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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

LCCI Raises Eyebrow Over N15.52trn Debt Servicing Plan in 2026 Budget

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domestic debt servicing

By Adedapo Adesanya

The Lagos Chamber of Commerce and Industry (LCCI) has noted that the N15.52 trillion allocation to debt servicing in the 2026 budget remains a significant fiscal burden.

LCCI Director-General, Mrs Chinyere Almona, said this on Tuesday in Lagos via a statement in reaction to the nation’s 2026 budget of N58.18 trillion, hinging the success of the 2026 budget on execution discipline, capital efficiency, and sustained support for productive sectors.

She noted that the budget was a timely shift from macroeconomic stabilisation to growth acceleration, reflecting growing confidence in the economy.

She lauded its emphasis on production-oriented spending, with capital expenditure of N26.08 trillion, representing 45 per cent of total outlays, and significantly outweighing non-debt recurrent expenditure of N15.25 trillion.

According to Mrs Almona, this composition supports infrastructure development, industrial expansion, and productivity growth.

However, she explained that the N15.52 trillion allocation to debt servicing underscored the need for stricter borrowing discipline, enhanced revenue efficiency, and expanded public-private partnerships to safeguard investments that promote growth.

She added that a further review of the 2026 budget revealed relatively optimistic macroeconomic assumptions that may pose fiscal risks.

“The oil price benchmark of $64.85 per barrel, although lower than the $75.00 benchmark in the 2025 budget, appears optimistic when compared with the 2025 average price of about $69.60 per barrel and current prices around $60 per barrel.

“This raises downside risks to oil revenue, especially since 35.6 per cent of the total projected revenue is expected to come from oil receipts.

“Similarly, the oil production benchmark of 1.84 million barrels per day is significantly higher than the current level of approximately 1.49 million barrels per day.

“Achieving this may be challenging without substantial improvements in security, infrastructure integrity, and sector investment,” she said.

Mrs Almona said the exchange rate assumption of N1,512 to the Dollar, compared with N1,500 in the 2025 budget and about N1,446 per Dollar at the end of November, suggests expectations of a mild depreciation.

She said while this may support Naira-denominated revenue, it also increases the cost of imports, debt servicing, and inflation management, with broader macroeconomic implications.

The LCCI DG added that the inflation projection of 16.5 per cent in 2026, up from 15.8 per cent in the 2025 budget and a current rate of about 14.45 per cent, appeared optimistic, particularly in a pre-election year.

She also expressed concern about Nigeria’s historically weak budget implementation capacity, likely to be further strained by the combined operation of multiple budget cycles within a single year.

Looking ahead, Mrs Almona identified agriculture and agro-processing, manufacturing, infrastructure, energy, and human capital development as key drivers of growth in 2026.

She said that unlocking these sectors would require decisive execution—scaling irrigation and agro-value chains, reducing power and logistics costs for manufacturers, and aligning education and skills development with private-sector needs.

The LCCI head stressed the need to resolve issues surrounding the Naira for crude, increase the supply of oil to local refineries to boost local refining capacity and conserve the substantial foreign exchange used for fuel imports.

“Overall, the 2026 Budget presents a credible opportunity for Nigeria to transition from recovery to expansion.

“Its success will depend less on the size of allocations and more on execution discipline, capital efficiency, and sustained support for productive sectors.

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Economy

Customs Street Chalks up 0.12% on Santa Claus Rally

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Customs Street Nigerian Stock Exchange

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.

Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.

In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.

Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.

Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.

On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.

Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.

Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.

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Economy

Yuletide: Rite Foods Reiterates Commitment to Quality, Innovation

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Rite foods stamp black

By Adedapo Adesanya

Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.

In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.

Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.

“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.

He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.

Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.

“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”

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