Osinbajo discloses 2 causes of Nigeria’s economic crisis

Yemi Osinbajo says many years of corruption the cause of the current economic challenges affecting Nigeria

- Osinbajo discloses that the federal government is investigating a $15bn defence contract

- The acting president also attributes the country’s current economic woes to the continued attack on the nation’s oil facilities

Yemi Osinbajo has said Nigeria would have crumbled economically but for the prudence of the Muhammadu Buhari administration.

Acting President, Yemi Osinbajo, has blamed corruption for the root cause of the current economic hardship faced by Nigerians.

Osinbajo said the economic challenges affecting Nigeria is a consequence of corruption, which had been in the country for many years.

The acting president made the statement on Tuesday, February 14, when he spoke at a town hall meeting with the members of the All Progressives Congress (APC), the Punch reports.

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Osinbajo explained that the federal government was investigating a $15bn defence contract, stating that the disappearance of such an amount would lead any country into hardship.

He said: “It is easy for people to say that times are hard. One of the reasons things are hard in the country is the corruption that has been in the system for years.

“At the moment, we are investigating the $15bn defence contract award. If $15bn disappeared when you have a reserve of $30bn, there is no way there will not be hardship.

The acting president also attributed the country’s current economic woes to the continued attack on the nation’s oil facilities.

He however, expressed optimism that the country would move out of its current economic challenges with the prudent management of the nation’s resources.

“We are sure that because of the way we are approaching the business of governance, even with the little resources, things will change for the better. For the first time, we have bailed out the states of the federation.

“When we came, 22 states were not paying salaries at all. We had to bail them out twice. Despite the lean resources, we were still able to support the states.

“In the next few months, as things shape up, this country will improve and the exchange rate will improve,” the acting president said.

He said the prudence of the Muhammadu Buhari administration has saved Nigeria from falling economically.

He said the economy was recovering, noting that in a few months, things would begin to change for the nation.

In a related news, Osinbajo has promised Niger Delta youths that the federal government would employ Niger Deltan youths who are involved in illegal oil refining in the modular refineries the government will establish in the region.

He said the federal government will make sure that youths of Niger Delta stay away from violence and crime and focus on contributing to the development of the region.

He also denied a rumour that the amnesty programme of the federal government has been scraped adding that more resources has been earmarked for the sustenance of the programme in the 2017 budget.