Stop Blaming Buhari For Economic Hardship, Budget Minister Tells Nigerians
Udoma Udo Udoma, Minister of Budget and National Planning[/caption]
In what could be described as pitiable in a critical period in the country, the Minister of Budget and National Planning, Udoma Udo Udoma, has distanced the administration of President Muhammadu Buhari as being responsible for current economic downturn.
Udoma, who made the disclaimer to State House correspondents at the end of the National Economic Council, NEC, on Thursday, further said the Buhari-led government is determined to take the country out of its current hardship.
Nigeria’s economy fell into recession in August, 2016 for the first time in more than two decades, after Africa’s biggest economy contracted for a second consecutive quarter.
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In November Nigeria’s Gross Domestic Product (GDP) dropped further by 2.24%, as the country’s economy slumped further into recession.
Companies and other economic agents in the country are producing far below their capacities with oil production falling and factory output hard hit by shortage of foreign exchange.
Critics have blamed President Buhari for acting too slow to address the crisis with others faulting his economic team.
However, the Budget minister, who is a key player in the Buhari’s economic team have thrown his weight behind the President.
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“We did not and are not responsible for the current economic situation we find ourselves. We are actually a rescue team, a team working to rescue Nigeria from the position we find ourselves in.
He further blamed past administrations for the country’s current woes, stressing that the country failed to save for the rainy day during the time of oil boom.
He disclosed that part of the rescue measures the government intends to adopt is to cut down entourage of political aides, size of their convoys, local and foreign trips amongst others.
“Under President Buhari, we are determined to take Nigeria out of the situation. The situation started long before we came. As you know, oil price started falling from 2014 when it was about $110 and by January this year, it was below $30.
“Unfortunately, they did not save. We are determined to take Nigeria from a consuming nation to a producing nation. That is why we are developing an economy recovery plan and that is our focus. We are committed to success.”
