President Muhammadu Buhari has admitted that the country was not working as he said all sectors were suffering from a general decline.
The President made the remarks during his nationwide broadcast on Thursday in commemoration of Nigeria's 60th independence anniversary.
The President also insisted on going ahead with deregulation, saying it made no sense for oil to be cheaper in Nigeria than some other oil-producing countries.
He, however, urged the people to unite to begin the healing process of the country.
Buhari said, “Today, I am aware that our economy along with every single economy in the world is in crisis. We still face security challenges in parts of the country, while our society suffers from a high loss of moral rectitude which is driven by unbridled craving for political control.
“An underlying cause of most of the problems we have faced as a nation is our consistent harping on artificially contrived fault-lines that we have harboured and allowed unnecessarily to fester.
“In addition, institutions such as civil service, police, the judiciary, the military all suffered from a general decline.
“We need to begin a sincere process of national healing and this anniversary presents a genuine opportunity to eliminate old and outworn perceptions that are always put to test in the lie they always are.
“The stereotype of thinking of ourselves as coming from one part of the country before seeing ourselves as Nigerians is a key starting point to project us on the road to our deserved nation’s evolution and integration.
“To start this healing process, we are already blessed with the most important asset any nation requires for such – OUR PEOPLE – and this has manifested globally in the exploits of Nigerians in many fields.”
Speaking on the increase in price of petrol, Buhari said, “Petroleum prices in Nigeria are to be adjusted. We sell now at N161 per litre. A comparison with our neighbours will illustrate the point.
“Chad, which is an oil-producing country, charges N362 per litre. Niger, also an oil-producing country, sells oil at N346 per litre. Ghana, another oil-producing country, petroleum pump price is N326 per litre. Further afield, Egypt charges N211 per litre. Saudi Arabia charges N168 per litre.
“It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia.”