The biggest reason Nigeria went belly-up last month with a -2.1% GDP was the loss of 60 percent of the nation’s oil revenue and 40 percent of incomes from gas—thanks to the Niger Delta Avengers and other militant groups that made good their threat to ruin the APC government.
V.P Yemi Osinbajo said this in Abeokuta on the weekend while taking questions from journalists after church service on Sunday.
He, however, assured Nigerians the economy will spring back soon. “Once we are able to resolve that, we would at least be able to earn more revenue,” he said.
The federal government has been making effort to broach a dialogue with vandals, especially the NDA who declared ceasefire couple weeks ago, but Nigerians might not feel the impact of the resolve soon.
The V.P. said the government was aware a lot of Nigerians had become sceptical of the ‘Change’ mantra of the President Muhammadu Buhari administration.
“In another couple of years, we will see the difference,” he said.
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He, however, added that Nigerians also have roles to play.
“Nigerians must be patriotic in our dealings and daily activities. We should be committed to the nation.”
According to him, the best way for the government to fully revive the economy was to diversify into agriculture and solid minerals.
He said work has begun in those two sectors and results would be gradually achieved.
Critics of Buhari’s government have descended on the APC government for leading the nation into its worst recession in the last 29 years. They are not convinced the Niger Delta crisis alone could have ruined the economy.
Emir of Kano Sanusi Lamido recently hammered the administration for its lax forex policies, and inability to diversify the economy.