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Defends Buhari,Presidency Replies Obasanjo

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The Federal Government has responded to a recent statement by former President Olusegun Obasanjo in which he criticised the administration of President Muhammadu Buhari.

 In a statement issued on Wednesday by the Minister of Information and Culture, Mr Lai Mohammed, the Presidency defended President Buhari.

We have read the press statement by former President Olusegun Obasanjo on the State of the Nation. For the record, Chief Obasanjo is a patriot, and he has proven this time and time again. We appreciate what he said concerning the Administration’s performance in two out of the three key issues that formed the plank of its campaign: Fighting corruption and tackling insurgency.

Specifically, the former President said President Buhari must be given credit for his achievement so far in these two areas. We thank him for this. Apparently, the former President believes that the Administration does not deserve a pass mark in the area of the economy, which is the third of our three-pronged campaign promises.

We have no doubt that in the face of massive challenges in this area, this Administration has availed itself creditably. We believe that Chief Obasanjo, because of his very busy schedule, may not have been fully availed of developments in the government’s efforts to revamp the economy, which was battered by the consequences of over-dependence on a commodity as well as unprecedented pillaging of the treasury.

Today, most of the indices by which an economy is measured are looking up. Permit me to say, however, that Nigeria would not have exited recession through a mere order or if the Administration had not made use of ”good Nigerians” who could help.

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This Administration is making steady progress in its determined effort to revamp the economy, and the results are showing:

 – Foreign Reserves have peaked at $40b, the highest level in about four years, and up from $24 billion just a year ago, even though when we came in, the price of oil had crashed woefully.

– According to the National Bureau of Statistics (NBC), headline inflation has fallen for 11 consecutive months, standing at 15.37% as at Dec. 2017. This is the lowest inflation rate since Jan 2017, and it has met and surpassed the target set for inflation in the Administration’s Economic Recovery and Growth Plan (ERGP)

. – Our determined implementation of the Treasury Single Account (TSA) has stopped the haemorrhaging of the treasury. Some 108 billion Naira has been saved from removal of maintenance fees payable to banks, pre-TSA. The nation is being saved 24.7 billion Naira monthly with the full implementation of the TSA.

 – The elimination of ghost workers has saved the nation 120 billion Naira – At about 1.8 billion dollars, the capital inflows in the second quarter of 2017 were almost double the $908 million in the first quarter.

 – In the wake of a stable Naira and increased investment inflows, Nigeria’s stock market emerged one of the best-performing in the world, delivering returns in excess of 40 percent.

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