Oil Price Fall: Buhari admits policies hurting businesses

29 October 2015, Abuja – President Muhammadu Buhari says in lieu of the fall in oil prices, his government is committed to implementing policies that may hurt operations of some businesses in the short term.

*President Muhammadu Buhari.

President Muhammadu Buhari.

President Buhari, however, added that his administration believed that those measures were right for a sustainable economy.

President Buhari was speaking in New Delhi on Wednesday during an interactive session with Chief Executives of Indian companies with interests in Nigeria.

The president listed some of those measures as including tight expenditure controls, effective fiscal and monetary policies and “husbandry” of scarce resources.

He said with its abundance of human and material resources, the Nigerian economy did not have to suffer unduly from low oil prices despite its severe impact on government revenues.

According to Buhari, “What is required of us, to which we are strongly committed, is the implementation of tight expenditure controls, effective fiscal and monetary policies, including the husbandry of scarce resources which our introduction of the Single Treasury Account has begun to address.

  • Daily Trust
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