Even more alarming is the following
“BREAKING NEWS” on both CNN and SKY News based on the front page report of “Nigerian Tribune” newspaper of November 4, 2016.
PRESIDENT Muhammadu Buhari, on Thursday, said he was alarmed with what he met on ground and almost ran away from Aso Rock soon after he was sworn-in as President.
Buhari said he was scared when the enormity of the country’s economic crisis dawned on him.
He spoke while addressing the Senior Executive Course 38 (2016) of the National Institute for Policy and Strategic Studies (NIPSS), Kuru, Jos at the Council Chamber of the Presidential Villa, Abuja.
The President, who digressed from the prepared speech he was reading, said he was surprised to discover that in spite of the huge oil revenue realised by the past governments, nothing was on ground to show for it.
He said he discovered that the country did not make any investment in infrastructure and other essentials in spite of the huge revenue that accrued to successive governments since 1999.
He said: “Gentlemen, I have to digress now. For 16 years, there was unprecedented revenue realised. The oil projection which can be verified was 2.1 million barrels per day, 1999-2015. The average cost of each Nigeria’s barrel of oil was $100 per barrel.
“When we came, it fell to less than $30 per barrel and is now between 40 and 50 (dollars). Actually, I felt like absconding because 27 out of 36 states in Nigeria cannot pay salaries and we know they have no other source than to depend on salaries.
“And I asked any savings? I was told there was no savings, And I asked, what have you done on agriculture, power, rails, roads?
“Nothing. You know more than I do because you move around. I have not been moving around since after elections but you do. How many of the Trunk A roads are still good enough? How much power do we have, although there are some elements of sabotage.
The President further noted that he was startled when he was informed that the huge revenue from oil was spent by successive governments on importation of food and petrol in the name of subsidy.
He wondered how many Nigerians, apart from the elite class, could afford imported food items or even have taste for them that would warrant such expenditure.
“I was told the money was used to import food and fuel. I didn’t believe the answer and I still don’t believe it. Until now substantial number of people in the East eat garri and groundnut; in the West, pounded yam, cassava, vegetables; in the North, tuwo which is made from any of the grains: millet, sorghum. They eat it in the night and warm it in the morning and eat it and take fura da nunu in the afternoon. How many of those people can afford foreign food?”
Then they said I should check out the petroleum sector. The legislature dedicated 445,000 barrels per day and that is just 60 per cent of our requirements. I said ok what of the 40 per cent? The marketers that are bringing it just present documents, papers are just stamped and monies are taken away.
This is the type of things that the Nigerian elites are doing for our own country. When you go back look at your colleagues and encourage them to be truly Nigerians,” Buhari noted.
President Buhari, however, said he was glad that Course 38 had been able to deliver on his challenge to them to do a report on the topic “Strengthening Institutional Mechanism for Poverty Reduction and Inclusive Development”
“I have looked forward to receiving this report because it touches on one of the fundamental problems confronting our nation. The Report comes at a time when our economy is experiencing a downturn and all efforts are being made by this administration to get our country moving again,” he said.
He appealed to Nigerians to continue to have abiding faith in his administration in spite of the current hardship in the country, saying he could not afford to ignore the poor who made great sacrifice to bring him into power.
He noted that the economic recession was not the making of this administration, but a consequence of bad management of the economy in the past couple of decades.
He pledged the commitment of his administration to ending extreme poverty in Nigeria.
According to him, even though the current recession was not limited to Nigeria as “there are far, far worse cases than Nigeria” his government is working assiduously towards ensuring that the country comes out of the recession vibrant and strong.
The President maintained that poverty reduction and inclusive development have become pillars of this administration and very close to his heart.”
J.K. Randle
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