Recession caused by Niger Delta militants – VP Osinbajo

Vice President, Yemi Osinbajo

Vice President, Yemi Osinbajo

Vice President Yemi Osin­bajo on Monday declared that militants in the Niger Delta caused the ongoing reces­sion in the country.

His views are different from President Muhammadu Buhari, who during the Sallah celebration in Daura, Katsina State, attribut­ed the economic mess to the bad governance of the country by the People’s Democratic Party (PDP) for 16 years.

READ ALSO: For 16 years PDP did not provide no savings, no power, no road, no security – Buhari

The President had said that he inherited nothing from the PDP.
But when he hosted the Quarterly Business Forum with private sector operators at the Banquet Hall of the Presidential Villa, Abuja yesterday, Osinbajo underscored the heavy blow the economy suffered from the activ­ities of the Niger Delta militants, which has halved the country’s crude oil production.

While pledging the govern­ment’s readiness to address pow­er sector challenges, Osinbajo, however, said it would require a “revolution” to shore up electric­ity supply to an adequate level na­tionwide.

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

“If we did not have vandalism in the Niger Delta region as we are currently suffering, we will not have this recession today,” he said.
“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,” Osinbajo said.

He further explained that “we are doing a whole lot by interfac­ing with the private sector be­cause we realise their role in the economy.

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“If the Dangote refinery comes on stream, it will help us overcome some of those challeng­es, like the sub-sea gas pipelines that will take care of vandalism,” he said.

Osinbajo was confronted with the damage done to busi­nesses by the Federal Govern­ment’s economic policies and scarce foreign exchange by his guests.

It was the second economic summit to be hosted by the Pres­idency in one week as it intensifies efforts to salvage the economy.

President Muhammadu Bu­hari had last Thursday in Abu­ja convened an emergency eco­nomic retreat for members of his cabinet and selected economic experts who served as resource persons.

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