuel prices had traditionally been fixed.
“This step was taken only after protracted consideration of its pros and cons.
“After comprehensive investigation my advisers and I concluded that the mechanism was unsustainable.’’
Chibok girls
The president expressed delight over the recent rescue of two of the abducted girls, saying his administration would continue to do its best towards rescuing the remaining girls and those in Boko Haram’s captivity.
“Fellow citizens, let me end on a happy note. To the delight of all, two of the abducted Chibok girls have regained their freedom.
“During the last one year, not a single day passed without my agonising about these girls. Our efforts have centred around negotiations to free them safely from their mindless captors.
“We are still pursuing that course. Their safety is of paramount concern to me and I am sure to most Nigerians.
“I am very worried about the conditions those still captured might be in. Today I re-affirm our commitment to rescuing our girls. We will never stop until we bring them home safely.
“As I said before, no girl should be put through the brutality of forced marriage and every Nigerian girl has the right to an education and a life choice.”
