The President of Nigeria, Muhammadu Buhari, has said that Nigeria will be able to save the sum of $10 billion annually from the importation of petroleum products.
He said this is achievable, when the refineries in the country are full repaired. This announcement was made during the nationwide broadcast of the 56th Independence Day Anniversary on Saturday.
The President attributed the economic recession in the country to the past administration, for their inability to save for the future.He also kicked against the idea of using the nation’s foreign exchange earnings on the importation of petroleum and food items.
He said, “Historically about half of our dollar export earnings go to the importation of petroleum and food products. nothing was saved for the rainy days during the days of prosperity.
“We are now reaping the whirlwinds of corruption, recklessness, and impunity. There are no easy solutions, but there are solutions nonetheless and government is busy pursuing them in earnest.
“We are to repair our four refineries, so that Nigeria can produce most of our petrol requirements locally, pending the coming on stream of new refineries. That way, we will save $10billion yearly in importing fuel. ”
According to the president, his administration’s economic revival is centered on the Ministry of Power, works, and housing.
He explained the Ministry will lead and oversee the provision of critical infrastructure of Power, road transport network and housing development.
“Power generation in the country has improved tremendously since this administration took over. It has risen from 3,344 megawatts we met in June 2015, to a peak of 5,074 megawatts in February, he said.
He also lamented on the continuous militancy , destruction of gas pipelines and acute shortage of gas with constant drop in electricity output available on the grid. The incidence of vandalism was attributed to the Niger Delta Militants.
According to the president, his administration was engaging with responsible leadership in the region to find lasting solutions to genuine grievances of the area but will not allow the minority of thugs to cripple the country’s economy.
