President Muhammadu Buhari on Wednesday, October 28, stated that the new economic policies adopted by his administration may be hurtful “in the short run”.
The President who spoke from New Delhi, India, where he is attending the Third Indian-Africa Forum, however assured that things will get better in the long run.
While addressing the Chief Executives of Indian companies with interests in Nigeria, he stated that despite the fall in oil prices, his administration,remained committed to maintaining macro-economic stability and improving investors’ confidence in Nigeria.
President Buhari stressed that the economy should not suffer unduly from plunging oil prices because Nigeria is blessed with human and material resources.
He said: “What is required of us, to which we are strongly committed, is the implementation of tight expenditure controls, effective fiscal and monetary policies, including the husbandry of scarce resources which our introduction of the Single Treasury Account has began to address"
“We are aware some of these measures may hurt operations of some businesses in the short term, but we believe they are right for a sustainable economy,” he said.