Sunday, September 27

Nigeria: President Buhari to double as Minister for Oil

The leader of the largest economy in Africa, President Muhammadu Buhari, has announced that he would be taking over the ministerial position and assume the office of the Minister of Petroleum while also serving as the President. This is in a bid to curb and eradicate the corruption that has eaten deep into the roots of the country’s largest supply of revenue.

The president, who is yet to submit the list of his cabinet members, announced his desire to remain the Minister for Petroleum at the United Nations’ general assembly which held in New York. He promised to fight the corruption in the sector and also revealed plans to look into the sums of money that had been declared missing from the nation’s oil revenue over the years.

The president, who is no newcomer to this sector having already served as the head of the Petroleum Trust Fund under the Sani Abacha led administration and further as an oil minister under the Obasanjo-led administration, is set to over-haul the oil sector which provides up to 70% of the total government revenue in the country.

The oil sector in Nigeria has suffered a major blow over the past few weeks with oil prices gradually dropping, damaging the economy in the process and devaluating the country’s currency in the process. Prices of goods have also stepped up and the government has been left with an inability to adequately meet the salary payments of workers. This calls for drastic measures and with the level of experience, commitment and dedication the president is showing towards the sector that undoubtedly makes Nigeria the largest economy in Africa, there is light at the end of the tunnel again.

 

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