Buhari Admits Nigeria’s Economic Struggles, Health Challenges

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President Muhammad Buhari
Buhari Admits Nigeria's Economic Struggles, Health Challenges - Vantage News Nigeria
President Muhammad Buhari

President Muhammadu Buhari has stated that his administration is facing severe economic and health challenges.

The President made the revelation in his nationwide address to mark the 60th Independence anniversary of the country.

He admitted that his administration is facing health challenges occassioned by the novel Coronavirus pandemic and a drastically reduced economic resources due to drop in oil prices.

Our government is grappling with the dual challenge of saving lives and livelihoods in face of drastically reduced resources.

He said, “I addition to public health challenges of working to contain the spread of the Coronavirus, we have suffered a significant drop in our foreign exchange earnings and internal revenues due to 40 per cent drop in oil prices and steep drop in economic activities, leading to a 60 per cent drop in government revenue.”

Buhari stated that the poor economic situation necessitated the adjustment in prices of petroleum products.

“In this regard, sustaining the level of petroleum prices is no longer possible. The government, since coming into office has recognized the economic argument for adjusting the price of petroleum. But the social argument about the knock-on effect of any adjustment weighed heavily with the government,” he said.

He listed Tradermoni, Farmermoni, School Feeding Programme, Job creation efforts and agricultural intervention program as “unprecedented measures in support of the economy and to the weakest members” of the Nigerian society.

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