President Buhari dropped this in his Independence Day address to mark Nigeria’s 59th Independence anniversary in Abuja on Tuesday, October 1st.
He said his All Progressives Congress (APC) led administration inherited a skewed economy, still pushing economic mess that characterised the last four years onto the previous administration-led by the main opposition party, Peoples Democratic Party (PDP)
After the Nigerian economy recovered from its worst recession in 2017, it has been growing at a slow pace and the country needs radical economic policies to fix loopholes.
Here are 5 takeaways from his speech as regards the Nigerian economy:
1. Critical infrastructural development
To increasingly welcome and encourage private capital for infrastructural development through Public-Private Partnerships. "Through the Road Infrastructure Tax Credit Scheme, which I initiated in January this year, we are giving incentives to private sector inflow of over N205 billion in 19 Nigerian roads and bridges of 794.4km across in 11 States of the Federation."
2. Reform the power sector and ensure constant electricity
He said his government is serious about reforming the power sector.
“In August this year, we launched the Presidential Power Initiative to modernise the National Grid in 3 phases: starting from 5 Gigawatts to 7 Gigawatts, then to 11 Gigawatts by 2023, and finally 25 Gigawatts afterwards. This programme, in partnership with the German Government and Siemens, will provide end-to-end electrification solutions that will resolve our transmission and distribution challenges.”
3. To stay constant in monetary, fiscal and trade policies but moderate policies from EAC
President Buhari said the recently constituted an Economic Advisory Council will advise the government on inclusive and sustainable macroeconomic, fiscal and monetary policies.
He stated further that his government will be committed to ensuring that the inconvenience associated with any painful policy adjustments, is moderated, such that the poor and the vulnerable, who are most at risk, do not bear the brunt.
4. A close watch on revenue-generating agencies
The president said the merger of the Ministry of Finance with the Ministry of Budget and National Planning will ensure proper scrutiny of revenue-generating agencies and reward exceptional revenue performance, while severe consequences will attend failures to achieve agreed revenue targets.
5. Nigeria's population poses challenges as well as opportunities
He observed that the nation’s population growth rate had remained among the highest in the world, presenting both challenges as well as opportunities.
“It is our collective responsibility to ensure that we provide adequate resources to meet the basic needs of our teeming youth.”
He said his government will continue to invest in education, health, water and sanitation, as well as food security, to ensure that their basic needs are met, while providing them with every opportunity to live peaceful, prosperous and productive lives.