Why Nigeria Is Currently In Economic Recession – Osinbajo

The Acting President, Yemi Osinbajo, on Tuesday highlighted some of the problems responsible for the current economic hardship facing the country.

He attributed the current recession to the activities of Niger Delta militants and corruption of the past.

current economic hardship in Nigeria  r to activities of pipeline vandals and inconsistency in the price of dollars.

Speaking at a Town Hall meeting in Port Harcourt, Rivers State, Osinbajo added that the inconsistency on the price of dollars was also responsible for the current hardship.

He observed that the activities of pipeline vandals in the Niger Delta region has led to a drop in the production of crude oil, this he said has directly affected the economy of Nigeria.

 Osinbajo said, “Destruction of pipeline, which led to a drop in oil production has really contributed to the hardship we are facing.”

The acting President stated that the Federal Government is currently investigating the misappropriation of “$15bn dollars” under the previous administration.

 He said the President Muhammadu Buhari-led Federal Government, despite the lean resources has been able to support the states of the federation through provision of bail-out funds.

 “Despite the lean resources, we have been able to bail out some states of the federation.

“The President has insisted that every state most use 15 percent to pay salaries,” he said.

 Advising members of the All Progressives Congress, APC, against waging war, Osinbajo said, “This is not the time to wage war, meeting violence with violence is not the answer, it is our duty to meet evil with good.

 “Let’s march together as one, the Federal Government is behind you in every step on the way.”

 While declaring that the ruling party will deliver on its campaign promises, Osinbajo said the ruling APC is the party of the future.