Osinbajo Blame Economy Recession On Pipeline Bombing

       

Vice President Yemi Osinbajo has put the blame for the economic recession on Niger Delta militants pipeline and oil installation bombing.

Osinbajo who spoke at  Presidential Quarterly Business Forum at the State House in Abuja Monday, 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 properly anticipated the low oil price, but did not expect the drop in oil production caused by the bombings. From 2.2 million barrels   drastic drop to less than 1.1 million barrels per day 

 “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 the tendency for people to generalise; 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.” he said