The President, Major General Muhammadu
Buhari (retd.) |
‘All are alarmed that weak governance accentuates the problems and casts doubt on the leadership’s ability to weather the storm.
‘Among the daunting headwinds is, ironically, the spike in crude oil and gas prices that ordinarily should have been a boost for a major exporter. But as the country irrationally relies wholly on imports for refined petroleum products, higher prices mean higher costs of imports, and higher subsidy costs, which planned stoppage the government shifted by another 18 months.
‘Corruption, fiscal recklessness by the government and external pressures have, combined with its own incompetence, defeated the monetary authority’s efforts to effectively manage the exchange rate.