On October 1, Nigeria President Muhammadu Buhari addressed the nation as the nation marked the 60th anniversary of its independence from Great Britain. He appealed for unity in his address.
Today, I am aware that our economy along with every single economy in the world is in crisis. We still face security challenges in parts of the country, while our society suffers from a high loss of moral rectitude which is driven by an unbridled craving for political control. An underlying cause of most of the problems we have faced as a nation is our consistent harping on artificially contrived fault-lines that we have harboured and allowed unnecessarily to fester,” President Buhari said in a televised address.
The President said that the need to return to our age-old ethical and high moral values would be necessary and this informed my launching of the National Ethics and Integrity Policy on 28th September 2020.
The policy would not implement itself and the first contact of the visibility of its implementation is the Public Service whose on-going reforms would be expected to be sustainable and give a radical re-direction in providing services to all Nigerians.
The President said that there was significant drop in the country’s foreign exchange earnings and internal revenues due to 40 per cent drop in oil prices and a steep drop in economic activities, leading to a 60 per cent drop in government revenue. “Our government is grappling with the dual challenge of saving lives and livelihoods in the face of drastically reduced resources.
In this regard, sustaining the level of petroleum prices is no longer possible. The government, since coming into office has recognized the economic argument for adjusting the price of petroleum. But the social argument about the knock-on effect of any adjustment weighed heavily with the government,” he said.