President Muhammadu Buhari said, yesterday, that he almost left the country when he discovered that the nation’s treasury was empty as he assumed office.
The President, who spoke during a presidential parley and presentation of report on poverty reduction by Course 38 of National Institute for Policy and Strategic Studies, NIPSS, Kuru, Plateau State, at the Presidential Villa, Abuja, said he was utterly bewildered to notice that despite oil price rising as high as $100 per barrel, nothing was left for him to start off his administration.
He blamed past governments of former Presidents Olusegun Obasanjo, Umaru Yar’Adua and Goodluck Jonathan for not saving for the rainy day.
He said: “One year ago, during the presidential parley with the participants of the Senior Executive Course 37 of the National Institute for Policy and Strategic Studies, I saddled the management of the National Institute with the responsibility of looking at strengthening institutional mechanisms for poverty reduction and inclusive development in the 2016 Course. I am glad that the participants of the Senior Course 38 took up the challenge and today presented the report of the study.
“I have carefully noted the report, especially its findings and policy recommendations. I recall with pleasure that when I was giving this task six months after this administration came into office, the selection of the theme was not only apt but also timely.
“Today, poverty reduction and inclusive development have become pillars of this administration and very close to my heart.
“I am very pleased that the participants, through the able leadership of the National Institute of Management and the faculty members, have taken the task seriously, as is evident in the report presented.
‘’I congratulate you for painstakingly committing your time and energy to produce such a valuable policy-oriented report that will guide this administration.
“I looked forward to receiving this report because it touches on one of the fundamental problems confronting our nation. The report comes at a time our economy is experiencing a downturn and all efforts are being made by this administration to get our country moving again.
“In the last one and a half years, the economy has experienced some tough times, particularly with the decline in oil revenues, which has some harsh impacts on Nigerians at the grassroots.
‘’It is also important to note that the economic recession is not the making of this administration, but rather a consequence of bad management of the economy in the past couple of decades, nor is recession limited to Nigeria. There are far worse cases than Nigeria’s.
“Whatever the scale of the problem, the important thing is how one tackles it. Accordingly, this administration is committed to finding lasting solutions to our economic and structural imbalance.
‘’Let us have faith in our great nation that we will come out of this recession vibrant and strong. I am glad that the report presented today has given us reason to keep faith in our ability to overcome our challenges.
“There is no doubt that poverty, for decades, has been a major challenge to us as a nation, despite the country’s enormous wealth. Several policies and programmes that have been implemented over the years, as rightly observed by the report, have not broken the cycle of poverty in Nigeria.
‘’From the findings of the research by the participants, it is evident that strengthening our institutions is key to reducing poverty and engendering inclusive development.
“Gentlemen, I have to digress now. For 16 years and eight consecutive governments of the other party, you know that there was unprecedented revenue realized. The oil projection which can be verified was 2.1 million barrels per day.
‘’1999-2015, the average cost of each Nigerian barrel of oil was $100 per barrel. When we came it fell to less than $30 per barrel and is now oscillating between 40 and 50.
“Actually I felt like absconding because 27 out of 36 states in Nigeria cannot pay salaries and we know they have no other source than to depend on salaries. And I asked any savings? I was told there was no savings.”
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