Vice President Yemi Osinbajo on Tuesday said Nigeria’s worsening economic experience was as a result of sabotage and bad governance.
Mr. Osinbajo, who was receiving the Northern States Pentecostal Bishops Forum in his office in Abuja, said apart from depreciation in Naira value, the country’s economy had no reserves to support it.
“At the height of the oil boom, there were no savings,” he said. “There is no country in the world that can face the kind of stealing that took place in Nigeria without having to deal with the consequences, including the current state of the economy.”
In addition to the massive fall in global oil prices, the VP blamed the situation on vandalism of pipelines, which led to the loss of about one million barrels of oil daily for more than six months.
The destruction of gas pipelines, he said, also resulted in the cut in public power supply.
The country’s economy, which has been battling the negative impact of dwindling oil revenues as a result of declining global oil prices, has officially been confirmed to now be recession, with dire consequences on Nigerians.
But, the Vice President said although the times were hard today, there was “great hope the country will prosper again soon.”
“This country has been badly governed. We are dealing, for instance, with the embezzlement of funds to the tune of $15 billion in one sector alone,” he said