President Mohammadu Buhari on Friday said some Nigerian elite connived with foreign firms to defraud the country.
The president said this while receiving a delegation of the All Progressives Congress from Kebbi State in the Presidential Villa, Abuja.
He said elite colluded with foreign shipping firms, insurance companies and financial outfits to perpetuate the fraud.
โWhen 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.
โI 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.
โUnfortunately, 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.โ
He also said the countryโs rice import bill has dropped significantly, and that the country must strive to become net exporter of food commodities.
โWe are not doing badly in the agriculture sector. Nigerians and indeed the world, are beginning to appreciate our efforts. We will work harder until we start exporting food.
โWe are happy that rice and beans importation into the country have gone down by over 90 per cent, and everyone can see how productive states like Kebbi turned out to be and states like Lagos, Ogun and Ebonyi are following the example.โ
