President Muhammadu Buhari says his administration has continued to reposition and strengthen the security agencies to enable them to deal with all forms of security challenges.
Buhari said in order to address insecurity, the Federal Government worked methodically in reducing insurgency in the North East, militancy in the Niger Delta, ethnic, religious tensions, and other problems threatening the country.
The President said this in his speech to mark Nigeria’s 62nd Independence Anniversary on Saturday.
He added that his administration’s efforts in re-setting the economy manifested in Nigeria exiting two economic recessions by the very practical and realistic monetary and fiscal measures, to ensure effective public financial management.
President Buhari noted that the effective implementation of the Treasury Single Account and cutting down on the cost of governance also facilitated early exits from recessions.
“Fellow Nigerians, this administration removed several decades uncertainty for potential Investors in the oil & gas sector with the passage of the Petroleum Industry Act, 2021.
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“This landmark legislation created opportunities for foreign investments in addition to improving transparency in the management of the sector.
“Our administration has given the desired priority to the Agricultural Sector through a series of incentives to Micro, Small and Medium Scale Enterprises that resulted in creating millions of jobs. Leading this initiative, the Central Bank of Nigeria’s intervention in a number of areas as well as the Anchor Borrowers Programme had created the required leverages for Nigerians towards self-sufficiency in food and the necessary attraction for farming as a business.
“The growing contribution of non-oil exports, especially in agriculture, information and communication technology as well as the performing arts to our national economy will enhance our foreign exchange earning capacity,” he stated.
Buhari added that his administration is confronting economic challenges which include debt burden, growing inflation, living standards and increasing unemployment accentuated by the country’s growing youthful population.
“These problems are globally induced and we would continue to ensure that their negative effects are addressed in our policies.
“This administration will continue to ensure that our fiscal policies are supported by a robust and contemporary monetary policy that recognises our peculiarities in the midst of the growing global economic difficulties.
“This is evidenced by the recent Monetary Policy Committee decision to maintain all parameters, especially interest rates and marginally increased the Monetary Policy Rate (MPR) from 14% to 15.5% and the Cash Reserve Ratio (CRR) from 27.5% to 32.5%.
“It is projected that this would further insulate our economy from over exposure to uncertainties at the international market by restraining growth in core inflation,” President Buhari said.
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