Tough Times Ahead – President Buhari Admits Nigeria Is Broke

Nigeria’s president Muhammadu Buhari has admitted to UN officials that his country is broke and facing a tough economic situation. He was speaking on Friday during a visit to Abuja by the United Nations Population Fund Executive Director and Under-Secretary General of the United Nations Prof. Babatunde Osotimehin.

Buhari says Nigerians are suffering because of the drop in crude prices in the international market ,which has been worsened by frequent attacks on oil installations by militants. Buhari recalled that before he came to power, petroleum sold for about 100 dollars per barrel, then crashed to 37 dollars per barrel and now fluctuates between 40 and 45 dollars per barrel.

Faced with this economic crisis, President Buhari has pleaded with UNFPA officials to be considerate in situations where Nigeria fails to meet certain obligations.

70 percent of Nigeria’s budget is derived from oil revenue