President Muhammadu Buhari has blamed the fall in crude oil production on sabotage, with the country managing just 1 (one) million barrels in August.
According to an issued press statement by the President’s Special Adviser on Media and Publicity, Femi Adesina, Buhari said this at the inauguration of the Presidential Committee on the National Economy
The President stated this yesterday, during the inauguration of the Presidential Committee on the National Economy, at the Presidential Villa, Abuja, where he also noted that despite the disruptions in the global economy and internal troubles, the Nigerian economy has continued to be resilient and maintains an upward trajectory.
According to the President, the Covid-19 pandemic, the war in Ukraine and the loss of substantial volumes of oil have had negative impacts on the Nigerian economy. A statement issued by Femi Adesina, Special Adviser to the President (Media & Publicity), quoted the President as saying: “Starting with Covid-19 and now the conflict in Ukraine, the past three years have been turbulent ones for the global economy. Global inter-dependence has become more apparent, as we have had to deal with volatility, uncertainty, complexity, and ambiguity.
President Buhari, however, assured Nigerians that despite these hiccups, necessitating borrowings from financial sources, the current administration remains committed to the welfare of the citizens, especially the implementation of the Social Investment Programmes. He noted that some of the problems could be addressed internally, making the constitution of the seasoned economic experts expedient, and stressed the need to upscale resource mobilisation and utilisation in the country as more could be achieved in this direction.
According to President Buhari, while he understands the concerns arising from the huge expenditure on fuel subsidies, it is expedient that a right balance is struck so as not to scare away investors.
On the mandate and constitution of the Committee under his headship, with representations from State Governors, the President said he is convinced that it will deliver as expected for the benefit of the populace. According to the statement, the Presidential Committee will review the national economic situation and propose measures to ensure our national economy improves and can meet the government’s objectives.