Dollar Crisis: Buhari Govt. Sold Our Crude Oil In Advance & Spent The Money – NGF

by Ohepo Ohepo

The leader of Kwara State, AbdulRahman AbdulRazaq, who also presides over the Nigeria Governors’ Forum (NGF), has appealed for understanding amidst the current economic challenges faced by the nation.

He made this appeal while engaging in a discussion in Ilorin with various community sectors on the administration’s endeavors to alleviate the populace’s burdens.

These discussions, extending over several hours, included representatives from transportation labor unions, craftsmen, commerce associations, and students from diverse origins within the state.

In an announcement made by Rafiu Ajakaye, the Governor’s Chief Press Officer, AbdulRazaq mentioned that numerous committees at the federal level are diligently striving to address the rapid depreciation of the naira and its repercussions on the cost of consumer items.

He shared, “We (the governors) convened on Tuesday afternoon, which I attended virtually, as part of ongoing dialogues. The administration is initiating schemes to curb escalating food prices.

“The principal issue at hand is the foreign currency exchange. Our revenue comes from crude oil exports, but currently, sales are minimal. Previously, we faced challenges like pipeline sabotage.

“However, since Tinubu’s administration began, there has been a noticeable increase in oil production. Moreover, it was discovered recently that the crude oil available for the next half-year had already been pre-sold, leaving us without immediate financial benefits from current sales. Nevertheless, we anticipate improvements and seek your support for understanding,” he further explained.

AbdulRazaq also highlighted immediate actions being taken to reduce the prices of essential food items, such as distributing grains from national reserves to the citizens periodically.

He pointed out that the naira’s devaluation has led to merchants from neighboring countries purchasing grains in bulk from Nigeria due to lower costs, only to sell them at higher prices within their nations, particularly in the West African region.

While recognizing the rise in inflation, he encouraged the populace to remain patient, emphasizing that the government’s investment in gas-powered vehicles would yield benefits following their distribution in the forthcoming months.

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