President Muhammadu Buhari on Saturday said Nigeria would save $10 billion annually from importation of petroleum products when the nation’s four refineries are fully repaired.
The president disclosed this in a nationwide broadcast to mark the nation’s 56th Independence Anniversary on Saturday.
The President frowned at the situation where half of the nation’s foreign exchange earnings were being spent on importation of petroleum and food items.
He attributed the current socio-economic hardship being experienced in the country to inability of the previous administrations to save for the “rainy days’’.
“Historically about half our dollar export earnings go to importation of petroleum and food products, Nothing was saved for the rainy days during the periods of prosperity.“
“We are now reaping the whirlwinds of corruption, recklessness and impunity.”