Buhari admits he mismanaged Nigeria’s economy

Nigerian Navy shortlists successful candidates for 2016 recruitment

After months of stumbling, President Buhari has finally agreed his policies harmed the economy and set it on reverse mode.

President Buhari’s position was made stated by the secretary to the federal government, Mr. Babachir David.

To make matters worse, the President stated that the earnings acrueable to the Federal Government has shriveled by 40%!

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The president blamed the fall in global oil prices and incessant attacks by Niger Delta Militants.

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Against this backdrop, it said the ₦6.06 trillion budget for this year will only be partially implemented.

According to Mr. Babachir, “We cannot guarantee the implementation of constituency projects in the 2016 budget.

“As a government, constituency projects are championed by members of the National Assembly.

“Like the legislature, members of the executive are politicians who canvassed for votes.

“Lawmakers are aware that oil production has dwindled to about 800,000 barrels per day.

“This has led to the inability of government to finance the budget.

“It is the duty of government to prepare the minds of Nigerians ahead that there will be challenges in implementing the budget,” Babachi stated to the consternation of Senators.

He further clarified that funds would only be allocated for major projects this year, saying that cash crunch had forced the government to set new priorities for its policies.

“Government based its funding on zero budgeting this year.

“Funds will be released to finance key projects in line with the implementation plans of the government.

“I will explain why it will be hard for the government to implement the budget.

“I spoke with the Minister of Budget this morning (yesterday).

“I asked him for the revenue base of the government.

“We are now receiving about 50 per cent to 60 per cent of earnings as against what we projected.

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“Some ministries, department and agencies (MDAs) might find it impossible to implement projects appropriated in their budgets.

“We have to re-prioritize.

I would like us to understand that this is the background upon which I made that statement,” he added.

Babachir was summoned by the Senate on yesterday (Tuesday) over a statement credited to him that the federal government would not implement constituency projects as provided in the 2016 budget.