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.”