President Muhammadu Buhari today hinted that the newly created Ministry of Humanitarian Affairs, Disaster Management and Social Development would oversee the administration’s Special Intervention Programme.
Buhari, who said this in his broadcast to the nation to mark the country’s 59th independence anniversary, Speaking on the Special Intervention Programme, which is under the supervision of the office of the Vice-President, Prof Yemi Osinbajo, the President stated, “Our ongoing N500bn  Special Intervention Programme continues to target vulnerable groups, through the home-grown School Feeding Programme, Government Economic Empowerment Programme, N-Power, Job Creation Programme, loans for traders and artisans, Conditional Cash Transfers to the poorest families and social housing scheme.
“To institutionalise these impactful programmes, we created the Ministry for Humanitarian Affairs, Disaster Management and Social Development which shall consolidate and build on our achievements to date. To the beneficiaries of these programmes, I want to reassure you that our commitment to social inclusion will only increase.”
He also said the newly set up Economic Advisory Council would advise him on inclusive and sustainable macroeconomic, fiscal and monetary policies.
He also said that as of June this year, total capital releases from the 2018 budget, stood at N1.74trn to underscore the commitment of his administration to build infrastructure and take Nigerians out of poverty.
The President  noted that for change to happen, all Nigerians must support him and think like him to get the country from the old ways of doing things.
On security, he said, “In the last four years, we have combated 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.
“The capacity of our armed forces to defend our territorial integrity continues to be enhanced by the acquisition of military hardware as well as continued improvements in the working conditions of our service men and women.

“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.

Speaking further, he said, “This administration inherited a skewed economy, where the oil sector comprised only 8 per cent of Gross Domestic Product but contributed 70 per cent of government revenue and 90 per cent 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 per cent 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 utilise locally available raw materials and labour for production.
“To address this imbalance, our commitment to achieving economic diversification has been at the heart of our economic strategies under the Economic Recovery and Growth Plan, which I launched on the 5th of April, 2017.
 
“This medium-term development plan charted the trajectory for our economy to exit from recession and return to the path of sustainable, diversified and inclusive growth for Nigerians. Pursuant to these reforms, the economy has recovered and we have had nine successive quarters of growth since our exit from recession. The exchange rate in the last three years has remained stable, with robust reserves of US$42.5 billion, up from US$23bn in October 2016.
“Learning from the mistakes of the past, this administration is committed to responsibly managing our oil wealth endowments. We will continue to prudently save our oil income and invest more in the non-oil job-creating sectors.
“In this regard, we are significantly increasing investments in critical infrastructure. Last year, capital releases only commenced with the approval of the Budget in June 2018. However, as at 20th June this year, up to N1.74tn 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 N600bn for capital expenditure in the next three months.”
Buhari spoke on other measure being taken, including partnering the private sector to deliver infrastructure and strengthen the economy.
He stated, “To maximise impact, we shall continue to increasingly welcome and encourage private capital for infrastructural development through Public Private Partnerships. 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 in 11 States of the Federation.
“As we push to diversify the economy, we still remain focused on optimising the revenues generated from the oil and gas sector. We will, working with the Legislature, soon pass the Petroleum Industry Bill and 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.
On the power sector, the President said, “We are resolute in reforming the power sector. In August this year, we launched the Presidential Power Initiative to modernise the National Grid in 3 phases: starting from 5 Gigawatts to 7 Gigawatts, then to 11 Gigawatts by 2023, and finally 25 Gigawatts afterwards. This programme, in partnership with the German Government and Siemens, will provide end-to-end electrification solutions that will resolve our transmission and distribution challenges.
“The programme will also look to localise the development and assembly of smart meters as well as the operations and maintenance capabilities of transmission and distribution infrastructure.
“I am pleased with the improved inter-agency collaboration between the Ministry of Power and the regulators in the banking and power sectors to ensure that electricity sales, billings and collections are automated and become cashless.