– President Muhammadu Buhari has stated that he hopes God will give Nigerians the patience to tolerate his administration
– Buhari recounted how Nigeria made so much money from the sale of crude oil in the international market, before he came into office
– However, the president reiterated that the price of oil crashed drastically when he assumed office, and there were no savings
President Muhammadu Buhari has expressed hope that Nigerians will receive patience from God, to be able to tolerate his administration.
According to reports, the president made his comments at the Aso Rock Presidential Villa, on Friday, October 6.
NAIJ.com gathers that the president reiterated how the price of oil in the international market crashed when he assumed office.
He stated: “I have said it so many times; I don’t mind saying it now to you because some of you may not have even the time to listen to radio or watch television as regularly as other people do.
“From 1999 to 2014, Nigeria has never realised so much resources since our independence, never, because the average production was 2.1 million barrel per day at an average cost of 100 dollars per barrel.
“But when we came in, it crashed to 37 dollars per barrel, and we overlooked saving and there was no saving.
“So really, we have just started working and we hope God in his infinite mercy would give Nigerians the patience to tolerate us.”
Meanwhile, NAIJ.com previously reported that the executive secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Waziri Adio, disclosed that between 2005 and 2015, Nigeria spent more than what it saved from crude oil revenue.
The Buhari appointee stated that the spending spree shows that the country made no saving during that period.
Citing statistics, the NEITI boss revealed that between 2005 and 2015, $201.2billion entered into the excess crude account, while the country spent $204.7billion.