Nigeria’s
President- elect, General Muhammadu Buhari, has yesterday revealed that
the decline in the revenues due to fall in oil prices poses a great
threat to his administration’s development agenda.
Speaking during a visit to the newly elected Senators and House of
Representatives members who are undergoing induction course in
preparation for the 8th National Assembly in Abuja, Buhari also said
that the decline in revenue would affect the reconstruction of
devastated areas in the country as a result of insurgency.
He further reminded the elected members of the 8th assembly of the
challenges the nation had been facing which he also said would continue
in the near future.
According to him, the challenges include general insecurity and
insurgency that has caused extreme human hardship and destruction of
lives, livelihoods that would take over a decade to rebuild across most
of North Eastern Nigeria and some parts of North western Nigeria.
Another major threat to his administration according to him was the
devastation and environmental degradation in the Niger Delta area which
he said must be attended to.
Others are, “endemic corruption which has crippled human and
infrastructure development for decades. Unacceptably poor provision of
power supply which has had a crippling effect on development of small
businesses and indeed the wider economy.
“Deindustrialization for the past three decades leading to
closure of many industries and migration of many to other African
countries. Unacceptably high levels of unemployment and especially Youth
Unemployment reaching over 40 per cent.”
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