We Will Save $10bn From Importation Of Fuel Yearly – Buhari

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President Muhammadu Buhari on Saturday said Nigeria would be saving 10 billion Dollars annually from importation of petroleum products as the nation’s four refineries would soon be fully repaired.

The president disclosed this in a nationwide broadcast to mark the nation’s 56th Independence Anniversary on Saturday. The President frowned at the situation where half of the nation’s foreign exchange earnings were being spent on importation of petroleum and food items.

He attributed the current socio-economic hardship being experienced in the country to inability of the previous administrations to save for the “rainy days’’. “Historically about half our dollar export earnings go to importation of petroleum and food products, Nothing was saved for the rainy days during the periods of prosperity.

“We are now reaping the whirlwinds of corruption, recklessness and impunity. “There are no easy solutions, but there are solutions nonetheless and government is pursuing them in earnest. “We are to repair our four refineries so that Nigeria can produce most of our petrol requirements locally, pending the coming on stream of new refineries.

“That way we will save 10 billion USD yearly in importing fuel.’’ Buhari said his adminitration’s economic revival strategy was centred on the Ministry of Power, Works and Housing.

According to him, the ministry will lead and oversee the provision of critical infrastructure of power, road transport network and housing development. He said power generation in the country had steadily risen since his administration came on board from three 3,344 megawatts in June 2015, to a peak of 5,074 megawatts in February.