PRESIDENT Muhammadu Buhari has stunned Nigerians by revealing that he nearly absconded after being sworn-in and discovered that the nation's treasury was empty with nothing left for him to run his administration.
In May last year, President Buhari took over from Dr Goodluck Jonathan whose People's Democratic Party had governed Nigeria since the return to democracy in 1999. Speaking yesterday at a presidential parley and presentation of a report on poverty reduction by Course 38 of National Institute for Policy and Strategic Studies, President Buhari 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. Since President Buhari assumed office, oil prices have dropped to below $50 a barrel, significantly reducing governing government revenue.
President Buhari said: "Oil projection which can be verified, was 2.1m barrels per day and between 1999 and 2015, the average cost of each Nigerian barrel of oil was $100. When we came it fell to less than $30 per barrel and is now oscillating between $40 and $50 a barrel.
“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. I asked any savings and was told there was no savings.”
According to President Buhari, over 16 years, Nigeria generated a lot of revenue but none of this was saved. he added that when he assumed office, he asked to see how much was left in government coffers but was shocked to find that the treasury was empty.
“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," President Buhari added.
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