Eniola Akinkuotu and Friday Amobi


The Minister of Information, Culture and Tourism, Alhaji Lai Mohammed, says President Muhammadu Buhari has saved Nigeria from economic crisis and prevented the economy from getting worse than it would have been.

Mohammed said this at the All Nigerian Editors Conference 2016 in Port Harcourt on Thursday, according to a statement by his spokesman, Mr. Segun Adeyemi.

While making allusions to Venezuela, an oil-rich South American country which now depends on neighbouring Columbia for essential commodities, Mohammed said Nigeria which also failed to save during the oil boom, could have suffered the same fate if not for Buhari’s leadership skills.

He said, “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.

“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.”

The minister said for several years the price of oil stood at $100 and above but the government of the day refused to save for the rainy day.

He said other oil-rich nations like Saudi Arabia, Qatar, the United Arab Emirates and Angola had saved for the rainy day and that was why their economies were still buoyant.

Mohammed added, “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.”

Earlier, the Rivers State Governor, Chief Nyesom Wike, had while declaring open the conference, accused the media of being involved in a conspiracy of silence while the people of the state were denied legitimate representation at the National Assembly.

Wike said, “The 8th National Assembly is well into the second year of its four-year tenure without any Rivers State representative in the Senate.

“We have only a fraction of Rivers representatives in the House of Representatives. Yet, the press is maintaining conspiratorial silence over the continuing repression and deliberate denial of the state’s constitutional right to full and effective representation at the National Assembly.

“The question is: can Rivers State legitimately be bound by legislation or resolutions from the 8th National Assembly passed without our representation and input? I would like to leave you with some thoughts about the values we share – thoughts about our democracy, good governance and public accountability.
http://punchng.com/economy-wouldve-worse-buhari-lai-mohammed/

True.

I am still puzzled why a truth speaker like this man, is termed a liar?his analysis is on point.

When the oil stood at $100,the Government of the PDP should have saved,but what did they do?they were busy sharing the oil money like Agege Bread.

And unfortunately,dropped a dead economy on Buhari's laps,while the Clueless one made a hasty retreat to the Creek of Otueke.

this is why I hate people with double mouth. it makes it hard for me to determine which mouth to slap first.

shey we all know that the CBN has increased MPR to 14%

*What is MPR -* The rate at which banks borrow from CBN. Raised from 12%.

*Implications:*

---

1. Cost of borrowing will go up.

2. Companies that already are not doing well due to the harsh economic climate will sink further into debts. This may mean more job losses and more dependants coming your way.

How one economist summarised the outcome of the MPC meeting:

He said, *"CBN has pushed the panic button. Foreign investors will not come. Nigeria will sink deeper into recession".*

He gave a frightening revelation when he said many banks are on the CBN Discount Window.

*What is a Discount Window* - where banks go to the CBN for life support.

*What you need to do:*

1. Brace for more economic impact.

2. Cut off wastes. Postpone that champagne party. Leave out buying that luxury car. Planning to move to a duplex from a flat? Suspend that idea for now.

3. If you have some little change, please buy USD, no matter how small. Better still, look for how to *start earning USD*

4. Generally keep a low profile for now.

It may blow over in a year or more but we could also lose total control like Zimbabwe and Venezuela. *Your N10m may now be worth $300.*

I truly wish all of us will take steps to avoid becoming one of those 'when I was rich' people

[size=18pt]SAI BUHARI SAI BABA[/size]

"Lai Mohammed, says President Muhammadu Buhari has saved Nigeria from economic crisis and prevented the economy from getting worse than it would have been." Nonsense comments, clearly lacking in objectivity

The economic crisis is worst in the history of Nigeria under his leadership. All he thinks are:

1. Dangote refinery
2. Dangote refinery
3. Dangote refinery
4. Dangote refinery

As if our lives depend on fuel to survive...a refinery that would only happen in December 2018, nonsense

Useless policies of the so-called "change" government, nonsense, wicked, hopeless situation

Lalasticlala where u dey? con hera wetin Lai dey talk oo

The talks of a 'laier'

The devil is indeed a liar, when i though buhari has sanctioned this man from speaking to the press about government policies

Lies!!

Lai Mohammed is one of those deceiving the President. he should be sacked with immediate effect.

Bloody lier

dis man cn lie fr africa.

989900E:

This rhetoric was OK till May 29th, 2016.

Jonathan, OBJ, PDP, and every other Nigerian leader, and party, have screwed the people right, left, front, back, and center, now what are you going to do about it?

The plans/theories for some part are alright, but the execution is piss poor slow! The country is in a dire situation. If we have to wait till the time some of these things materialize, a good portion of the populace will either be dead or bed ridden!

APC wanted the job, now you have it . . . fxckin' get to work already . . . these are problems that require out-of-the-box ideas, coupled with pragmatic execution. The people didn't vote you guys in to come and tell us stories of how fxcked up the last admin was, we wouldn't have voted it out if we didn't know that already. Tell us something we don't know already . . .

People don't pay a doctor or lawyer to tell them how bad their situation is, they pay them to fix the bad situation -- justify the votes -- justify the pay!

my brother don dey wail, there is God.

nobody will vote for Buhari in 2019, if the status quo remains..... Rev Fr Ejike Camilus Mbakaogu.

NIGERIA CAN'T AND WILL NEVER SUCCED AS A NATION,AS TIME GOES BY THINGS GET WORSE BECAUSE THE NATION AND ITS ENTITIES ARE FOUNDED, BASED, CONSTRUCTED AS A PRODUCT AND EXTENTION OF COLONIAL POWER, DECIET, FRAUD AND BLOOD OF MILLIONS OF INNOCENTS.

I'm beginning to believe this old man is employed to sound comically stupid on behalf of the government..

Oga l swear l no envy you...

Where is papa ade when I need to borrow his slap to give this man.

..

Lia mohamed keep quite before thunder strike you,u bastard. Agbalagba like u dey lie like small pikin.shameful

Oh please!

Clueless Government playing the blame game as usual

This man you again?

Ogbeni layi gbagbe jor

Lienus Mohammed is that what you've got for this quarter of the year or we should expect more?

God punish Buhari for this hardship

oh my con3

Did Buhari and APC not know the state of the economy when they were promising heaven on earth during campaign?
Is this a confirmation that Buhari is really dumb?

Lai will always be Lai

lie on