By Our Correspondent

Following the cash crunch that has gripped the Nigerian economy, sources within presidency are saying the president and his cabinet members, should be forced to resign for their inability to manage the economy.

President Mohammadu Buhari.

The decline in the nation’s economy has been attributed to the renewed bombing of pipelines by militants in the Niger Delta region and the 70 per cent decline in oil prices from about S116 per barrel in June 2014 to about $30 per barrel earlier in the year.

Investigations had showed that the initial plan of the government, was to release the sum of N350 billion every quarter, to ensure that there were sufficient funds to keep capital projects running, but this plan has been thwarted, due to dwindling oil revenue and lack of clear cut economic policies.

According to Post-Nigeria, the non-release of funds is having a devastating impact on the Ministries, Department and Agencies, (MDAs), as they are barely able to pay salaries, while every other obligation, particularly execution of capital projects, have been put on hold.

”With the excruciating hardship, and inflation rate hitting 16.5 percent, Buhari should do the needful, by tendering his resignation letter, having failed 180 million Nigerians,” a credible source lamented.

Other reliable sources, added that the MDAs are currently frustrated, and are even scared of advertising for jobs, because they know there are no funds to execute them.

“The Ministry of Finance cannot even release quarterly allocation to MDAs as it used to do in the years past, because it is President Muhammadu Buhari who decides what is to be released, to which sector and at what point”, the source added.

The United States of America, had taken a swipe and called for the resignation of President Buhari. US accused the Buhari administration of sheepishly running Nigeria underground.

The US former Chairman of House Intelligence Committee, Pete Hoekstra, made this disclosure on behalf of the United States, in an opinion article he wrote on Friday, June 17, published in the Wall Street Journal.

Last week, Babachir Lawal, the Secretary to the Government of the Federation (SGF), said that the federal government would not be able to fully implement the N6.06 trillion 2016 budget, because the revenues of the government had dropped by over 50%, contrary to projections.