Vice President Yemi Osinbajo has expressed optimism that the current economic recession the country has found itself would abate very quickly.
He said APC government was working round the clock to make sure that the country’s foreign reserves got back to feet.
He made this known at the eighth convocation ceremony of Redeemer’s University, Ede on Thursday.
He added that Nigeria got into recession when pipeline vandalization started, emphasising that no country in the world could survive recession if 60 percent of its revenue base was lost.
He said, “There is nowhere in the world, there is no economy in the world that can lose 60 per vent of its revenue and will not go into some sort of recession which is actually what has happened to to us in this country.
” The reason is that as of February last year, we were generating 5,000 megawatts of power and that is the highest ever in the history of this country and that same month the vandalism of the pipeline started so we lost 60 per cent of gas and 60 per cent of revenue .”
According to Osinbajo, once pipeline vandalism is stopped and our diversification programme is achieved, things will change for better.
Social Media Links
Facebook – www.facebook.com/osundotlife
Instagram – www.instagram.com/osundotlife
Twitter – www.twitter/osundotlife
Kindly share this story | All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from OSUNDOTLIFE.
Contact: editor@osun.life
WhatsApp: 📲 +2348092333666