The Vice-President attributed the drop in crude oil production to the constant bombing of pipelines by militants in the oil rich region.
Osinbajo also said the Federal Government did not envisage that there will be a huge drop in the production of crude oil.
The Vice-President attributed the drop in production to the constant bombing of pipelines by militants in the oil rich region.
Osinbajo said “Perhaps it is important for us to understand the nature of this recession in which we have found ourselves. In discussing this issue of recession there is tendency for people to generalize. A lot depends on what sort of recession and how we got here.
“If we did not have vandalisation in the Niger Delta as we are currently suffering, we will not have this recession today. Moreover in looking at the solutions, we should try to focus on the type of problem we have and what instigated it. Then we can begin to come up with better solutions.”
On Sunday, September, 18, 2016, the Niger Delta Greenland Justice Mandate (NDGJM) bombed a crude oil facility belonging to Nigerian Petroleum Development Company (NPDC).