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FELLOW Nigerians, I salute you in this important occasion of our 25th
independence anniversary. We are most grateful to Almighty God for making it
possible for us to rejoice and celebrate the great day. I extend greetings
and good wishes to you and all our compatriots through out the world who are
not able to join us in our celebration at home.

As we celebrate 25 years of the fruits of the endeavour, we acknowledge and
salute the courage, foresight, heroism and sacrifice of our nationalist
leaders.

Those of them that are happily alive and who continue to make contributions
to the further consolidation of our national gains can today justly be proud
of their achievements.

I hardly need say that the history of our nation in its independent essence
has been a chequered one. We have had our share of social upheavals,
political instability, religious intolerance and economic hardship.

During these years, we have also undergone the most painful national trauma
of an invidious civil war whose emotional scars will continue to haunt us
for years to come.

I believe that while we must never forget the scores of the sad lessons of
our history, we should not show ourselves to be discouraged or overwhelmed
by those unfortunate experiences.

Rather, we should draw inspiration from the brighter chapters of our history
and in a determined spirit engage the reservoir of our resourcefulness,
creativity, sense of sacrifice and national commitment which we as a people
have accumulated over this eventful period.

It should now be abundantly clear to all that this administration, while
being mindful of the lessons of our history, is determined to look forward
to the future unencumbered by the burdens of the past.

It is our determination that we break the vicious cycle of hope and despair,
affluence and poverty, stability and chaos which had characterised the past
quarter century of our national life. The political history of the nation is
partly one of disillusionment with politics and with politicians.

Successive governments have left us with a legacy of economic mismanagement
a chain of political instability. We are convinced that the apparently more
immediate problem of salvaging the economy and creating a disciplined social
order are the result of the lack of a convenient national order based on
shared class and issues.

In the meantime this administration is aware of the need to find urgent
solutions to the problems facing the country today. In view of the magnitude
of our economic problems from today, I declare a state of economic emergency
for the next 15 months. This emergency period will require strong belt
tightening not unlike what we experienced during the civil war. However, we
shall ensure that the burden of these emergency measures is distributed as
equitably as possible throughout the society. During this period we are to
visibly turn around the economy and lay a solid foundation for a healthier
long-term development.

The fundamental objectives of this administration are ECONOMIC
RECONSTRUCTION, SOCIAL JUSTICE AND SELF-RELIANCE. We intend to shift the
attention of the nation from the buying and selling syndrome and parasitic
services to the most enduring domain of increased total real production,
rising labour productivity and general efficiency of investment.

Furthermore, we shall lay greater emphases on international competitiveness
and export promotion of non-oil commodities and services.

For too long, we have perpetuated the neglect of our rural population. We
are now resolved to give prominence to rural development through
agriculture-led industrialisation complemented by the population of domestic
non-agricultural resources.

In particular, we shall pursue a good policy and programmes such that the
present urban base is reversed and the nation achieves a sustained level of
internal self-sufficiency in food in the shortest possible time.

In respect of food and agriculture, government will shift policy from large
scale to small-scale farmers from large irrigation process to a network of
small earth farms and medium sized farms and for import dependence to
internal self-sufficiency.

In this connection, government has decided to end importation of rice and
maize forthwith.

Programme of expanded production will be pursued in the context of specific
commodities like rice, maize, sorghum, cassava, fish, vegetable oil and
animal products.

In the civil engineering sector, government will lay emphasis on strong
negotiated cost reduction for the utilisation of excess capacities for the
generation of employment, for rural road expansion for urban road
rehabilitation and for a sustained system of road maintenance.

In correcting the many distortions and reducing the capacity utilisation
ratio of the manufacturing sector it is important to emphasise that not all
industries or plants deserve equal attention for support, and some may
indeed have to swim on their own.

There must necessarily be differential allocation of complementary inputs
and scarce resources to both existing and proposed plants. It is in this way
that we can facilitate a national profile of viable investments in the
industrial sector as a whole.

In this connection the steel industry and vehicle assembly plants must be
revamped to fulfill their mission as springboards for the nation's
technological development.

While primary education and basic health scheme are principally the
responsibility of state and local governments, the federal government will
intervene creatively in supporting programmes of infrastructural
rehabilitation, equipment provision, curricula development, staff training
and maintenance system. Furthermore, four University Teaching Hospitals will
be designated as centres of specialist excellence. The development and
provision of potable water is a field especially calling for federal
initiative in both urban and rural areas. In this regard imperative
programmes will be explored for training, storing and utilising rainwater on
an extensive scale.

We shall not accept liability for debts which are not so incontrovertibly
established. Furthermore government will clamp down on new debts, which are
being uncritically committed, or in the pipeline and order a broad review of
all on-going loan-assisted schemes whether public or private.

In order to generate foreign exchange and attract greater investment,
government will immediately proceed with the domiciliary account scheme both
by Nigerian residents and those abroad.

As a matter of urgency government intends to overhaul the present system of
import licence in such a manner as to reduce bottlenecks and ensure the
importation of clearly essential, not simply scarce commodities.

Licences not normally valid for foreign exchange allocation will cover such
critical areas as books, school equipment, drugs, medication, hospital
equipment, agricultural machinery and equipment for road construction and
land preparation.

Government will seek to expand and quicken the programme of issuing
promissory notes under alternative schemes of re-financing by major
financial institutions in Nigeria and abroad.

We shall also explore the possibility of mopping up a significant portion of
the existing high liquidity in the Nigerian financial system by diverting
its equity holdings in several potentially viable parastatals and
state-owned companies as well as by large placements of debenture stocks.
First on the list will be such investments as in hotels, breweries and
distilleries.

In addition, parastatals will be generally encouraged to subject themselves
to the discipline of the capital market. The states and the large
municipalities will similarly be encouraged to float bonds for key areas of
their development financing.

New and creative Financial Institutions, with particular reference to
merchant banking venture capital, unit trusts and second-tier capital will
be assisted and encouraged to extend their operations to the ECOWAS region
and beyond.

To achieve our goals, we must involve and carry along everyone. We are aware
of the self-defeating apathy and alienation, which an insensitive government
can induce in a people.

We have assumed the reins of government to serve, not to be masters of our
own people.

WE are determined to leave behind us the legacy of bitterness, the
atmosphere of repression, the negotiation of our sense of justice and due
processes of the law and the great national divide along ethnic, regional,
religious and socio-economic lines.

Fellow countrymen and women, at this juncture, I consider it appropriate to
clarify the issue of the release of political detainees which has generated
some controversy.

I wish to make it absolutely clear that our action was inspired only by the
ideals of justice and fair play.

It must not be construed as an attempt on our part to excuse, cover up or
condone corruption in public life.

I re-affirm this government's conviction that the present battered state of
the economy was brought about by the gross mismanagement and indiscipline of
the last civilian administration.

A high powered judicial tribunal will therefore soon be established to
review all cases relating to the following categories of people.

i.  Released detainees

ii. Those that have been convicted by military tribunals.

iii. Those still in detention awaiting final determination of their cases.

I would also like to reaffirm government's determination to vigorously
pursue the War Against Indiscipline. In this connection, the Federal
Ministry of Information has been directed to devise an even more effective
campaign for internalising the values of discipline, honesty, hard work and
self-reliance.

Fellow Nigerians, I should not end this address without mentioning that our
friends and well wishers all over the world have extended us felicitations
and good wishes on this occasion. We acknowledge and thank them all for
their solidarity.

This administration recognises that in this inter-dependent world, no nation
can be an island unit itself. We are, therefore, determined to build upon
the solid foundation of friendship and cooperation we enjoy with all
friendly nations.

We should not allow ourselves to be discouraged by the difficulties and
tribulations we are currently passing through. We should not lose sight of
the fact that whatever the difficulties we have always managed to overcome
them.

We should acknowledge that our faltering steps notwithstanding we still have
much to be proud of: Ours is a great country.

We must rededicate ourselves to make it an even greater one. In this
endeavour, there should be no illusion about any easy path.

I assure you that this administration is determined to face the challenges
squarely. The time for action is NOW. We count on your understanding,
cooperation and support.

Let us all work together for brighter future under the banner of ECONOMIC
RECONSTRUCTION SOCIAL JUSTICE AND SELF-RELIANCE.