Ridwan Adetu's Blog

The Nigerian National Petroleum Corporation’s report shows why Nigeria’s economy experiences difficulties – and if the trend continues the situation may get even worse.      Nigeria’s oil revenues sharply declined within a year by over two thirds, says the report, recently published by the NNPC. The NNPC report shows that oil revenues declined more than 67 per cent over a period of time since September 2014 till July 2015, and that had “ dire consequences to the federation “. However, if that rends continues, the situation in Nigeria’s economy, heavily dependent on oil revenues, may get even worse. Nigeria derives more than 90 per cent of its foreign exchange earnings from crude.

Speaking on Tuesday, October 13, at the opening of the Nigerian Economic Summit (NES) in Abuja, the leader lamented over the orchestrated criticism which he blamed on the country elite. Buhari blasted the elite over diverting attention to the religious interests rather than focusing on the appointees’ competence, The Nation reports. The president was quoted as saying: “You find out that the elite, whether from the South-West, North-West or wherever, are willing to collaborate in stealing the resources of the state. It is important to point out that the idea of where a person appointed into government comes from is meant to divert attention.”

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