Buhari also told citizens that he believes the current economic recession will not last.
Shortage of foreign exchange caused recession – President says
Buhari said the recession was a result of shortage in foreign exchange and he believes the economic recession would not last.
President Muhammadu Buhari
Recommended articles
He assured Nigerians that the government is doing its best to end the economic situation, and called for patience.
According to Mr. President, “Our own recession has been brought about by a critical shortage of foreign exchange. Oil price dropped from an average of $100 per barrel over the last decade to an average of $40 per barrel this year and last.”
He also said his administration’s reforms are all aimed at preparing Nigeria for the 21st century.
ADVERTISEMENT
Buhari also said Nigeria will save $10annually from importation of petroleum products as the nation’s four refineries would soon be fully repaired.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Immigration places wanted Yahaya Bello on watchlist, unveils his passport details
Oyo govt justifies demolition of Yoruba Nation agitators’ building
NAFDAC raids popular supermarket in Abuja for selling counterfeit products
Iranian morality police crack down on women who don't wear headscarves
FG sets up committee to compensate landowners affected by Lagos-Calabar road project
Kano Gov remains a bona fide member of our party - NNPP debunks suspension
We need ₦3.2trn to pay electricity subsidy in 2024 - FG
Tinubu's proactive approach to security threats yielding results, Ribadu claims
You will not walk alone - Gov Oyebanji assures late APC chairman’s family
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
ADVERTISEMENT
![Nigerians in diaspora are urged to be patriotic toward the nation [Jenny M.C.]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'300'%20height%3D'172'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Nigerians in diaspora are urged to be patriotic toward the nation [Jenny M.C.]")