President Muhammadu Buhari yesterday expressed displeasure that former President Goodluck Jonathan’s administration failed to save for the rainy day.
The President, who was represented by the Minister of Information and Culture, Alhaji Lai Mohammed, spoke yesterday at the Hotel Presidential in Port Harcourt, the Rivers State apital, at the opening of the 12th All Nigeria Editors’ Conference (ANEC) 2016.
The conference, with the theme: Economic Diversification: Agriculture as Option for a Prosperous Nigeria, was attended by eminent personalities from across the country and beyond.
President Buhari said: “Nigeria has nothing to rely on to cushion the effects of the lost earnings. Many other oil producing countries and fellow Organisation of Petroleum Exporting Countries (OPEC) members are faring better, because they saved for the rainy day. Saudi Arabia, with about one fifth of Nigeria’s population, has in foreign reserves about $600 billion, which is 23 times what Nigeria has in foreign reserves.
“United Arab Emirates, with less than 10 million people, has $75 billion in foreign reserves. Qatar, with 2.4 million people, has $36 billion in foreign reserves. Even Angola, with just 24 million people, has about $25 billion dollars in foreign reserves.
“Here in Nigeria, with oil selling consistently for over $100 a barrel for many years, we simply failed to save for the rainy day, with the result that a country with a population of over 170 million today has just $26 billion in foreign reserves.
“To compound this, the fall in the price of crude oil is having a ripple effect: the scarcity of forex, which has resulted from the oil price crash, means that industries are struggling to get forex to import raw materials and machinery.
“With falling imports, the Customs Service, which is another source of revenue, is collecting less duties. Taxation is also affected, as industries with no forex to import can neither employ more people nor produce more goods. Then, Nigeria has had to fight an existential battle to root out Boko Haram in the Northeast.”
The President noted that the Nigerian Guild of Editors (NGE) and the media should become the champions of change.
He said: “What I am saying in essence is that while the media owe it as a duty to keep Nigerians well informed about the situation in the country, it must do so in context. We are not saying we should continue to lament about missed opportunities, the massive corruption or profligacy of the past, but it is important for Nigerians to know where and when the rain started beating them, that no provision was made for any umbrella to shield them from the elements and that indeed genuine efforts are now being made to turn things around.”
Rivers State Governor Nyesom Wike described the state as enormously endowed and beautiful, thereby beckoning on investors.
He said Rivers residents were friendly, lovely and peaceful. Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
You will blame pdp till 2019,liars liars.....one chance people! ,no economic policies. U cannot decieve us forever....
ReplyDelete... So why did APC gov led by Oshiomohole go to court to have the sovereign wealth fund shared? So Na Jonathan led them and na Jonathan be the judge who gave the judgement that the money be shared. Baba you have failed so far.cikena!
ReplyDeleteEnough of this senseless blame game. People are dying, economy is bad. Fix it or resign...PERIOD!!!!! Where is the change you promised ? ZOO administration in a zoological contraption.
ReplyDeleteMoney is not the problem of Nigeria as of now,the problem is leadership. PERIOD.
ReplyDeleteJust hear urself talked mr president you said the other country were less populated while they could saved meanwhile we nig couldn't this is due to our poor system of government why can't you well enact could not accept to restructure the nation so as to be able to save again
ReplyDeleteNwoye or what do you call your name,you have had your days during JEG era and now is time to vomit them and as you vomit them I wish you good luck. I don't know if in your own area if you plant cocoa as economic tree it can bring fruit this year. All of you better go back to farm or you die from looking for forex that is not there. How can economy be good your oil is just above $40 and you are blaming PMB for that. Tell me where else's do you want him to get it. Fools think twice and pray for Nigeria.
ReplyDeleteIdiot...poverty will kill you...may you vomit every good thing you acquired during gej's era...hopeless being..we are talking about business,you are talking thrash...get lost with your stupid hungry red cap if you have nothing meaningful to say..
DeleteLooking for forex that is not there you say,but there is enough forex to give to pilgrims,at the reduced rate of 197,but people that needs it for business get it for more than 300 naira...you need to get your head examined thoroughly...why am I even talking to you,do you even know what it takes and means to run a business..get out please...
DeleteSince Jona didn't save for the raining day, had PMB started savingnow for the sunny day? I won't be surprise from this game of blame if PHB and his APC after 2019 come up to say 4yrs are not enough the clean the mess of PDP.
ReplyDeleteAS a Nigerian, I am getting tired of this blamestaking game of APC. During the campaign, you promised to use a magic wand to transform Nigeria to the pinnacle of glory; today the story is different and you tell Nigerians you are not a magician. Your minister of information said Nigerians have started enjoying the change APC promised; am sure hardship is the change that was promised.
Often time, I pursed to ask the question "did Nigerians ever bother to ask for the type of change APC for campaigning for?" Because change could be positive or negative; the bottom line is something has change. So I won't be surprised if Lai Mohammed claimed Nigerians have started enjoying the change that was promise.
Nonetheless, from the blames taking game of APC I could be inferred that, the APC led administration is not interested in building Nigeria but rather hoping to squander the treasury. If this is not true, why is APC after over oner year in office still complain of empty treasury? Why is it that APC has not implemented any good policy to cushion the suffering of the masses? Why is it that all we get is complaint from the government instead of solution?
When the pump price PMS was increased from #87 to #145, the justification was that there will be a price slump with time; predictively 3 month after the increment. But today what do we get?
I think it's time to come out bold to task the government what Nigerians need. A lot has gone wrong in this administration and more than enough will still go wrong if as Nigeria's we keep quiet. It should be noted that, a leader who finds fault in his predecessor cannot lead.
The most hilarious thing about the APC led government is that, the so called Father Mba who proclaimed PMB to be God sent and saviour of Nigeria is crying out loud due to the unprecedented level of hardship in the country. Now I don't know who to pray for; eiher for Father Mba for misleading Nigerians or for God to prune the APC led administration to implant good ideas that can profit Nigerians.
Continuing in this hardship for the next three and half years will be unbearable for Nigerians. But if the situation remains unchange for better, history might repeat itself in the time of the famine in Samaria.
MAY GOD HELP OUR BELOVE COUNTRY NIGERIA. WE HAVE NO OTHER BETTER PLACE TO BE CALLED HOME EXCEPT NIGERIA.
GEJ did not save because there is no need for the rain, everyone was comfortable in his era. Now I wonder why that rainy day would come in ur time. Nonsense
ReplyDelete