Buhari also told citizens that he believes the current economic recession will not last.
Shortage of foreign exchange caused recession – President says
Buhari said the recession was a result of shortage in foreign exchange and he believes the economic recession would not last.
President Muhammadu Buhari
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He assured Nigerians that the government is doing its best to end the economic situation, and called for patience.
According to Mr. President, “Our own recession has been brought about by a critical shortage of foreign exchange. Oil price dropped from an average of $100 per barrel over the last decade to an average of $40 per barrel this year and last.”
He also said his administration’s reforms are all aimed at preparing Nigeria for the 21st century.
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Buhari also said Nigeria will save $10annually from importation of petroleum products as the nation’s four refineries would soon be fully repaired.
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![Aliko Dangote and Tinubu [NAN]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'300'%20height%3D'172'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Aliko Dangote and Tinubu [NAN]")