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Well done - President Buhari applauds Nigerians for cutting down on expensive tastes to save $21bn

- President Buhari has hailed Nigerians for helping the country to save $21bn through reduction of imports

- Buhari said the statistics released by the CBN governor Emefiele were heartwarming and shortly Nigerians would begin to feel the impact on employment and food

- He also expressed confidence that Nigeria would soon have multi-economy and food sufficiency

Nigeria's president Muhammadu Buhari has applauded citizens for curbing their excessive taste for foreign products, which has helped the country save a whopping $21 billion.

Vanguard reports that President Buhari said the humongous savings will be deployed to other critical areas like infrastructure, education, health care, and many others.

Buhari who was reacting to recent disclosures by the Central Bank of Nigeria governor Godwin Emefiele at the 2018 Annual Bankers’ Dinner.

READ ALSO: Senator Sani accuses President Buhari of intimidating opposition

Emefiele had said: “Noticeable declines were steadily recorded in our monthly food import bill from US$665.4 million in January 2015 to US$160.4 million as at October 2018, a cumulative fall of 75.9% and an implied savings of over US$21 billion on food imports alone over that period.

"Most evident were the 97.3% cumulative reduction in monthly rice import bills, 99.6% in fish, 81.3% in milk, 63.7% in sugar, and 60.5% in wheat. We are glad with the accomplishments recorded so far.”

President Buhari noted that with the commitment of Nigerian farmers, and the support given by the government, Nigeria would be food sufficient.

READ ALSO: NAIJ.com upgrades to Legit.ng: a letter from our Editor-in-Chief Bayo Olupohunda

He said: “In no distant future, food importation will be completely alien to us, and we will even export actively, thus reversing our position as a mono- product economy.”

He added that the heart-warming statistics would soon manifest into more jobs and even more food.

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He said: “We are on a productive voyage, which would see the ship of state berthing at the harbour of food self-sufficiency, gainful jobs, peace and prosperity for Nigerians.”

Meanwhile, Legit.ng reported that the CBN predicted that inflation rate in the country is expected to rise for the rest of 2018 till mid-2019 due to the forthcoming elections.

Godwin Emefiele, the governor of the CBN, made the disclosure when giving a speech at a bankers’ dinner in Lagos.

He, however, stated that despite this gloomy picture, the short-term outlook of the Nigerian economy remains good.

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Source: Legit.ng



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