#NigeriaAt59 : INDEPENDENCE DAY SPEECH BY PRESIDENT MUHAMMADU BUHARI ON THE OCCASION OF THE 59TH INDEPENDENCE ANNIVERSARY, 1st OCTOBER, 2019.
1st October each year is an opportunity for us to reflect and thank God for his endless blessings on our country.
7. Good Governance and Economic Development cannot be sustained without an enabling environment of peace and security. In the last four years, we have combatted the terrorist scourge of Boko Haram. We owe a debt of gratitude to our gallant men and women in arms, through whose efforts we have been able to achieve the present results. We are also grateful to our neighbours and allies – within the region and across the world – who have supported us on this front.
16. 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. Past periods of relatively high economic growth were driven by our reliance on Oil Sector revenues to finance our demand for imported goods and services. Regrettably, previous governments abandoned the residual Investment-driven Non-Oil Sector, which constituted 40% of Gross Domestic Product and comprised agriculture, livestock, agro-processing, arts, entertainment, mining and manufacturing activities that provide millions of jobs for able-bodied Nigerians and utilize locally available raw materials and labour for production.
39. On fighting corruption, our institutional reforms to enforce the Treasury Single Account policy, introduce the Whistle-blowers’ Initiative, expand the coverage of the Integrated Payroll Personnel and Information System as well as the Government Integrated Management Information System have saved billions of Naira over the last four years, and deterred the rampant theft and mismanagement of public funds that have plagued our public service.