Osinbajo says 60% revenue lost to pipeline vandalism – Businessday

Nigeria’s Vice President Yemi Osinbajo on Sunday revealed reason for the current economic hardship the country was going through. Nigeria lost about 60 percent revenue and 40 percent gas production to nefarious activities of pipelines vandals across Niger-Delta region in recent times, the Vice President said.

Osinbajo, who spoke briefly with some journalists in Abeokuta, the Ogun State capital, also said President Muhammadu Buhari-led presidency had dealt seriously with corruption and controlling government expenditure in order to reposition the economy as soon as possible.

He said: “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 vandalism of pipelines in Niger Delta and we lost almost 40 percent of the gas.

“These are challenging times, it is very obvious and we know the reasons. It is 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.

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

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

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

He, however, expressed optimism that the country would overcome the current economic challenges and earn more revenue, adding: “I have 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, it is an added advantage.”

While explaining what would be done to improve on the economy, he said government was taking steps to revive the economy through diversification into agriculture and solid mineral, just as he added that there were plenty of opportunities in manufacturing and technology that would fortify the economy.

But, speaking on the employment generation, he said the Federal Government would before the end of the month implement 500,000 volunteer corps job opportunities as well as implement micro credit facilities and disbursement to a minimum of 1 million market women and artisans.

BusinessDay reports that the Vice President briefly visited Governor Ibikunle Amosun at Oke Igbein Government House where he met the governor behind closed doors for some minutes before he left for Lagos en route Abuja.