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Nigeria to save $10 billion from Fuel Importation- Buhari

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The President of Nigeria, Muhammadu Buhari, has said that Nigeria will be able to save the sum of $10 billion annually from the importation of petroleum  products.

He said this is achievable,  when the refineries  in the country are full repaired. This announcement  was made during the nationwide broadcast  of the 56th Independence  Day Anniversary on Saturday.

The President attributed  the economic  recession  in the country  to the past administration, for their inability  to save for the future.He also kicked against  the idea of using the nation’s  foreign exchange  earnings on the importation of petroleum  and food items.

He said,  “Historically about half of our dollar export earnings go to the importation  of petroleum  and food products. nothing was saved for the rainy days during the days of prosperity.

“We are now reaping the whirlwinds  of corruption,  recklessness, and impunity. There are no easy solutions,  but there are solutions nonetheless  and government  is busy pursuing them in earnest.

“We are to repair our four refineries,  so that Nigeria can produce  most of our petrol requirements locally,  pending the coming on stream of new refineries. That way, we will save $10billion yearly in importing fuel. ”

According  to the president, his administration’s economic revival is centered  on the Ministry of Power, works, and housing.

He explained  the Ministry will lead and oversee the provision of critical infrastructure  of Power, road transport network and housing development.

“Power generation  in the country has improved tremendously  since this administration  took over. It has risen from 3,344 megawatts we met in June 2015, to a peak of 5,074 megawatts in February, he said.

He also lamented on the continuous militancy , destruction of gas pipelines and acute shortage of gas with constant drop in electricity output available on the grid. The incidence of vandalism was attributed to the Niger Delta Militants.

According  to the president,  his administration  was engaging with responsible  leadership in the region to find lasting solutions to genuine grievances of the area but will not allow the minority of thugs to cripple the country’s  economy.

 

 

 

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