Why Nigeria is in recession – Osinbajo


The Acting President, Yemi Osinbajo, on Tuesday highlighted reasons why Nigeria is currently in recession.

Speaking at a Town Hall meeting in Rivers State, Osinbajo attributed the current hardship ravaging the country to irregularities in the price of dollars and a drop in the production of crude oil which is a direct result of the activities of pipeline vandals.

Highlighting some of the reasons responsible for recession, 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 also used the event to disclose that the Federal Government is currently investigating the misappropriation of “$15bn dollars” that got missing under the previous administration.

Osinbajo noted that the President Muhammadu Buhari-led Federal Government, despite the lean resources has been able to support the states of the federation.

He said, “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.

Osinbajo further cautioned members of the All Progressives Congress, APC, against waging war, saying, “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.”

Reinterating that the ruling party will deliver on all its campaign promises, Osinbajo declared that APC is the party of the future.


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