President Muhammadu Buhari has reinforced the administration’s commitment to effectively managing the nations economy.
President Buhari said this during the nationwide broadcast, analysing the progress his administration had achieved and the new development implemented.
President Buhari said that his administration would ensure prudent management and saving of the oil incomes.
He said; “Learning from the mistakes of the past, this Administration is committed to responsibly managing our oil wealth endowments.
“We will continue to prudently save our oil income and invest more in the non-oil job-creating sectors.”
“This Administration inherited a skewed economy, where the Oil Sector comprised only 8% of Gross Domestic Product but contributed 70% of government revenue and 90% foreign exchange earnings over the years.
“Past periods of relatively high economic growth were driven by our reliance on Oil Sector revenues to finance our demand for imported goods and services.
“Regrettably, previous governments abandoned the residual Investment-driven Non-Oil Sector, which constituted 40% of Gross Domestic Product and comprised agriculture, livestock, agro-processing, arts, entertainment, mining and manufacturing activities that provide millions of jobs for able-bodied Nigerians and utilise locally available raw materials and labour for production,” the president explained.