The minister of information, Lai Mohammed has reacted to the current economic hardship Nigerians are facing.
Lai Mohammed blamed previous governments’ inability to shore up the economy by saving for a rainy day.
According to Lai, “Many other oil producing countries and fellow OPEC members are faring better, because they saved for the rainy days.
Lai made said this at All Nigeria Editors Conference, in Port Harcourt.
He asked media houses to trace the story of hardship to its beginning.
Lai further stated that “Saudi Arabia, with about one fifth of Nigeria’s population, has in foreign reserves about 600 billion dollars (which is 23 times what Nigeria has in foreign reserves).
“United Arab Emirates, with less than 10 million people, has 75 billion dollars in foreign reserves.
“Even Angola, with just 24 million people, has about 25 billion dollars in foreign reserves.
“We are not saying we should continue to lament about missed opportunities.
“The massive corruption or profligacy of the past is the culprit.
“But is it is important for Nigerians to know where and when the rain started beating them.
“No provision was made for any umbrella to shield them from the elements.
“However, genuine efforts are now being made to turn things around.
Lai Mohammed however admitted that there have been increased criticisms of the government’s handling of the economy.
He said the recent realities has resulted in price hike, pay cuts, mass retrenchment and growing unemployment.