The Ministry of Police Affairs has been resuscitated to oversee the development and implementation of strategies to enhance internal security.
My recent assent to the Nigerian Police Trust Fund (Establishment) Act has created a legal framework to support our Police with increased fiscal resources to enhance their law enforcement capabilities.
We remain equally resolute in our efforts to combat militant attacks on our oil and gas facilities in the Niger Delta and accelerate the Ogoni Clean-up to address long-standing environmental challenges in that region.
The recent redeployment of the Niger Delta Development Commission from the Office of the Secretary to the Government of the Federation, to the Ministry of Niger Delta Affairs underscores our commitment to enhance the living standards of our communities in the Niger Delta, through coordinated and appropriate programmes.
Our attention is increasingly being focused on cyber-crimes and the abuse of technology through hate speech and other divisive material being propagated on social media.
Whilst we uphold the Constitutional rights of our people to freedom of expression and association, where the purported exercise of these rights infringes on the rights of other citizens or threatens to undermine our National Security, we will take firm and decisive action.
Whilst the ongoing national discourse on various political and religious issues is healthy and welcome, we must not forget the lessons of our past – lessons that are most relevant on a day such as this.
The path of hatred and distrust only leads to hostility and destruction. I believe that the vast majority of Nigerians would rather tread the path of peace and prosperity, as we continue to uphold and cherish our unity.
This Administration inherited a skewed economy, where the Oil Sector comprised only 8% of Gross Domestic Product but contributed 70% of government revenue and 90% foreign exchange earnings over the years.
We are significantly increasing investments in critical infrastructure. Last year, capital releases only commenced with the approval of the Budget in June 2018.
As at 20th June this year, up to N1.74 trillion had been released for capital projects in the 2018 fiscal year.
Implementation of the 2019 Capital Budget, which was only approved in June 2019, will be accelerated to ensure that critical priority projects are completed or substantially addressed.
The Ministry of Finance, Budget and National Planning has been directed to release N600 billion for Capital Expenditure in the next 3 months.
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 11 States of the Federation.
We will, working with the Legislature, soon pass the Petroleum Industry Bill & amendments to the Deep Offshore Act and Inland Basin Production Sharing Contracts Act into law, to ensure Government obtains a fair share of oil revenues, whilst encouraging private sector investment.
Whilst Nigeria remains committed to free and fair continental and international trade, we will not hesitate to take all necessary steps to tackle illegal smuggling, transshipment and other predatory trade practices that destroy jobs in our country.
We are resolute in reforming the power sector. In August this year, we launched the Presidential Power Initiative to modernize the National Grid in 3 phases: starting from 5 Gigawatts to 7 Gigawatts, then to 11 Gigawatts by 2023, and finally 25 Gigawatts afterwards.
Our commitment to achieving macroeconomic stability and economic diversification, has been underscored by the merger of the Ministry of Finance with the Ministry of Budget and National Planning.
We are also 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. Our ongoing N500 billion Special Intervention Programme continues to target these vulnerable groups,
VANGUAD
