He made this known on Thursday while addressing 68 participants of Senior Executive Course 38 of the National Institute for Policy and Strategic Studies, Kuru and the institute’s management staff at the Presidential Villa, Abuja.
The President noted that since 1999, successive administrations realised unprecedented resources because of the huge price of oil and the number of barrels being produced per day, yet the party in government during the period had nothing to show for it.
He maintained that the economic recession currently being experienced in the country was caused by the mismanagement of the nation’s economy in the past.
According to him, “For 16 years and eight consecutive governments of the other party, you know that there was unprecedented revenue realised. Oil production which can be verified was 2.1 million barrels per day.
“Between 1999 and 2015, the average cost of each Nigerian barrel of oil was $100 per barrel. When we came it fell to less $30 per barrel and is now hovering between $40 and $50.
“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 to pay rent and do other things.
“I asked if there was any savings and I was told there was no savings. I asked what they did on agriculture, power, rails and roads. There was nothing.
“You know more than I do because you move around. I have not been moving around since after elections but you do. How many of the Trunk A roads are still good enough? How much power do we have although there are some elements of sabotage?
“I was told the money was used to import food and fuel. I didn’t believe the answer and I still do not believe it.
“Up till now, a substantial number of people in the East eat garri and groundnut; in the West they eat pounded yam, cassava, vegetables; in the North, they eat tuwo which is made from any of the grains: millet, sorghum. They eat it in the night and warm it in the morning and eat it and take fura in the afternoon. How many of those people can afford foreign food?
“Then they said I should check out the petroleum sector. The legislature dedicated 445,000 barrels per day for internal consumption and that is just 60 per cent of our requirements. I said ‘okay, what of the 40 per cent?’ The marketers that are bringing it just present documents, papers are just stamped and monies are taken away.
“This is the type of things that the Nigerian elites are doing for our own country. When you go back, look at your colleagues and encourage them to be truly Nigerians.”
Speaking about the current economic recession, Buhari said, “In the last one and half years of this administration, the economy has experienced some tough times, particularly with the decline in oil revenues, which has some harsh impacts on Nigerians at the grassroots.
“It is also important to note that the economic recession is not the making of this administration, but rather a consequence of bad management of the economy in the past couple of decades. Nor is recession limited to Nigeria – there are far, far worse cases than Nigeria,” he added.
He therefore assured that his administration was committed to finding lasting solutions to the economic structural imbalance and urged Nigerians to believe that the country would come out of recession vibrant and strong.
