Osinbajo: Attacks on oil facilities responsible for economic recession

Vice President Yemi Osinbajo on Monday blamed the current economic recession in the country on the militancy in the Niger Delta region.

Speaking at the Presidential Quarterly Business Forum at the State House, Abuja, Osinbajo said the bombings had more adverse impact on the 2016 Budget and the economy than the low prices of oil in the international market.

According to him, the 2016 Budget had properly anticipated the low oil price, but didn’t expect the drop in oil production caused by the bombings.

He said Nigeria, whose budgetary expenditure was predicated on a daily crude oil production of 2.2 million barrels per daily, was producing less than 1.1 million barrels per day owing to the nefarious activities of the militants.

He said: “Perhaps it is important for us to understand the nature of this recession in which we have found ourselves. In discussing this issue of recession there is tendency for people to generalize. A lot depends on what sort of recession and how we got here.

“If we did not have vandalisation in the Niger Delta as we are currently suffering, we will not have this recession today. Moreover in looking at the solutions, we should try to focus on the type of problem we have and what instigated it. Then we can begin to come up with better solutions.”

But rather than analyzing how Nigeria came about the problems, he noted that some Nigerians were busy criticizing the Federal Government.