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I am Leaving Nigeria Better in 2023 Than in 2015—Buhari

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Buhari leaving Nigeria better in 2023

By Adedapo Adesanya

President Muhammadu Buhari has claimed that he is leaving Nigeria better in 2023 than when his administration came into power in 2015.

The outgoing president said this when he addressed the nation in a farewell broadcast on Sunday morning, ahead of his exit from power on Monday, May 29.

President Buhari will on Monday hand over power to the president-elect, Mr Bola Ahmed Tinubu, who was declared the winner of the February 25 election by the Independent National Electoral Commission (INEC).

In his address, the President expressed his gratitude to Nigerians and explained the thinking behind some of his administration’s key decisions.

Read the full text of his broadcast below:

FAREWELL SPEECH BY HIS EXCELLENCY, MUHAMMADU BUHARI, PRESIDENT AND COMMANDER-IN-CHIEF, FEDERAL REPUBLIC OF NIGERIA.

My fellow Nigerian brothers, sisters and friends of Nigeria.

2. I address you today, in my last assignment as a democratically elected President of our great and well endowed nation, with a deep sense of gratitude to God, a great deal of appreciation to the Nigerian people and a modest sense of fulfilment.

3. Today we mark and celebrate another peaceful transition of power from one elected government to another in our steady march to improve and sustain Nigeria’s democracy.

4. This year we witnessed the most keenly contested presidential elections since the First Republic and this demonstrates that our democracy is getting better and more entrenched with each election.

5. We must as a nation improve and sustain gains we make in the electoral process, on an incremental basis for Nigeria to take its rightful place among nations.

6. Our democracy provides for, allows and encourages seeking redress for any perceived injustices, enabling some candidates and political parties that did not agree with the results to go to court.

7. Irrespective of the outcome of the various cases, I urge all parties involved to accept the decision of our courts and join hands to build a better Nigeria.

8. I salute the doggedness and resilience of all the Presidential Candidates and their political parties for believing in our judicial system by taking their grievances with the election results to court.

9. In the course of the campaigns, we had argued and disagreed on how to make Nigeria better but we never disagreed or had any doubts that Nigeria has to be better.

10. As your President, I call on all of us to bring to bear the strength of our individualism, the power of our unity, the convictions of our beliefs to make Nigeria work better and together with one spirit and one purpose.

11. To my brother, friend and fellow worker in the political terrain for the past ten years – Asiwaju Bola Ahmed Tinubu -, I congratulate you on the realisation of your dream, which was propelled by a burning passion to put Nigeria amongst the leading nations of the world.

12. You have indeed worked for this day and God has crowned your efforts. I have no doubt that your passion for excellence, reliance on competence, fairness in relationships, commitment to equity, loyalty to the country and desire for Nigeria to be globally relevant would come through for you, under God’s guidance, as you lead our country to levels higher that I am leaving.

13. You are the best candidate among all the contestants and Nigerians have chosen well.

14. The last eight years have been an exciting experience in my desire and commitment to see a Nigeria in which public goods and services are available, and accessible within a united, peaceful and secure nation.

15. Fellow Nigerians, on the strength of your over-whelming support for me and my political party, I started this journey with a great deal of promise and expectation from you. I never intended to be just politically correct but to do the correct things that will make meaningful impact on the lives of the common Nigerian.

16. This high expectation was not misplaced because, like the ordinary Nigerian, I had grown tired of watching the country progressively moving away from the path of correctness.

17. To ensure that our democracy remains resilient and our elected representatives remain accountable to the people, I am leaving behind an electoral process which guarantees that votes count, results are credible, elections are fair and transparent and the influence of money in politics reduced to the barest minimum. And Nigerians can elect leaders of their choice.

18. We are already seeing the outcome of this process as it provided an even playing field where persons without any political God-Father or access to money defeated other well-resourced candidates.

19. The Nigerian economy has become more resilient due to the various strategies put in place to ensure that our economy remained afloat during cases of global economic downturns.

20. You would all recall the supply chain disruptions and economic downturn that the world witnessed between 2020 and 2022 as a result of the COVID-19 pandemic. The deftness of our response to the pandemic still remains a global best practice.

21. Furthermore, we increased the ability of the poor and rural Nigerians to earn a living, provided more food for millions in our villages and gave our women opportunities to earn a living.

22. Young men and women in urban centres were also supported to put their skills into productive use. Our administration also provided an enabling environment for the private sector to engage in businesses for which their return on investments is guaranteed.

23. The private sector proved a strong partner in our drive to build a resilient and sustainable economy as evidenced by the growing number of turn-key projects in various sectors of the economy.

24. In the course of revamping the economy, we made some difficult choices, most of which yielded the desired results. Some of the measures led to temporary pain and suffering for which I sincerely apologised to my fellow countrymen, but the measures were taken for the overall good of the country.

25. Mindful of the need to ensure adequate infrastructure to drive economic growth, we completed age-long projects and processes notably amongst which are the Petroleum Industry Act, completion of some power projects, completion of the second Niger bridge and various important roads linking cities and states.

26. Our battle to ensure that all Nigerians live in a safe and secure environment has achieved considerable results. As I complete my term in office, we have been able to reduce the incidences of banditry, terrorism, armed robbery and other criminal activities considerably.

27. To sustain the gains made so far, I call on all Nigerians to be more vigilant and support the security agencies by ensuring that our values defined by being your brothers’ keeper govern our actions.

28. Up-till now, I still grieve for our children still in captivity, mourn with parents, friends and relatives of all those that lost loved ones in the days of the senseless brigandage and carnage. For all those under unlawful captivity, our security agencies are working round the clock to secure their release unharmed.

29. Fellow Nigerians, you know how dear the desire in my heart to rid the country of corrupt practices that had consistently diminished our efforts to be a great country.

30. I did pursue this commitment relentlessly, in spite of the expected pushback. I am happy that considerable progress had been made in repatriating huge sums of money back to the country and also taking over properties illegally acquired from our commonwealth.

31. To improve service delivery, we began the implementation of a number of reforms aimed at producing an Efficient, Productive, Incorruptible and Citizen-oriented (EPIC) Federal Civil Service and the results are beginning to show.

32. On the international scene, Nigeria’s influence continues to grow as exemplified by notable Nigerians occupying headship and leadership positions in renowned global bodies.

33. Our democracy is built on and continues to thrive on the principles of separation of powers. The leadership and members of the National Assembly deserve my appreciation for their patriotism which did not detract from their roles as a check to the executive arm.

34. I also want to use this opportunity to express my appreciation to a good number of Nigerians who provided their support and encouragement to help me navigate the exciting journey in moving Nigeria forward.

35. I cannot and will not forget the millions who prayed for me during my illness in my first term of office. I am constantly praying for you and for Nigeria to thrive in peace.

36. As I retire home to Daura, Katsina State, I feel fulfilled that we have started the Nigeria Re-Birth by taking the initial critical steps and I am convinced the in-coming administration will quicken the pace of this walk to see a Nigeria that fulfills its destiny to be a great nation.

37. I am confident that I am leaving office with Nigeria better in 2023 than in 2015.

38. I thank you all. And may God Bless the Federal Republic of Nigeria.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Economy

NBA Demands Suspension of Controversial Tax Laws

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four tax reform bills

By Modupe Gbadeyanka

The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.

In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.

A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.

To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”

“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.

It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”

“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.

“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.

“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.

“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.

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Economy

MRS Oil, Two Others Raise NASD Bourse Higher by 0.52%

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MRS Oil voluntary delisting

By Adedapo Adesanya

Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.

The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.

Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.

Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.

Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.

The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.

By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.

In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.

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Economy

NGX All-Share Index Soars to 153,354.13 points

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All-Share Index NGX

By Dipo Olowookere

It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.

The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.

Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.

Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.

At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.

This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.

VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.

In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.

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