PRESIDENT Muhammadu Buhari says he could not believe his ears when told that the Central Bank of Nigeria, CBN, had no savings under the Jonathan administration when crude oil sold for over 100 dollars per barrel and 2.1 billion barrels were produced daily.
He made this known on Friday when he received a delegation of All Progressives Congress, APC, members from Kebbi state in the Presidential Villa, Abuja.
The President said he couldn’t believe that majority of Nigerians cannot afford imported food and relied on what is locally grown.
He observed that some Nigerian elite with foreign shipping firms, insurance companies and financial outfits to deplete the country’s foreign reserves.
He said: “When I was told that the CBN had no savings after the windfall of selling oil for more than 100 dollars per barrel for many years and production was 2.1 billion barrels per day, I did not believe them.
“I did not believe them because majority of Nigerians cannot afford imported food; they rely on what is locally grown. It turned out that 50 per cent of the export bills were fraudulent, courtesy of the Nigerian elite.
“Unfortunately, we will not know all that happened because the elite worked in collusion with institutions in developed countries like insurance firms, shipping companies and other financial outfits, to perpetuate the fraud.”