Osinbajo blames recession on 60% revenue loss to pipeline vandalism

Vice President Yemi Osinbajo

Vice President Yemi Osinbajo

Vice-President, Professor Yemi Osinbajo, at the weekend, blamed the loss of almost 60 per cent revenue as a result of the activities of pipeline vandals in the Niger Delta as one of the factors responsible for the economic recession in the country.

According to Osinbajo, “One of the key reasons why we are in recession is the fact that we lost about 60 percent of our revenue due to the vandalisation of the pipelines in the Niger Delta and we lost almost 40 per cent of the gas.”

Osinbajo who spoke to journalists in Abeokuta, the Ogun state capital when he visited the governor, Senator Ibikunle Amosun, however expressed optimism that the country would soon overcome its challenges.

The Vice-President stressed that once the Federal government was able to resolve the challenges facing it from the Niger-Delta, “the country will be able to earn more revenue.”

His words, “I have a strong belief that by the grace of God, we will be able to resolve that. Once we are able to resolve that, we would at least be able to earn more revenue. If revenue grows up, it is an added advantage”.

He added that part of government’s measures to revive the economy was to diversify into agriculture and solid mineral, revealing that the efforts of the government towards diversification of the economy from oil were already yielding positive results.

The Vice-President who stated that the Federal Government had observed that there were great opportunities in manufacturing and technology, added that the administration was also concern about the high rate of unemployment in the country.

Osinbajo explained that before the end of the month, the Federal Government would implement the 500,000 volunteer corps job opportunities as well as implement the micro credit facilities to a minimum of one million market women and artisans.

He said, “These are challenging times, it is very obvious and we know the reasons. It is the high level of corruption and we have dealt with that. We are controlling government expenditure. Once you can control corruption, we are out of it”.

Osinbajo affirmed that the administration was focused and determined to ensured that the country was put on right track and assured Nigerians that the All Progressives Congress (APC) led government would soon fulfill all its campaign promises.

He said, “I strongly believe God has a hand in the affairs of this country. In fact, the reason why President Muhammadu Buhari is in office is because God has a plan and a hand in this nation, that this nation will be governed properly, that stealing of resources will stop, that we focus on issue of development.”

“We are focused and determined to ensure this country is put on the right track. There are lots of people who will say where is the change they promised. People will condemn and shout but we are very focused, calm and extremely confident that God is on our side and this country will not be the same again.”

“In another couple of years we will see the difference. All of us has part to play in the change. Nigerians must be patriotic in our dealings and daily activities. We should be committed to the nation,” the Vice-President said.

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  • TrueNigerian

    Which do we believe as the cause of the recession? Pipeline vandalism or GEJ’s past government? APC has failed Nigerians with its inconsistencies and a lack of direction. There is hunger and starvation everywhere. Take home pay can no longer take anyone home anymore, businesses are crumbling by the day and foreign investors are on an everyday exit. Farmers are not able to afford farm inputs while Nigerians are being deceived everyday with cheap talk.

    • Wole

      It is not difficult to link the two points you listed of you are intelligent and you listen carefully without choosing what you want to hear. When the countries was earning big from the high crude price and little disruption in the Niger delta, the previous government in the past 16 years or so could not save enough for the future even when they were warned by the previous finance ministers. No the price of crude oil is down and the militants are destroying oil production facilities, the revenue has vanished and no more foreign exchange for the private sectors to import raw materials for their businesses. So, it is not difficult to understand, the solution is to manage the problem in Niger delta, and then manage the little revenue from oil. That is why we are luck to have a disciplined leader like Buhari at such a time like this. You can imagine a kleptomaniac called col Dasuki in Aso rock at a time like this

  • Princess Adaeze


  • udofiapeter

    You cannot reap what you do not sow. You only reap what you sow. With the type of policies APC government is maintaining there is no how we will get out of this mess because every body who is not an APC member is a suspect.

    • Wole

      @ udofiapeter, can you list some of these so called bad policies of the APC government?

    • akinola adetayo

      I will urge Udofia Peter and True Nigerian to be patient. This is work in progress. The government just concluded registration on N-Power skills training program 749K application were received and 500k will be employed. 450k ghost workers were removed from FG payroll. Stolen funds is steadily been recovered from corrupt officials. All refineries have been repaired and they will start full capacity production when the vandals and their sponsors stop their shenanigans. Ajaokuta steel was recovered through arbitration from Mittal of India and will start production in two years. Floating exchange rate was introduced to stabilize and instill market confidence and certainty in the Naira. The FG has invested heavily in Agriculture and expects a bumper harvest soon. I am very proud of Buhari’s Government accomplishment in barely a year in office.