President Muhammadu Buhari, who took office
last month, said his government is facing
severe financial strain from a Treasury that’s
“virtually empty” and billions of dollars in
debts.
The government is under “so much pressure”
that it’s unable to even regularly pay some
state workers, Buhari told reporters on
Monday in the capital, Abuja. “This is the bad
management that we find ourselves in.”
Buhari has yet to name a cabinet since being
sworn in as president of Africa’s largest
economy on May 29 after defeating Goodluck
Jonathan in elections.
He took over as a plunge in crude prices
forced the government to scale back budgeted
spending and devalue the naira while foreign-
currency reserves fell. The government relies
on crude for about 70% of its income.
“It’s just saying the obvious,” said Akintola
Owolabi, a senior lecturer of accounting and
finance at Lagos Business School. “We all
know about the reckless abandon with which
the last regime carried out its affairs.”
Former military ruler Buhari, 72, swept
Jonathan from office in March elections by
pledging to end endemic corruption and Boko
Haram’s rebellion in the north that has killed
thousands in its six-year campaign to impose
its version of Shariah law.
The central bank has been using its foreign
reserves, which fell to $29 billion as of June 18
from $34.5 billion at the start of 2015, to help
defend the local currency.
Still, the naira has declined 7.8% against the
dollar over the same period.
Growth in the economy is forecast by the
International Monetary Fund (IMF) to slow to
4.8% this year from 6.3% last year.
source.......

And some people will keep shouting he has not nominate his cabinet after ao much debts on ground , buhari is only trying to manage things but I think dey shouldnt cover up the damages made by the former president, let him speak to us and we should allow all involved be punished, Nigeria is sinking don't manage a ship half wrecked, let's know and together we can bring the loots made by the thieves

We knew the situation already. That was why we voted for u, The way out should be on point.

He wears one Dress... Dem go complain
He buys Suit... Dem go complain
Im wife wear watch... Dem go complain

By the way... We don dey get light for mile 2
SAI BABA!