Skip to main content

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.

PAY ATTENTION: Install our latest app for Android, read best news on Nigeria’s #1 news app

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.

NAIJ.com (naija.ng) -> Legit.ng We keep evolving to serve our readers better

Market Survey: We now drink garri even though we hustle hard - market women - on Legit TV

Source: Legit.ng



from Nigeria News today & Breaking Naija news ▷ Read on LEGIT.NG 24/7 https://ift.tt/2ruVKwM
via EDUPEDIA24/7

Comments

Post a Comment

Popular posts from this blog

Dust haze weather to prevail on Thursday, December 27

- The Nigerian Meteorological agency (NiMet) predicts thick dust haze weather conditions over most parts of the country - NiMet predicts northern states would experience dust haze - The agency also predicts early morning mist/fog is expected over the coastal cities The Nigerian Meteorological Agency (NiMet) has predicted thick dust haze weather conditions with reduced visibility over most parts of the country on Thursday, December 27. NiMet’s Weather Outlook on Wednesday, December 26, in Abuja, revealed that the central region of the country would record dust haze condition with visibility range of two to five kilometres throughout the day. It added that day and night temperatures of 27 degrees Celsius to 34 degrees Celsius and 10 degrees Celsius to 20 degrees Celsius, respectively, would prevail over the region. READ ALSO: Police reportedly arrest Badeh’s alleged killers The agency predicted that the northern states would experience dust haze with visibility range of two to fi...
Post a Comment
Read more

N2.5bn Fraud: You Have Case To Answer, Appeal Court Tells Suspended NBC Boss, Kawu

The Director General of the National Broadcasting Commission, NBC, Ishaq Kawu. The Court of Appeal, sitting in Abuja, has dismissed an appeal filed by the suspended Director-General of the National Broadcasting Commission, Dr Moddibbo Kawu, challenging the decision of the Federal High Court, to dismiss the no-case submission he filed at the lower court. The Independent Corrupt Practices and Other Related Offences Commission had charged Kawu, Lucky Omoluwa (late Chairman of Pinnacle Communications Ltd) and Dipo Onifade, Chief Operating Officer of the same company, before Justice Folashade Ogunbanjo-Giwa, on a 12-count charge of money laundering. Is'haq Modibbo Kaw THISDAYLIVE The suspended NBC boss and his co-accused then approached the appellate court to reverse the judgment of the Federal High Court. The appellate dismissed the no-case submission filed by Kawu and his co-accused and held that they had an explanation to give when he elected to facilitate the payment of ...
Post a Comment
Read more

Buhari’s Legacy Of Recessions By Fredrick Nwabufo

Fredrick Nwabufo ‘Why always Buhari?’ As it was in 1984 under General Buhari, so it is in 2016 and 2020 under President Buhari? Is it by the unfortunate hands of kismet that recession hits Nigeria every time Buhari takes charge of the country’s affairs? If the recession of the 80s under Buhari was a conspiracy by economic and political factors, to what do we attribute that of his first coming as a civilian President — and now in his second coming? Why does pestilence scourge the land, hunger ravage the population and lives lost malevolently when Buhari presides over the country? Why always Buhari? Buhari’s undoing is his wonted predilection for hierarchising ethnicity, religion and loyalty above competence. Since 1999, no President has obtrusively shown a more nepotistic aspect than Buhari. It is unarguable that the President arrays the most competence-challenged cabinet ever in the chronicle of governance in Nigeria. Yes, a recession cabinet. Fredrick Nwabufo Here is a cabin...
Post a Comment
Read more