As many speculate on the future of the Nigerian economy and Nigeria at large, the presidency has confirmed that the once Giant of Africa, Nigeria is poor due to the fall in oil prices.
The president made the statement confirming that Nigeria is poor during a visit by the United Nations Population Fund’s (UNFPA) Executive Director and Under-Secretary-General of the United Nations, Prof. Babatunde Osotimehin.
The dignitaries visited the President on August 11 at the presidential villa, Aso rock in Abuja. President Buhari added that the past year was a hard time for the west African country leading to the country becoming poor.
The President said his administration has been efficient in handling the country’s poverty that one can hardly tell if Nigeria is poor or not.
He made reference to the country’s primary source of income, petroleum implying that it was in part the reason for Nigeria’s losses.
According to him: “It has been a very difficult year for Nigeria. Before we came to office, petroleum sold for about $100 per barrel. Then it crashed to $37, and now oscillates between $40 and $45 per barrel.
“Suddenly, we’re a poor country, but commitment to transparency and accountability is not making people know that there is severe shortage,” a statement by his SA (Media and Publicity, Femi Adesina, quoted the President as saying.
In July when the National Bureau of Statistics said the Consumer Price Index (CPI) released that Nigeria had just reached its highest inflation index in 11 years, Nigeria’s Minister of Finance was quick to quell the anger Nigerians expressed when the information was published.
Mrs Kemi Adeosun stated that although the economy was “technically” in a recession, she wanted Nigerians to trust the government who are moving to fix the country’s economic situation.