President Muhammadu Buhari said about 720.5 billion naira ($2.4 billion) has been spent on Nigeria to help drag the country’s economy out of recession.
About 720.5 billion naira ($2.4 billion) has been spent on Nigeria as capital expenditure this year to help drag the country economy out of recession, President Muhammadu Buhari said.
In a televised address to mark the nation’s 56th independence anniversary on Saturday, October 1, President Buhari said: “I believe that this recession will not last. Several hundreds of thousands of (unemployed) workers will be re-engaged in the next few months as our public works program gains momentum.”
The president also said the government has been negotiating to end militant attacks on oil and gas facilities in the Niger Delta, but would not be intimidated by armed groups.
Buhari also reiterated that government wanted to repair the country’s four refineries to end costly fuel imports. He assured that the naira exchange rate to the dollar would stabilize, after dropping to record lows due to a “critical” shortage of hard currency amid low oil prices.
Meanwhile, Senator Shehu Sani has warned the Muhammadu Buhari administration that the current economic recession bedeviling nation may result in revolution by Nigerians if not urgently addressed.
Senator Sani who spoke with newsmen to mark the 56th Independent anniversary of Nigeria, at the weekend, said the recession might end up to be the ignition depressed Nigerians had been waiting for over the years to fight their leaders for giving them nothing, but bad governance over the decades.