Buhari vows to restore Nigeria’s financial ‘sanity’

Mr. Buhari announced this while meeting with state governors at the Presidential Villa in Abuja.

We ask, is President Buhari’s statement an admission of poor knowledge of national and worldwide economic affairs or does it underscore the lack of capacity and skills by the administration to effectively harness and galvanize resources and potential inherent in Nigeria which has already been nurtured as Africa’s largest economy and one of the fasted growing in the world.

Buhari, who took office last month after defeating incumbent Goodluck Jonathan in March elections, said the next three months would be challenging but vowed to recover billions stolen by government officials and plug leakages.

Buhari has promised to streamline government to cut waste, increase transparency and cut corruption, and told governors that established rules and procedures had been “thrown to the dogs”.

President Buhari expressed surprise that the Governors had tolerated the atrocities allegedly committed with the Excess Crude Account since 2011, but promised to tackle the issue decisively.

He added that what he had heard was going on in many agencies and corporations, particularly the NNPC, were clearly illegal.

But the 72-year-old, elected on a promise of cleaning up Nigeria’s dirty politics and ending Boko Haram’s Islamist insurgency, indicated the funds to deliver were not immediately available to do so.

Squeezed government revenues forced this year’s budget to be revised and federal projects scrapped or halted while state employees have gone months without being paid.

“We will try and put the system back into the right position”.

Speaking at an audience with members of the Northern Traditional Rulers Council led by the Sultan of Sokoto, Alhaji Muhammadu Sa’ad Abubakar, President Buhari said that it was now up to Nigeria to provide the global community with the facts and figures needed to drive the recovery effort.

Others were the request for refund of the monies expended by states on federal projects and a special consideration to be given to the three states of the North-East under Boko Haram infestation.

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