President Muhammdu Buhari was shocked to the bones as he revealed his greatest fear and disappointment since he took over leadership on May 29, 2015.
He was in utmost dismay when he was informed that Nigeria had over the years drained all its precious foreign exchange on the importation of food items and other frivolous items, such as tooth picks.
According to President Mohammadu Buhari while addressing editors and newspaper executives in Abuja yesterday said he had called the Governor of Central bank of Nigeria, Godwin Emefiele last year when oil prices fell to $40 per barrel. He summoned him to intimate him on what the country was purchasing with foreign exchange.
“Up to 2013, we were earning on average over $100 per barrel from oil but by fabulous coincidence, it went down to about $30 per barrel when we came in. There was no money to import food. For me, it was the biggest shock.
“Nigeria became an oil economy and we left agriculture and solid minerals and everyone went to the city to look for oil money.”
Speaking about the issue of devaluation of fund and removal of subsidy, he said when was the military head of state, despite the pressure from IMF to devalue naira, he could not do it because countries that benefitted from currency devaluation were developed countries that produced more products
