On the 11th of August 2016, President Muhammadu Buhari said Nigeria has, unexpectedly, become a poor country. This is because of the sudden drop in the price of crude oil in the international market which is responsible for the greater part of the country’s economic woes.
“It has been a very difficult year for Nigeria. Before we came to office, petroleum sold for about $100 per barrel, and then it crashed to $37, and now varies between $40 and $45 per barrel,’’ he said.
The president made this statement while he hosted the United Nations Population Fund (UNFPA) and United Nations’ Under-Secretary-General, Prof. Babatunde Osotimehin, at the Presidential villa, Abuja. He further said, his administration’s commitment to transparency and accountability was serving the country in good stead, despite a severe shortage of resources in the country.
“Suddenly, we’re a poor country, but commitment to transparency and accountability is not making people know that there is severe shortage.”
Therefore, he asked the United Nations Population Fund (UNFPA) to bear with Nigeria in whichever area the country could not live up to its responsibilities, presently.
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