President saved Nigeria from economic crisis – Lai Mohammed

monjola sotubo

August 5, 2016 12:06 PM

Mohammed also referred to the failure of previous governments to save for the future despite making a fortune off the country’s oil.

President Muhammadu Buhari

The minister made the comments on Thursday, August 4, 2016, during the All Nigerian Editors Conference 2016 in Port Harcourt, Rivers State, Punch reports.

“We must give hope to our people, while also giving encouragement to those who are working non-stop to revamp our economy. In one country that failed to save for the rainy day like Nigeria, citizens are now having to cross to neighbouring countries to get essential commodities," he said.

“The only reason we have averted such fate here is the committed, honest and disciplined leadership provided by President Muhammadu Buhari, the prudent management of the little resources that are accruing to the country now, thanks to the Treasury Single Account, the unrelenting war against corruption, the rooting out of ghost workers and the increasing emphasis on agriculture that is sure to massively reduce our scandalously high food imports in a short while.”

“Nigeria has nothing to rely on to cushion the effects of the lost earnings. Many other oil-producing countries and fellow 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 $600bn (which is 23 times what Nigeria has in foreign reserves).

“United Arab Emirates, with less than 10 million people, has $75bn in foreign reserves. Qatar, with 2.4 million people, has $36bn in foreign reserves. Even Angola, with just 24 million people, has about $25bn in foreign reserves,” he added.

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A similar picture was painted by Emir of Kano, Sanusi Lamido Sanusi, on Wednesday, August 3, while delivering a graduation lecture at the National Defence College in Abuja.

According to the Emir, Nigeria was thrown into a recession by previous governments due to foolish policies like the recently scrapped oil subsidy regime.

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