President Muhammadu Buhari has said despite the increase of oil prices at the international market, previous administrations left Nigeria with no savings.

Buhari said this in a nationwide broadcast to Nigerians to commemorate the country’s 57th Independence anniversary on Sunday in Abuja.

He said, “It is also a day for remembrance. We should remind ourselves of the recent journey from 1999 – 2015, when our country happily returned to democratic rule.

However, in spite of oil prices being an average of $100 per barrel and about 2.1m barrels a day, that great piece of luck was squandered and the country’s social and physical infrastructure neglected.

We were left with no savings and huge infrastructure deficit.”

The President also admitted that “power remains a huge problem.”

He added, “As of September 12th, production of power reached an all – time high of 7,001 Megawatts. Government is increasing its investment, clearing up the operational and financial log jam bedeviling the industry. We hope to reach 10,000 Megawatts by 2020.

Key priorities include better energy mix through solar and Hydro technologies. I am glad to say that after many years of limbo, Mambilla Power Project has taken off.”

Buhari acknowledged that fighting corruption was never going to be a straightforward task, but said the government had empowered teams of prosecutors and assembled detailed databases for effective and efficient prosecution of corrupt officials.

“We are fully aware that fighting corruption was never going to be a straightforward task.

“We expected corrupt elements to use any weapon to fight back, mainly through judicial obstruction and political diversion.

“But, we are determined to eradicate corruption from our body politic,’’ he said.

Azeez