President Buhari says in spite the oil boom a couple years back, the past administration failed to save for the rainy day. According to The Nation, President Buhari said this while speaking at the opening of the 12th All Nigeria Editors’ Conference (ANEC) 2016 in Rivers state yesterday August 4th. He was represented by the Minister of Information and Culture, Lai Mohammed.

He 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”.

Source: http://onomenews..com.ng/2016/08/president-buhari-jonathan-failed-to.html

Ok

Foolish goat of a president, when he wanted to save by removing subsidy, was it not u and ur APC tout sabotaged it?

The best option now is to vacate this country and return home when things gets better.....

malele:
Foolish goat of a president, when he wanted to save by removing subsidy, was it not u and ur APC tout sabotaged it?

Your president is not A goat, mind your words

Lai's mouth in that pic.....funnel.

i feel like crying for the future of this great country........pls guys i am yet to hear from pastor tunde badkare...thought he championed the SNG campaign against fuel subsidy removal during uncle joe's regime...i comment my reserve

And the blame game continues!



But for how long

..... Honestly, the only thing this administration has done is to expose Nigerian's eyes that all that glitters is not Gold.




Come 2019, I promise you Nigerians would be much wiser.





Until then, just enjoying the consequences of listening to sentiment.

where are all d money looted u collected in d dry season?

Yau nijeria riqo sai mai gaskiya Baba Buhariii kai muke so nijeriyaaa<> Today nigeria needs a honest leader, Baba buhari is what we want in Nigeria

Buhari keep saving ooooo
Shey d rain wey dey beat us now no pass acid rain?

Sorry Buhu, d cloud was so clear wen he was there. Buh as u nd ur bad guys take over d cloud begin dey form. Everywhere cum dark. D rain sef wey cum dey fall na with tornado nd thunderstorms. U guys r really set of crazy people "Apc". In Jonathan s widest dream he never knew we were going to b in a deep shit like dis. Why inviting him to Aso rock I thought u guys were calling him d clueless one!!!!