President Muhammadu Buhari has blamed Nigeria's economic downturn on a sharp downturn in the price of crude oil on the international market.
The President spoke while receiving the United Nations Population Fund's Executive Director and
Under-Secretary-General of the United Nations,Prof. Babatunde Osotimehin, at the Presidential Villa.
"It has been a very difficult year for Nigeria.Before we came to office,petroleum sold for about $100 per barrel.
Then It crashed to $37, and now oscillates between $40 and $45 per barrel.
"Suddenly, we're a poor country,but commitment to transparency and accountability is not making people know that there is severe shortage, " the president said.
Nigeria is on verge of an economic recession and is no longer Africa's largest economy following a recalculation of both countries GDP by IMF.