RATIONALE OF THE PEOPLE’S BUDGET

FISCAL POLICY MEASURES OF BUDGET 2000

ADDRESS TO THE JOINT SESSION OF THE NATIONAL ASSEMBLY

ABUJA, 20 JANUARY 2000

1. Distinguished and Honourable Members of the National, it gives me great pleasure to welcome you back from the first Christmas and Idel Fitr break in the life of our new democratic dispensation. I wish you all to join in prayer of gratitude to the Almighty for seeing us through the final half of last year. And He may continue to give us guidance in the forthcoming year as we undertake the collective responsibility for piloting the ship of this nation into new century and the new millennium.

2 At the time I presented the broad outline of the fiscal policies measures that will support the Budget. In the meantime we have concluded the widespread consultation process needed get a detailed picture of the economy that we have committed ourselves to managing efficiently. It is thus with a deep sense of responsibility that I now present to you the

Distinguished and Honourable Members of the National Assembly, let me seize this opportunity to draw your attention to the request made simultaneously to Speaker of the House of Representatives and President of the Senate during your break for an addition of ten billion naira to the Appropriation Bill of Budget 2000 for the purpose of employment creation to kick-start the reflation of the economy. It is envisaged that the measures will create not less than 200,000 jobs throughout the country, with a minimum of 5000 jobs being created in each State of the Federation. In anticipation of National Assembly approval of the proposal, and having signed the necessary authorisation in accordance with the relevant provisions of the National Constitution [ ], which allows up to six months expensiture pending legislative approval of the Appropriation Bill, we will embark on the implementation of this programme as from next month.

Distinguished and Honourable Members of the National Assembly, our management of the economy in the first seven months of this Administration has by all evidence produced stability. Our national economy now enjoys greater confidence both at home and from abroad. We have indeed gathered considerable momentum in moving up the economy in increased capacity utilisation, agricultural and industrial production, and revitalisation of the manufacturing and mining sectors. We must not and cannot afford to lose the momentum. An early approval of Budget 2000 will ensure that we retain that momentum.

I believe there is need to improve effective communication between the Legislative and the Executive, there should be more exchange of information and broader level of consultation between both sides. It is for this reason that I recently took the unprecedented step of briefing the joint leadership of the National Assembly on the details of the fiscal policy measures two nights ago. It is also for this reason that I am addressing this August body of the joint session of the National Assembly today. Let nobody be in doubt about the monumental task ahead for all of us if we are to lift this country from morass and move it forward. The decay is deep and widespread. We have only begun to fathom it. And only conscientious and united effort efforts can give us success. That is the spirit of the new millennium.

I thank you. May God bless you all.