Why Nigeria is currently facing economic challenges – Buhari

President Muhammadu Buhari, on Tuesday, blamed Nigeria’s current economic situation on over dependency on oil.

Speaking shortly after the commissioning of the new Edo University in Iyamho, Etsako Local Government Area of Edo State, the President said the mistake of depending on mono-economy in the past has brought the nation to its knees.

Buhari said, “We are blessed with human and material resources. We have made terrible mistakes in allowing ourselves to be cornered into a mono-economy and we are now paying dearly for our mistakes.

“‎Nigeria saved the money from cocoa, palm oil, palm kernel, groundnut, hides and skin and even started the professional development of petroleum.

“Once petroleum was discovered and developed in quantity, we threw everything to the dogs. Now, petroleum is diving from an average of $100 per barrel in the last 12 years to between $40 and $50 and we are paying for it.

“‎What have we done to our infrastructure – power, rail, road and social infrastructure, education and health? Just check and find out. We became very wasteful.”