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Oil Money Isn't Enough For Nigeria - President Buhari

Nov 29, 2019 04:43 PM
Oil Money Isn't Enough For Nigeria - President Buhari Africa Business Radio, Cuban Ambassador, Oil Money, Muhammadu Buhari, Africa Business News, Carlos Trejo Sosa

The number one citizen in Nigeria, President Muhammadu Buhari has disclosed that the needs of Nigeria cannot be catered for by earnings from petroleum resources the country possesses. The president’s spokesperson, Mr. Femi Adesina disclosed this on Thursday when he received the outgoing Cuban ambassador to Nigeria, Carlos Trejo Sosa, at Aso Rock, Nigeria’s presidential villa. President Muhammadu Buhari expressed his pleasure with the relationship between Cuba and Nigeria, with the hope that the two countries could further strengthen ties. Nigeria had enjoyed support from Cuba in the areas of health care and knowledge transfer. However, the statement reportedly made by Muhammadu Buhari can be seen to be largely true, as reduced oil prices have put the county’s finances in a precarious situation, which has led to increased borrowing by the Nigerian government. This has also led to sweeping tax reforms, with the new Finance Bill set to come into effect on 2nd January 2020. The outgoing Cuban ambassador, Carlos Trejo Sosa, reportedly expressed his gratitude for the opportunity to serve, stating that his stay in Nigeria had been filled with love and warmth. The Finance Bill is looking to increase taxes and improve the ease of doing business, in order to boost economic growth and development in the country.

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