At the inception of the Obasanjo administration in 1999, the morale of Nigerians was at the lowest ebb as a result of total decay of infrastructure, malfunctioning public utilities, high level of corruption, general waste, public pension collapse, inefficient State enterprises, soaring inflation, unemployment and a dissatisfied citizenry. Nigerians had almost lost confidence in the government and faith in their country.

Mr. President, recognizing this basic fact, embarked on fundamental changes otherwise tagged reforms, in the socio-economic and political spheres of our national life, in order to give Nigerians a better future. After all, a chronic ailment must require a drastic cure or surgery, to restore a patient to good health.

The Federal Government has therefore, identified and prioritized major areas requiring reforms, such areas include:

• Privatization of public enterprises
• Liberalization of key sectors of the economy
• Restructuring of the Public Service
• Review of government budgeting and taxation laws
• Governance and institutional strengthening
• Debt Management and Service Delivery
• Economic empowerment programmes and Due Process

Reform objectives comprise the following:

• Reinvigoration of the economy
• Faster development of infrastructure
• Poverty Reduction
• Jobs and wealth creation
• Entrenchment of fiscal discipline in public budgeting and expenditure
• Motivation of private sector to achieve greater performance and growth; and
• Restructuring the Public Service for greater efficiency and effectiveness, etc

However, the challenges envisaged include:

• Entrenched practices and prejudices that need to be changed
• Lack of adequate public understanding and awareness
• Inadequate statistical data for planning
• Anticipated fight back by apparent losers
• Lack of enough commitment to the total realization of reform
• Ability to create a conducive environment for Private Sector participation; and
• Political insecurity

On the other hand, results expected from the reform process, include:

• Restoration of confidence among the citizenry in their government, its policies, programmes and activities
• Restoration of confidence within the international comity of nations in Nigeria's commitment to good governance and sound economic programmes
• Greater stability and better understanding within the polity
• Efficient and effective service delivery
• Accelerated political and socio-economic development; and a better and happier existence for the average Nigerian