President Muhammadu Buhari lamented the fact that opposition Peoples Democratic Party (PDP) squandered about $500 billion oil earnings in the 16 years it was in power.
The PDP led Nigeria from 1999 to 2015 when it lost the presidential election to the All Progressives Congress (APC).
Speaking at the opening of the APC National Caucus meeting currently going on at the new banquet hall of the Presidential Villa, Mr. Buhari said he took over at a time Nigeria was fast heading for a state of collapse.
“It is easy to forget the fuel subsidy fraud, arms fund diversion, depleted excess crude account savings, depleted foreign reserves, massive unpaid debts to contractors and suppliers amidst failure to invest or even maintain our infrastructure namely railways, roads, electricity, in spite of having earned over $500 billion from oil & gas alone, during the 16 years of PDP rule,” he said.
He called on party leaders present to not forget the dire situation in which they came to office.
The president said his administration has done well since taking over in 2015. He called on APC leaders “not to be shy in projecting our tremendous achievements from 2015 to date.”
He said the territorial integrity of Nigeria under the APC is no longer under threat.
Mr. Buhari admitted that a number of security challenges still exist; but, he said, they exist in even the most well policed and well secured countries.
“I am confident that the measures we are taking will tackle the acts of rural banditry, herdsmen/farmers conflicts, communal clashes, kidnappings and other crimes,” he said.