ONE YEAR IN OFFICE: I won't devalue the Naira, Buhari insists

Mandates Information Ministry to publish recovered loot.....

 

Amidst local and international clamour for the devaluation of the Naira, President Muhammadu Buhari has restated the re­solve of his administration to keep the national currency strong.

Like he has repeatedly declared both in Nigeria and abroad, President Buhari, in a national broadcast to mark his first year in office and Democracy Day on Sunday, main­tained that the devaluation of the Naira would hurt the economy.

Buhari told the nation: “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 authorities’ deci­sion to ensure alignment between monetary policy and fiscal policy. We shall keep a close tab on how the recent measures affect the Nai­ra and the economy 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. The measures we must take, may lead to hardships. The problems Nigerians have faced over the last year have been many and varied. But the real challenge for this gov­ernment has been reconstructing the spine of the Nigerian state. The last 12 months have been spent col­laborating with all arms of govern­ment to revive our institutions so that they are more efficient and fit for purpose…”

The President, however, stat­ed that contrary to what his critics and bad press say, he is not experi­menting with governance through his administration’s policies and programmes.

Buhari unveiled cost-cutting measures to free resources for infrastructure and other critical pro­jects. Among the cost-saving measures are a cut down of N23 billion annually from unnecessary travel expenses and sitting allowances of public officials.

He directed the Federal Minis­try of Information to publish details of looted public funds recovered via his ongoing anti-corruption cam­paign.

Buhari had on previous occa­sions pledged that the details would be unveiled on his first anniversary, but did not indicate how soon the Information Ministry would make the details available to Nigerians.

Buhari further reeled out the efforts his administration has made to fix the country, adding that he in­herited a collapsing state.

The President, who described the past 12 months as a year of “tri­umph, consolidation, pains and achievements,” said:

“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 and incite the public in an effort to create chaos, rather than relinquish the vice-like grip they have on Nigeria.”

On recovered loot, the President announced that “today (yesterday), 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.”

On excess government expenditure, the President said that, “we have reduced the extravagant spending of the past. We started boldly with the Treasury Single Account, stopping the leakages in pub­lic expenditure.

“We then identified 43,000 ghost workers through the Inte­grated Payroll and Personnel Information System. 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.”

Acknowledging the awkward passage of the 2016 Budget, the President said: “Some critics have described the budget exercise as clumsy. But it was an example of consensus building, which is integral to democratic government. In the end, we resolved our differences.”

Buhari lamented that his pre­decessor did not save for the rainy day or ensure security and good economy despite Nigeria’s major foreign exchange earner, crude oil, selling for about $100 for some years.

“On our arrival, the oil price had collapsed to as low as $30 per barrel and we found nothing had been kept for the rainy day. Oil prices have been declining since 2014 but due to the neglect of the past, the country was not equipped to halt the economy from declining”, he stated.

This, he reiterated, informed the painful economic policies and measures he has had to approve, but for which the country will be better for in the long run.

He said that “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, is now having 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.”

On the resurgence of militancy in the Niger Delta, Buhari promised to take a sustainable approach to address the issues but assured that “the recent spate of attacks by militants disrupting oil and power installations will not distract us from engaging leaders in the region in addressing the Niger Delta problems.

“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.”

While acknowledging and appreciating the tedious contribution of Nigerian women in agriculture, Buhari said the government would shortly launch the National Women’s Empowerment Fund, “which I have approved to provide N1.6 billion in microfinance loans to women across the nation to assist in rehabilitating the economies of rural communities, particularly those impacted by the insurgency and conflict.”

The President repeated the successes recorded by the mili­tary since his assumption of office in retrieving territories lost to Boko Haram insurgents.

“By the end of December 2015, all but pockets and remnants had been routed by our gallant armed forces”; he re­called and promised to immediately focus on the safe return of Internally Displaced Persons (IDPs) to their communities.

Even with controversy raging over whether one or two Chibok schoolgirls had been rescued from their Boko Haram abductors two years after, Buhari declared that “to the delight of all, two of the abducted Chibok girls have regained their freedom”, and that negotiations for the release of others are ongoing.

He assured Nigerians that “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.”