President Muhammadu Buhari said he almost ran out of the country in 2016 because of the economy he inherited from the past administration. The President who stated this while speaking in Cote d'Ivoire said the economic situation was so bad that he contemplated abandoning his presidency.
“When I came, what I found out is terrible. It is absolutely terribly. We are lucky in Nigeria that we have been able to survive 2016. Honestly, I told some people close to me that I was thinking of which country to run to if things got out of hand. Between 1999 and 2014, I have said it several times in Nigeria; Nigeria had never got so much revenue like it did at that time. But then, when we came, the price of oil went down to $28 per barrel from an average of $100 per barrel at the production rate of 2.1 million barrel per day.
So, multiply 2.1 million by $100, that is what Nigeria was getting from 1999 to 2014. But when we came, the price came down to $28. I went to Central Bank (of Nigeria) to look for money and they said there was no money, only debts. And the infrastructure – roads, rail, power- that you have been talking about, nothing was absolutely done. So, really, God hears the prayers of His servants and the last three raining seasons were good. We were very lucky I would have absconded.
I mean how could we have faced Nigerians and tell them this is what you have been earning from 2.1 million barrels per day from 1999-2014 multiplied by $100. In fact, it even went up to $143; and then came down to about $70-$80. But when we came, it fell to $28, then to $37 and then oscillating between $30 and $50. So it was amazing but God came with His help.”
