Nigerians are suffering because past government failed to save – Lai Mohammed

The Minister of Information and Culture, Alhaji Lai Mohammed, has stated that many families are experiencing financial difficulties because past administrations that presided over the affairs of the country failed to save for a time of dwindling revenue.

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The minister, who spoke at the just-concluded 2016 edition of the All Nigeria Editors Conference in Port Harcourt, Rivers state, stated that Nigerians are presently struggling to feed and to survive because past governments did not properly manage the country’s oil wealth.

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His words, “Nigeria’s economy is hard hit by the fall in the price of crude oil because the country failed to save for the rainy day while the previous governments also failed to invest in infrastructure. Nigerians should know that people are suffering today because previous administrations did not save.

“Nigeria has nothing to rely on to cushion the effects of the lost earnings. Many other oil producing countries and fellow OPEC members are faring better, because they saved for the rainy day. 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. Qatar, with 2.4 million people, has 36 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, but it is important for Nigerians to know where and when the rain started beating them; that no provision was made for any umbrella to shield them from the elements, and that indeed genuine efforts are now being made to turn things around.

“We must give hope to our people, while also giving encouragement to those who are working non-stop to revamp our economy,” Mohammed added.

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9 Comments

  1. You old fool can’t you talk better things again rather than concentrating on the past. Liar Mohammed. A year ago you were talking same thing, now you are in power and talking same old stories. A failure in your generation. Can you allow young chap to do dat ur lying job. Fool.

  2. I personally I agree with the minister on this but the question is….is the damage done beyond the new government to handle?

  3. Hon. Minister, as at our last check, the Governors then kicked against any form of savings. Most of those governors are in your party and most are in the current administration as Governors or Ministers. So please Stop the Blame Game! Face your task or kindly resign!!

  4. This man will never learn. When are you going to change Mr. Liar Mammoni shame on you. Can’t you see beyond your nose?

  5. Enough of the blame game gentlemen, we should be talking about the way forward now that we have discovered our predicament. Mr. Lai Mohammed we want to hear and observe a focus on solutions which is why you have placed there. You said you could, so propose solutions and announce actions being taken to effect the necessary changes for the better future. Harping on the blame game does not make you a saint so Lai, get to work and the nation will know from the results your team generates. Do not pay the media to lie to us. Go to work- more action – less talk.

  6. Is dat yur reason for subsidyzing pilgrimage at the face of poor economy? Is it also a reason Mr. Speaker was alledged of criminal offence and nting ws done? I beging to see no difference btw six and twelve divided by two. APC and PDP are birds of a feather!

  7. If rain refuses to fall, am sure lying Muhammed will blame the past administration of President Jonathan. You better sit down and do something better for the suffering masses. It seems that APC has no blueprint to rule Nigeria. If they are out of ideas, it is not too late to resign and allow better brains to rule this great country NIGERIA. We are no more interested in stories Mr Lying Muhammed.

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