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He was speaking on Wednesday at the induction of new members of the national assembly organised by the National Institute for Legislative Studies in Abuja.
The challenges he listed are:
*General insecurity and insurgency "that has caused extreme human hardship and destruction of lives, livelihoods" in the north-east and north-west
*Environmental degradation in the Niger Delta
*Decline in revenues due to fall in oil prices
*Endemic corruption "which has crippled human and infrastructure development for decades"
*Poor provision of power supply "which has had a crippling effect on development of small businesses"
*Deindustrialization for the past three decades leading to closure of many industries and migration of many to other African countries
*High levels of unemployment and especially youth unemployment which Buhari put at 40%
*High cost of governance "that has been crowding out capital and human development"
*Erosion of public social services such as infrastructure, health and education.
*Lack of development in the agricultural and solid mineral sectors.
He said he hoped to work closely with legislators to tackle the challenges, noting that the legislature is a critical component and necessary ingredient of democracy and good governance.
Buhari told the lawmakers: "The legislature by nature is inherently democratic in the sense that all members are equal and are elected representatives of the Nigerian people. As President-elect, I recognise this fact and believe that legislators carry this heavy burden of representation with all the seriousness it deserves.
"For a president to be successful in addressing community development and general welfare of the various people of the country, he or she would benefit from working closely and in harmony with the legislative arm of government.
"I therefore commit myself to working with the legislature as development partners motivated by the desire to deliver good governance."
He commended Nigerians for their role during the general election, and commended President Goodluck Jonathan for accepting the results of the election "before final announcement was made".
Minister of National Planning, Dr. Abubakar Sulaiman, disclosed this at the end of the weekly Federal Executive Council meeting presided over by Jonathan in a report by PUNCH
Sulaiman told State House correspondents that the council considered the state of the transition programme and took exception to some utterances and terms of reference of the transition committee set up by Buhari.
The minister, who is the chairman of the Technical Subcommittee of the outgoing government's transition committee, said the council noted that such actions were suggesting that the current government was either being stampeded or being intimidated.
He said,
"We did receive from the incoming government's transition committee some terms of reference which we looked at critically and council did agree with. Dr. Goodluck Ebele Jonathan remains the current head of government of this country.
"The incoming government should avoid creating a parallel government while the government is still on.
"We take exception to some utterances and some of the terms of reference that look as if the current government is being stampeded or intimidated.
"Council frowned on most of the statements, most of the provocations and council members are advised to work in line with the terms of reference of the current government.
"Council members are also told that the terms of reference as formatted by our transition committee should be strictly complied with.
"When the incoming government takes over government, they can come out with their programmes, they can come out with their own agenda, they can decide to come out with policies in the way they feel like.
"This government remains resolute to the various programmes and projects it is pursuing and the government will continue to do that until the morning of May 29."
When he was asked to mention some of the terms of reference of the incoming government's transition committee that the outgoing government was not comfortable with, Sulaiman asked journalists to go and do their investigation.
He warned that Jonathan's magnanimity should not be taken as a sign of cowardice.
"The magnanimity of Mr. President should not be taken to be cowardice.
"That is why Mr. President and indeed council members enjoined Nigerians to see the olive branch extended to Nigerians and international community as a way of keeping this country intact and as a way of ensuring peace in Nigeria.
"As such, whatever the outcome of the election, what is important is Nigeria's national interest. And that national interest should be protected, enhanced and promoted at whatever level we are.
