Buhari says Nigeria suffering from mismanagement of oil revenue

*President Muhammadu Buhari of Nigeria.

*President Muhammadu Buhari of Nigeria.

Oscarline Onwuemenyi

29 June 2016, Sweetcrude, Abuja – President Muhammadu Buhari yesterday said the nation was paying dearly for the incompetence in the management of huge oil revenue over the past decade and allowing the decay of critical infrastructure without “saving for the rainy day”.

Buhari stated this at the Aso Rock Presidential Villa in Abuja while receiving the Global Chief Executive Officer of Unilever, Mr. Paul Polman.

A statement issued by the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, said the president spoke at the State House, Abuja, on Monday while receiving the Chief Global CEO of Unilever, Mr. Paul Polman.

Buhari said his government was working very hard to restructure the economy which, according to him, was battered by several years of mismanagement.

“We refused to save for the rainy day. Now the rain is beating us. No money; no savings, nothing. And we are thoroughly wet from the rains,” the president said.

Buhari said Nigeria was paying the price for turning herself into a mono-economy, but assured that the country would soon be able to feed herself, and even export, with the current emphasis placed on agriculture.

He noted that the Federal Government would fast-track the implementation of strategies to ease doing business and attract more investors into Nigeria.

He added that with the current emphasis on agriculture, Nigeria would soon be able to feed herself and even export.

He said the federal government would fast-track the implementation of strategies to ease doing business and attract more investors into Nigeria.

“We want to create jobs, and supporting manufacturing is one way to do it. As soon as we have stabilised our budget, I will personally be interested in the manufacturing sector, particularly in the generation of essential raw materials,” he added.

Earlier, Polman told Buhari that Unilever had invested about N15bn in Nigeria in the past three years.

He said the conglomerate had been in Nigeria for 93 years, making it the oldest manufacturing concern in the country.

“Our products are more Nigerian than other Nigerian brands. Despite the economic downturn, there are opportunities to further advance our business here. The situation to invest and continue to invest here is very encouraging,” he said.

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