Crude Oil Not Sold For $100 In 16 Years Of PDP – Atiku


As per report culled from a reliable source.. The presidential candidate of the Peoples
Democratic Party (PDP) on Wednesday punctured the claim by the President Muhammadu Buhari-led federal government that oil price hovered at $100 per barrel in the 16 years of PDP’s rule, saying it was only sold for that price in two years of former President Goodluck Jonathan’s administration.

Besides, he said his former boss, President Olusegun Obasanjo inherited a crude oil price of $11 per barrel yet took Nigeria out of recession, cleared the country’s foreign debts and grew the economy by six percent.

He stated this while delivering the quarterly business lecture of Lagos Island Club where he spoke on “My vision to get Nigeria working again”, saying the current structure of the country is not working.

He said for Nigeria to develop into a united, prosperous and secure nation, it must adopt a new economic management model and a new political structure “that will cure all the federating units of their addiction to oil revenues”.

Atiku said the present administration came into power and took Nigeria to recession while drawing back the economic gains of the previous administrations under the PDP.

According to him, “unemployment has unfortunately been our only booming industry with over 13 million people joining the ranks of people without a job, which now totals 21 million.”

He said the actions and inactions of government had weakened investors’ confidence in Nigerian economy, noting that Ghana with a population of 13 million people attracted more Foreign Direct Investments (FDI).

He lamented that there is no council of privatization in place, saying it stopped during Jonathan’s administration.

“We pledge to improve government consultations with the private sector in policy design and policy implementation. We will work with the Organized Private Sector to identify ways to reduce the cost of borrowing, tackle incidences of multiple taxations and improve availability of foreign exchange for legitimate production input purchases”.


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