Vice-President Yemi Osinbajo, on Thursday, dismissed insinuations by a former President of Nigerian Bar Association, NBA, Olisa Agbakoba that Nigeria’s current economic recession will last until 2020.
Agbakoba, a Senior Advocate of Nigeria,SAN, had on Tuesday, expressed displeasure with the current state of Nigeria’s economy, saying recession may continue until 2020, if President Muhammadu Buhari failed to review some of his policies.
But the Vice President while addressing reporters in Ede, Osun State, stated that the recession will not last long because the administration was putting in place measures that will resuscitate the economy.
Osinbajo, however, attributed the recession to the destruction of oil pipelines in the Niger Delta region.
According to Osinbajo, the destruction had resulted in the reduction of crude oil being sold by the country.
He said, “As far as we are concerned and so far as all of us who are working seriously hard are concerned, the recession must be short-lived.
“The reason is that as of February last year, we were generating 5,000 megawatts of power and that was the highest ever in the history of this country and that same month the vandalism of the pipelines started. So, we lost 60 per cent of gas and 60 per cent of revenue.
“There is nowhere in the world, there is no economy in the world that can lose 60 per cent of its revenue and will not go into some sort of recession which is actually what has happened to us in this country.
