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Buhari promises prudent saving of oil income

By News desk

President Muhammadu Buhari has promised that his administration  will ensure prudent saving of oil income to enhance  the nations economy growth.

He said past periods of relatively high economic growth were driven by reliance on Oil Sector revenues to finance the nation demand for imported goods and services.

The preside said 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, adding that sector alone provide millions of jobs for able-bodied Nigerians and utilise locally available raw materials and labour for production.

Buhari made vow this  during the nationwide broadcast as he analysed the progress his administration had achieved  and the new development implemented.

“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,” Buhari said.

 

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