Speaking at the National Executive Council meeting of the All Progressives Congress (APC) on Thursday, President Muhammadu Buhari declared that the administration of Former President Goodluck Jonathan destroyed Nigeria’s economy.
As he said, Nigeria has found herself in the pit economic crisis as a result of her total dependence on a single source of income, which is crude oil. Hence, the fall in its price has taken the nation aback. Speaking further on the present situation of the nation’s economy, Buhari said:
“the fall of oil prices in Nigeria has made itself a mono economy which is a disaster. I wonder why people could not believe that in Nigeria; about 27 out of 36 states have difficulty in paying basic salaries of their workers.
“If from 1999, oil sold above 100 dollars per barrel with an export of about 2 million barrel per day, how come Nigeria failed to make some arrangement to cushion the effect of a probably volatile oil market? Again, it shows failure of the last administration.
He however reassured Nigerian citizens that the present government of the All Progressive Congress has firmly decided to pick the remaining pieces and see how much they can do with whatever remains of the economy. To achieve this, Buhari said his government will pay attention to other sectors like agriculture and solid minerals. He said:
See Again: JAMB Used Wrong Software for 2016 Exam
“However, we realized that agriculture and solid minerals are two areas that can quickly come to help us to recover economically, at least in terms of employment and feeding ourselves and more importantly, saving the hard currency to make sure that what is left of our industries remain open, employing Nigerians and producing goods and services which is very important.
President Buhari further explained that in order to make a comprehensive amendment to the economy, his government is trying to implement a policy of the Treasury Single Account, TSA. This according to him will help to monitor the amount of money that comes in and goes out of the government’s purse. Making clarifications on this Mr. Buhari said:
“If you go and see the Central Bank Governor, he will tell you that in the TSA, we have more than N3 trillion. Where would this money have been if TSA was not in vogue? I was made to understand that vouchers would have quickly been raised towards the end of the financial year and checks made. Whether they are going into projects or private pockets, nobody can prove it to you.
“But that money is there, it is identified, if is quantified and when the budget comes back eventually, the Ministry of finance will see how to allocate it to the rest of the country.
The President also blamed the past administration for the disorder in the Nigerian National Petroleum Corporation which has resulted in a lack of record of how much of our crude is taken, how much is sold and to which account the money is going. According to him, till the time he took over power, no one knew how much of crude exchanges hands either on the high sea or on reaching their destination and the accounts the money goes into. He nevertheless, said that “We are getting the cooperation of countries that has received this crude. But we have to be sure of the facts in our hands before we start prosecution so that Nigerians will believe what we have been telling them.”