- President Buhari has used his independence day speech to remind Nigerians of some of the achievements of his administration
- From Agriculture to oil and gas, he disclosed how his administration policies are working to help Nigeria
- A specific paragraph was dedicated to the Central bank of Nigeria policies led by Godwin Emefiele
President Muhammadu Buhari has praised his administration's economic achievements in the last seven years.
Buhari dedicated eight paragraphs of his address to reassuring Nigerians that his government was not a failure on the economic front.
Part of his independence speech reads:
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“In assumption to office, I pledged to improve the Economy, tackle corruption and fight Insecurity, and this was further strengthened by my commitment to lift 100 million Nigerians out of poverty in ten years as the central plank of my second term in 2019.
“To the Glory of God and His Grace as well as the commitment and passion displayed by many Nigerian supporters, we have made appreciable progress in these areas but not yet at our destination.”
Other economic achievements listed in Buhari independence day speech
According to President Buhari, another achievement of his administration is the implementation of the Treasury Single Account, which has helped cut down on the cost of governance.
“Our 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.”
The Punch reports that Buhari also listed the passage of the Petroleum Industry Act, 2021, as one of his achievements which he believes will help attract foreign investments in the Oil & Gas sector.
Buhari praises CBN
President Buhari also lauded CBN interventions, especially in the agricultural Sector.
According to him, Emefiele led CBN through a series of incentives to Micro, Small and Medium Scale Enterprises have helped create 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."
Nigerian government borrows N2.45 trillion from CBN
Recall that Legit.ng reported that the total borrowing from the Central Bank of Nigeria by the Nigerian government via Ways and Means Advances increased from 17.40 trillion as of December 2021 to N19.9 trillion in June this year.
The Punch report cites CBN data as saying that this indicates that the federal government borrowed N2.45 trillion from the Emefiele-led CBN in six months.
The public debt stock adds to the debts of the federal government of Nigeria, state governments and the Federal Capital Territory, Abuja.