Buhari: the 2020 celebration of democracy day marks 21 years of uninterrupted civil administration

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President Muhammadu Buhari says “The 2020 celebration of Democracy Day marks 21 years of uninterrupted civil administration in our dear country. This day provides us an opportunity to reflect on our journey as a nation, our achievements and struggles”. via his twitter handel @MBuhari.

He also added that It is a day to honour our founding fathers who toiled to establish our republic and every Nigerian who has worked tirelessly to sustain it. We are celebrating this year’s Democracy Day despite the COVID-19 pandemic which afflicts our nation and the whole world.

It is indeed a very difficult time for everyone especially those who have lost loved ones to the virus and those whose sources of livelihood have been severely constrained by the stringent measures we introduced at every level of government to contain the virus and save lives.

The dedication of our health and other essential services staff towards containing this virus is a testament of our courage and resilience as a people and as a great nation, and I use this opportunity to say thank you to all of you for your service to the nation.

Sustaining our democracy thus far has been a collective struggle, and I congratulate all Nigerians and particularly leaders of our democratic institutions on their resilience and determination to ensure that Nigeria remains a shining example of democracy.

In my 2019 Democracy Day address, I promised to frontally address the nation’s daunting challenges, especially insecurity, economy and corruption. I therefore find it necessary to give an account of my stewardship on this day.

We have recorded notable achievements in the course of implementing our nine priority objectives and are establishing a solid foundation for future success.

On the economic front, our objectives have remained to stabilize the macroeconomy, achieve agricultural and food security, ensure energy sufficiency in power and petroleum products, develop infrastructure, fight corruption and improve governance.

We have witnessed eleven quarters of consecutive GDP growth since exiting recession. The GDP grew from 1.91% in 2018 to 2.27% in 2019 but declined to 1.87% in the first quarter of 2020 as a result of the decline in global economic activities due to the COVID-19 pandemic.

Every single economy in the world has suffered a decline. Ours has been relatively moderate.

In order to stabilize the economy, the Monetary Authority took steps to build the external reserves which resulted in improved liquidity in the foreign exchange market.The external reserves grew from $33.42 billion on April 29th 2020 to about $36.00 billion in May, 2020 which is enough to finance seven months of import commitments.

 

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