Presidential speech highlight

Highlights of President Goodluck Jonathan’s broadcast:

1.       There are two basic choices with regard to the management of the downstream petroleum sector: to deregulate and survive economically, or continue with the subsidy regime that will continue to undermine the economy and potential for growth, and face serious consequences.

2.       The interest of the ordinary people of this country remains topmost in the President’s priorities as a leader, promising that he remains passionately committed to achieving significant and enduring improvements in the economy that will lead to sustained improvement in the lives of Nigerians.

3.       The basic salaries of all political office holders in the Executive arm of government will be reduced by 25 per cent. Government also reviewing the number of committees, commissions and parastatals with overlapping responsibilities.

4.       The deregulation is to curb corruption.

5.       Removal of the petroleum subsidy will only be temporary. overnment will be vigilant and act decisively to curb the excesses of those that want to exploit the current situation for selfish gains.

6.       All Ministries, Departments and Agencies of government to embark immediately on all projects which have been designed to cushion the impact of the subsidy removal in the short, medium and long-term, as outlined in the Subsidy Reinvestment and Empowerment Programme Document.

7.       A robust mass transit intervention programme to bring down the cost of transportation across the country will be launched tomorrow by Jonathan.

8.       Announced the mobilization of contractors for the full rehabilitation of the Port Harcourt –Maiduguri Railway Line and the completion of the Lagos-Kano Railway Line. I have also directed the immediate commencement of a Public Works programme that will engage the services of about 10, 000 youths in every state of the Federation and the Federal Capital Territory. This will create an additional 370,000 jobs.

9.       Committee to manage subsidy fund will be properly monitored.