Buhari urges consumers to buy made in Nigeria goods as he slashes his salary by half

PRESIDENT Muhammadu Buhari has indicated that Nigerians need to start getting ready to patronise home-made goods as part of his government's move to limit foreign exchange spending just as he announced that he will only receive half of his budgeted salary.

 

Elected to combat corruption, control excessive public spending and restore discipline in Nigeria's finances, President Buhari has made it clear he will cut out waste in spending. As part of this drive, he is hoping to encourage the purchase of locally manufactured goods in a bid to limit the spending of foreign exchange.

 

Over the last week, President Buhari rejected suggestions that he change all the cars in the presidency as part of this cost-cutting drive. Yesterday, he also announced that he and vice president Yemi Osinbajo will also only receive half of their N14m (£45,000) monthly salaries as part of this cost-cutting drive.

 

Also, President Buhari has indicated that his administration will implement essential reforms to protect Nigerian manufacturers from unfair competition from abroad. At a meeting with the permanent secretary of the Federal Ministry of Industry, Trade and Investment and senior officials of relevant agencies, he stressed that with its focus on job creation, his government was ready to do whatever it considers necessary to boost domestic manufacturing and industrialisation.

 

President Buhari said: “We will no longer allow our markets to be flooded with things we can produce ourselves. We must believe in our system, so whenever you need my intervention at anytime, please come to me.”

 

“With high interest rates and entrepreneurs needing trillions of naira to buy machinery, we are virtually back at ground zero as far as industrial development is concerned. So, we will shun all anti-development policies and make the climate more suitable for entrepreneurs."

 

In addition, the president said that his administration will fully support the effective implementation of the plan evolved to boost local manufacturing through legal, regulatory and structural reforms, lower interest rates, special intervention funds, protection of local manufacturers and significant improvements in national infrastructure. Responding, the permanent secretary in the ministry of trade and finance said that the objective of the ministry’s industrialisation plan was to create more jobs, diversify exports and broaden the country’s tax base.