2019 presidency: Full details of Buhari’s speech during APC campaign in Lagos

2019 presidency: Full details of Buhari’s speech during APC campaign in Lagos
2019 presidency: Full details of Buhari’s speech during APC campaign in Lagos

President Muhammadu Buhari on Saturday in Lagos said his
administration’s economic policies are making the desired impact as
evidenced in the steady growth in the economy in the last three years.

 

President Muhammadu Buhari on Saturday in Lagos said his
administration’s economic policies are making the desired impact as
evidenced in the steady growth in the economy in the last three years.

Speaking at a town hall meeting with the business community in Lagos,
Buhari said he had kept his promise to boost the economy, through
blocking leakages in government finances, increasing capital expenditure
and inflows, and implementing the Economic Recovery and Growth Plan
(ERGP), among others.
Details of the rally made available to YCN NEWS by the President’s
Special Adviser on Media and Publicity, Femi Adesina, quoted Buhari as
saying, “I firmly believe that our economic policies are beginning to
make the desired impact. Economic growth has resumed and is continuing
to improve.

‘‘Growth was higher in 2017 than in 2016, data even from external
sources shows that it will be higher in 2018 than in 2017. I am
confident that as we stay the course, it will be better still at the end
of 2019.
‘‘Inflation is coming down steadily, there is stability in the
exchange rate and foreign exchange is readily available for genuine
business. Foreign reserves are adequate and growing; capital inflows
have increased and the trade balance is positive.
‘‘We are paying off debts that were not even publicly acknowledged
before now, including those owed to States, the electricity sector, oil
marketers, exporters, backlog of salaries of workers and pensioners,
amongst others.”

The President, who met with representatives of Manufacturers
Association of Nigeria (MAN), Lagos Chamber of Commerce and Industry and
Nigeria Association of Small and Medium Enterprises shortly before
attending the APC presidential campaign rally in Lagos, said he is a
strong believer in the importance of investing in infrastructure to
promote development.
‘‘I am happy that the results of the priority we have placed on this sector are beginning to show.
‘‘Our commitment is reflected in the resources that we are providing
for infrastructure. In 2016 and 2017, capital expenditure was up to N2.7
trillion while over N800m has been released under the current budget.

‘‘This has been complemented by the inception of the $650 million
Presidential Infrastructure Development Fund which will focus initially
on the Lagos-Ibadan expressway, the Second Niger Bridge, the Abuja-Kano
expressway and the Mambilla hydropower plant,’’ he said.
Buhari also highlighted completed and ongoing projects in the
transport and aviation sectors, expressing delight that the rail
projects are generating excitement across the country because it would
help local businesses to grow.
‘‘The Abuja-Kaduna railway is up and running. The Itakpe-Warri line
is being test-run before going commercial. The completed portion of the
Abuja light rail project is facilitating movement to the airport.

President Muhammadu Buhari on Saturday in Lagos said his
administration’s economic policies are making the desired impact as
evidenced in the steady growth in the economy in the last three years.

Speaking at a town hall meeting with the business community in Lagos,
Buhari said he had kept his promise to boost the economy, through
blocking leakages in government finances, increasing capital expenditure
and inflows, and implementing the Economic Recovery and Growth Plan
(ERGP), among others.
Details of the rally made available to DAILY POST by the President’s
Special Adviser on Media and Publicity, Femi Adesina, quoted Buhari as
saying, “I firmly believe that our economic policies are beginning to
make the desired impact. Economic growth has resumed and is continuing
to improve.

‘‘Growth was higher in 2017 than in 2016, data even from external
sources shows that it will be higher in 2018 than in 2017. I am
confident that as we stay the course, it will be better still at the end
of 2019.
‘‘Inflation is coming down steadily, there is stability in the
exchange rate and foreign exchange is readily available for genuine
business. Foreign reserves are adequate and growing; capital inflows
have increased and the trade balance is positive.
‘‘We are paying off debts that were not even publicly acknowledged
before now, including those owed to States, the electricity sector, oil
marketers, exporters, backlog of salaries of workers and pensioners,
amongst others.”

The President, who met with representatives of Manufacturers
Association of Nigeria (MAN), Lagos Chamber of Commerce and Industry and
Nigeria Association of Small and Medium Enterprises shortly before
attending the APC presidential campaign rally in Lagos, said he is a
strong believer in the importance of investing in infrastructure to
promote development.
‘‘I am happy that the results of the priority we have placed on this sector are beginning to show.
‘‘Our commitment is reflected in the resources that we are providing
for infrastructure. In 2016 and 2017, capital expenditure was up to N2.7
trillion while over N800m has been released under the current budget.

‘‘This has been complemented by the inception of the $650 million
Presidential Infrastructure Development Fund which will focus initially
on the Lagos-Ibadan expressway, the Second Niger Bridge, the Abuja-Kano
expressway and the Mambilla hydropower plant,’’ he said.
Buhari also highlighted completed and ongoing projects in the
transport and aviation sectors, expressing delight that the rail
projects are generating excitement across the country because it would
help local businesses to grow.
‘‘The Abuja-Kaduna railway is up and running. The Itakpe-Warri line
is being test-run before going commercial. The completed portion of the
Abuja light rail project is facilitating movement to the airport

‘‘The Lagos-Ibadan railway is nearing completion with people already
taking test rides on the completed portions. We are determined to work
at the same pace on the Coastal Railway Line and the line from Port
Harcourt to Maiduguri.

‘‘We completed the repairs to the runway in Abuja in record time, and
just a few weeks ago, I commissioned the Baro Inland Port. All these
achievements will help Nigerian businesses to grow,’’ he said.
On future plans to sustain the positive economic outlook, the
President said the Federal Government would raise more revenue to boost
the economic fundamentals and increase the level and quality of
government services in support of the private sector.

‘‘I recently inaugurated a Technical Advisory Committee to identify
new sources of revenue in this regard. This is also to ensure that
Government at all levels have the resources to pay the new national
wage, which we are indeed committed to paying.
‘‘Our economic fundamentals are strong and, in the next four years by
the grace of God, we are determined to stay the course in terms of
partnerships with the private sector; support to the real sector;
helping small businesses, providing infrastructure and an enabling
business environment,’’ he said.
He told members of the private sector that his administration has
also stimulated growth in the economy by adopting and implementing new
strategies to deal with the security situation in the country and tackle
rampant corruption.

‘‘When this Government came into office, our three priorities were to
increase the level of security across the country, tackle rampant
corruption and improve the economy. These three factors are
interconnected.
‘‘Without peace and stability, there will never be economic growth and development,” he said.
The administration’s view on improving the economy, the President said, focused on a bottom to top approach.
‘‘We focused on developing the rural economy which we hope will
result in growth that is inclusive. Boko Haram and the militants in the
Niger Delta started their aggressive operations during the years of high
oil prices and GDP growth.
‘‘These young and misguided youths did not benefit from the various
statistics and indicators of prosperity we were celebrating in the past
decade. No wonder they were recruited to cause violence and mayhem in
their localities.
‘‘These three priorities, if addressed, will completely transform
Nigeria to a diversified, inclusive and competitive economy. But this is
not an overnight transition. We are not only transforming systems and
processes, but we are also changing hearts and minds.
‘‘We have recaptured and held lost territories. Yes, we still have
pockets of insurgency, but our sovereign integrity is intact,’’ he said.

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