Presidency reveals the real cause of Nigeria’s recession

The Presidency has once again reiterated to Nigerians on its resolve to right the wrongs of the past governments.

This came as the 36 state governors have agreed to cut down the size of their convoys.

The governors also agreed to cut down on excessive travels and embark on cost saving measures.

In a press briefing yesterday, the FG said she is not be blamed for the current economic recession.

Recall that the chairman of APC governor’s forum, Rochas Okoroacha, recently accepted blames for the economic downturn on behalf of APC.

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Just last week, the national chairman of the ruling party also said that the party made some mistakes in the early stages of their government.

He said those mistakes contributed to some of the current economic woes the country is facing.

The statement was released at the end of the just concluded National Economic Council meeting.

He said: “We did not and are not responsible for the current economic situation we find ourselves.

“We are actually a rescue team, a team working to rescue Nigeria from the position we find ourselves in.

“Under President Buhari, we are determined to take Nigeria out of the situation.

“The situation started long before we came.

“As you know, oil price started falling from 2014 when it was about $110 and by January this year, it was below $30.

“Unfortunately, they did not save.

“We are determined to take Nigeria from a consuming nation to a producing nation,” the presidency said.

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The FG also outlined measures that will reverse the recession.

“We’ll cut down retinue of aides and foreign trips.

“Governors also raised concerns on the Niger Delta situation.

“You know we budgeted that we will be producing 2.2 million barrels of oil per day.

“At a point, oil production dropped to one million barrels per day.”

“So, the economic recession is Buhari’s making at all.”