Recession: We’re paying for past mistakes, says Buhari

President Muhammadu Buhari on Tuesday blamed
the harsh economic situation currently faced by
Nigerians on the mistakes the country made in the
past.
Buhari noted that though the country was blessed
with numerous resources, it allowed herself to be
confined to a mono economy by paying too much
attention on petroleum to the detriment of viable
cash crops like cocoa, groundnut, palm oil, palm
kernel and hides and skin.
The President spoke shortly after inaugurating the
Edo University, Iyamho in the Etsako West Local
Government Area of Edo State as part of his two-
day official visit to the state.
He also took a tour of the facilities, including the
administrative complex and the Faculty of Science
building of the institution, which are named after
him.
He was accompanied by Governor Adams
Oshiomhole; his Lagos State counterpart, Mr.
Akinwumi Ambode; the National Chairman of the All
Progressives Congress, Chief John Odigie-Oyegun;
the Governor-elect, Edo State, Godwin Obaseki; and
officials of the Federal Government.
Buhari said, “We are blessed with human and
material resources. We have made terrible mistakes
in allowing ourselves to be cornered into a mono
economy and we are now paying dearly for our
mistakes.
“Nigeria saved the money from cocoa, palm oil,
palm kernel, groundnut, hides and skin and even
started the professional development of petroleum.
“Once petroleum was discovered and developed in
quantity, we threw everything to the dogs. Now,
petroleum is diving from an average of $100 per
barrel in the last 12 years to between $40 and $50
and we are paying for it.
“What have we done to our infrastructure – power,
rail, road and social infrastructure, education and
health? Just check and find out. We became very
wasteful.”
The President, however, stressed the need for all
Nigerians to work together towards reviving the
solid minerals sector, reiterating his
administration’s commitment to providing security,
improving the economy and fighting corruption to
ensure a better future for the country.
He said, “Now, we have to go back to the land, to
solid minerals, and do a lot of savings so that we
can leave a better country for our children and our
grandchildren.
“For those of us who are here and that have
constituencies, please continue to persuade your
colleagues to bear with the leadership of this
country at all levels because this is a time of hard
work. This is a time of rebuilding Nigeria.
“We are pleased that people understand gradually
what we are here for and what we stand for. We
emphasise three things – security, economy and
fighting corruption.
“There was no infrastructure, and that coupled with
hunger, I think it’s a big recipe for disaster. We
thank God for saving us from that disaster.”
He also congratulated Oshiomhole for his foresight
in contributing, not only to the development of
quality infrastructure in Edo, but also to promoting
national development.
Oshiomhole explained that the idea of the new
university followed the state government’s desire to
establish an institution which had its own life and
was capable of competing favourably with its
foreign counterparts.
He noted that while previous administrations had
indirectly privatised primary and secondary
education, when it failed to build standard schools,
his administration believed in finishing well.
Oshiomhole said in order to accommodate the poor
among the students, the management of the new
university had provided grants to subsidise fees in
the institution.
The governor stated, “We give grants to those who
need it and economy fee for those who can afford
it.”
“We decided to move away from the tradition,
where the government subsidises education for the
rich just as much as we subsidise for the children
of the poor. We will not pay subsidy for children of
the rich.
“The state government will pay for those who need
government support. We will give subsidy to those
who need it. That is how we can sustain a
university system that will not perpetually depend
on government financing.
The governor described the President’s visit as a
“generous honour” on him, especially ahead of his
handover to his successor on Friday.