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FULL TEXT: President Bola Tinubu’s Independence Day Speech

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FULL TEXT: President Bola Tinubu’s Independence Day Speech

FULL TEXT: President Bola Tinubu’s Independence Day Speech

Here is the official speech of President Bola Tinubu GCFR on Nigeria’s 63rd Independence Day anniversary.

 

Dear Compatriots,

  • It is my unique honour to address you on this day, the 63rd anniversary of our nation’s independence, both as the President of our dear country and, simply, as a fellow Nigerian.
  • On this solemn yet hopeful day, let us commend our founding fathers and mothers. Without them, there would be no modern Nigeria. From the fading embers of colonialism, their activism, dedication and leadership gave life to the belief in Nigeria as a sovereign and independent nation.
  • Let us, at this very moment, affirm that as Nigerians, we are all endowed with the sacred rights and individual gifts that God has bestowed on us as a nation and as human beings. No one is greater or lesser than the other. The triumphs that Nigeria has achieved shall define us. The travails we have endured shall strengthen us.
  • And no other nation or power on this earth shall keep us from our rightful place and destiny. This nation belongs to you, dear people. Love and cherish it as your very own.
  • Nigeria is remarkable in its formation and essential character. We are a broad and dynamic blend of ethnic groups, religions, traditions and cultures. Yet, our bonds are intangible yet strong, invisible yet universal. We are joined by a common thirst for peace and progress, by the common dream of prosperity and harmony and by the unifying ideals of tolerance and justice.
  • Forging a nation based on the fair application of these noble principles to a diverse population has been a task of significant blessing but also serial challenge. Some people have said an independent Nigeria should never have come into existence. Some have said that our country would be torn apart. They are forever mistaken.
  • Here, our nation stands and here we shall remain.
  • This year, we passed a significant milestone in our journey to a better Nigeria. By democratically electing a 7th consecutive civilian government, Nigeria has proven that commitment to democracy and the rule of law remains our guiding light.
  • At my inauguration, I made important promises about how I would govern this great nation. Among those promises, were pledges to reshape and modernize our economy and to secure the lives, liberty and property of the people.
  • I said that bold reforms were necessary to place our nation on the path of prosperity and growth. On that occasion, I announced the end of the fuel subsidy.
  • I am attuned to the hardships that have come. I have a heart that feels and eyes that see. I wish to explain to you why we must endure this trying moment. Those who sought to perpetuate the fuel subsidy and broken foreign exchange policies are people who would build their family mansion in the middle of a swamp. I am different.
  • I am not a man to erect our national home on a foundation of mud. To endure, our home must be constructed on safe and pleasant ground.
  • Reform may be painful, but it is what greatness and the future require.
  • We now carry the costs of reaching a future in Nigeria where the abundance and fruits of the nation are fairly shared among all, not hoarded by a select and greedy few.
  • A Nigeria where hunger, poverty and hardship are pushed into the shadows of an ever-fading past.
  • There is no joy in seeing the people of this nation shoulder burdens that should have been shed years ago. I wish today’s difficulties did not exist. But we must endure if we are to reach the good side of our future.
  • My government is doing all that it can to ease the load. I will now outline the path we are taking to relieve the stress on our families and households.
  • We have embarked on several public sector reforms to stabilize the economy, direct fiscal and monetary policy to fight inflation, encourage production, ensure the security of lives and property and lend more support to the poor and the vulnerable.
  • Based on our talks with labour, business and other stakeholders, we are introducing a provisional wage increment to enhance the federal minimum wage without causing undue inflation. For the next six months, the average low-grade worker shall receive an additional Twenty-Five Thousand naira per month.
  • To ensure better grassroots development, we set up an Infrastructure Support Fund for states to invest in critical areas. States have already received funds to provide relief packages against the impact of rising food and other prices.
  • Making the economy more robust by lowering transport costs will be key. In this regard, we have opened a new chapter in public transportation through the deployment of cheaper, safer Compressed Natural Gas (CNG) buses across the nation. These buses will operate at a fraction of current fuel prices, positively affecting transport fares.
  • New CNG conversions kits will start coming in very soon as all hands are on deck to fast track the usually lengthy procurement process. We are also setting up training facilities and workshops across the nation to train and provide new opportunities for transport operators and entrepreneurs. This is a groundbreaking moment where, as a nation, we embrace more efficient means to power our economy. In making this change, we also make history.
  • I pledged a thorough housecleaning of the den of malfeasance the CBN had become. That housecleaning is well underway. A new leadership for the Central Bank has been constituted.
  • Also, my special investigator will soon present his findings on past lapses and how to prevent similar reoccurrences. Henceforth, monetary policy shall be for the benefit of all and not the exclusive province of the powerful and wealthy.
  • Wise tax policy is essential to economic fairness and development. I have inaugurated a Committee on Tax Reforms to improve the efficiency of tax administration in the country and address fiscal policies that are unfair or hinder the business environment and slow our growth.
  • To boost employment and urban incomes, we are providing investment funding for enterprises with great potential. Similarly, we are increasing investment in micro, small and medium-sized enterprises.
  • Commencing this month, the social safety net is being extended through the expansion of cash transfer programs to an additional 15 million vulnerable households.
  • My administration shall always accord the highest priority to the safety of the people. Inter-Service collaboration and intelligence sharing have been enhanced. Our Service Chiefs have been tasked with the vital responsibility of rebuilding the capacities of our security services.
  • Here, I salute and commend our gallant security forces for keeping us safe and securing our territorial integrity. Many have paid the ultimate sacrifice. We remember them today and their families. We shall equip our forces with the ways and means needed to perform their urgent task on behalf of the people,
  • We shall continue to make key appointments in line with the provisions of the Constitution and with fairness toward all. Women, Youth and the physically challenged shall continue to be given due regard in these appointments.
  • May I take this opportunity to congratulate the National Assembly for its role in the quick take-off of this administration through the performance of its constitutional duties of confirmation and oversight.
  • I similarly congratulate the judiciary as a pillar of democracy and fairness.
  • I also thank members of our dynamic civil society organizations and labour unions for their dedication to Nigerian democracy. We may not always agree but I value your advice and recommendations. You are my brothers and sisters and you have my due respect.
  • Fellow compatriots, the journey ahead will not be navigated by fear or hatred. We can only achieve a better Nigeria through courage, compassion and commitment as one indivisible unit.
  • I promise that I shall remain committed and serve faithfully. I also invite all to join this enterprise to remake our beloved nation into its better self. We can do it. We must do it. We shall do it.!!!
  • I wish you all a happy 63rd Independence Anniversary.
  • Thank you for listening.
  • May God bless the Federal Republic of Nigeria.

BREAKING NEWS

Breaking: MTN Nigeria forfeits shareholder funds after suffering N740 billion in foreign exchange losses.

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Breaking: MTN Nigeria forfeits shareholder funds after suffering N740 billion in foreign exchange losses.

Breaking: MTN Nigeria forfeits shareholder funds after suffering N740 billion in foreign exchange losses.

MTN Nigeria Plc has reported a loss before tax of N177.8 billion compared to a pre-tax profit of N518.8 billion a year earlier. The losses resulted in a wipeout of shareholders’ funds.

The company attributed the losses to a massive foreign currency loss of N740 billion up from N81 billion reported in 2022.

This is the company’s first-ever loss since it became a quoted company in Nigeria.

Key Highlights

Total subscribers increased by 5.3% to 79.7 million
Active data users increased by 12.7% to 44.6 million
Active mobile money (MoMo PSB) wallets increased by 163.2% to 5.3 million
Service revenue increased by 22.4% to N2.5 trillion
Earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 12.3% to N1.2 trillion
EBITDA margin decreased by 4.5 percentage points (pp) to 48.7%
Loss after tax was N137.0 billion due to net forex loss
Profit after tax (PAT) adjusted for the net forex loss decreased by 14.3% to N344.5 billion
Earnings per share (EPS) declined to negative N6.38 kobo (N16.56 kobo adjusted for the net forex loss, down 14.1%)
Net loss for the year has resulted in a depletion of our retained earnings and shareholders’ fund to negative N208.0 billion and N40.8 billion, respectively
Company Commentary: “2023 witnessed a very challenging operating environment characterised by rising inflation, currency devaluation and foreign exchange shortages, complicated by geopolitical disruptions and cash shortages in Q1 arising from a redesign of the naira.

These factors created severe MTN Nigeria Communications Plc Audited results for the year ended 31 December 2023 2 | Page headwinds for our customers and our business during the year. The inflation rate increased throughout the year, reaching 28.9% in December 2023 – the highest reading in 18 years – with an average rate of 24.5%.

This was further exacerbated by higher fuel prices, arising from the removal of the fuel subsidy in May 2023, with the average prices of diesel and petrol up by 66.4% and 257.1% in 2023 to N1,416.8/litre and N600/litre, respectively. In June 2023, the Central Bank of Nigeria (CBN) adopted a more liberal foreign exchange management system and reintroduced the ‘willing buyer, willing seller’ model.

This has resulted in a 96.7% unfavourable movement in the exchange rate against the US dollar from N461.1/US$ in December 2022 to N907.1/US$ (Nigerian Autonomous Foreign Exchange Market (NAFEM) rate) in December 2023. This development contributed meaningfully to the upward pressure on the cost of doing business in Nigeria, and for MTN Nigeria in particular, significantly increased the costs in relation to our tower leases.”

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BREAKING NEWS

BREAKING: “No more Emilokan”—Ibadan residents protest hardship under Tinubu 

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BREAKING: “No more Emilokan"—Ibadan residents protest hardship under Tinubu 

BREAKING: “No more Emilokan”—Ibadan residents protest hardship under Tinubu

Some Nigerians in Ibadan, Oyo State, are currently protesting the high cost of living, food inflation, and economic hardship under President Bola Tinubu administration.

Recall that Nigerians have continued to face various degrees of economic hardship since President Tinubu announced the removal of the petrol subsidy on May 29, 2023.

The protest, which was staged in the Mokola area of Ibadan, had some placard-carrying youths in their numbers chanting songs to drive home their points.

Some of the placards have inscriptions such as ‘No more Emilokan’, ‘End food hike and inflation’, ‘The poor are starving’, ‘Tinubu, don’t forget your promises’, amongst others.

Armed policemen were seen at the protest scene even as demonstrators held the peaceful rally against the economic hardship in the land occasioned by the removal of petrol subsidies and the unification of the foreign exchange windows.

The police had warned that no breach of peace would be allowed during any protest in the state.

The protest in Oyo followed others in Kano and Minna, among others, over the economic hardship occasioned by petrol subsidy removal, food inflation, and the high cost of living.

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BREAKING NEWS

A helicopter carrying Herbert Wigwe and five others crashes on the California-Nevada Border

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Wigwe: Family releases burial rights, excludes RCCG City of David

A helicopter carrying Herbert Wigwe and five others crashes on the California-Nevada Border

A helicopter carrying Herbert Wigwe, Group Managing Director and Chief Executive Officer of Access Holding, and five other people crashed near the California-Nevada border.

No official confirmation has been made from the bank holding company.

However, sources with knowledge of the matter confirm that Herbert Wigwe was on board the helicopter but cannot confirm if he is dead or if there were survivors.

Also on board were his wife and son. Nairametrics also understands that business mogul Abimbola Ogunbajo was also on board the flight.

However, the United States National Transport Safety Board (NTSB) is still investigating the crash, as authorities have yet to access the crash site.

The NTSB also tweeted

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