Vice president Yemi Osinbajo blamed the current economic recession in the country on militancy in Niger delta region.Speaking at the presidential quarterly forum at the state house Abuja,he said the bomb had more adverse impact on the 2016 budget and the economy than the low prices of oil in the international market.
The Niger delta Avengers and other militants have been bombing oil and power installation in the region.
According to him the 2016 budget had properly anticipated the low oil price,but dint expect the drop in oil production caused by the bombings.He said Nigeria,whose budgetary expenditure was predicted on a daily crude oil production of 2.2million barrels per daily,was producing less than 1.1million per day.He said it's important for us to understand the nature of the recession in which we have found ourselves.He said rather than analyzing how Nigeria came about the problems, He noted Nigerians were busy criticizing the government.
Source:vanguard Nigeria
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