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Thursday, August 11, 2016

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Nigeria is poor- President Muhammadu Buhari

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.

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