Militants has crippling economy —VP Osibanjo

Vice-President Yemi Osinbajo on Friday decried activities of Niger Delta militants, lamenting that their actions have greatly led to the reduction of oil and gas output which is the mainstay of the nation’s economy.

According to him, the country’s revenue has fallen to 60 percent of what it was before the resurgence of militancy led by the rampaging Niger Delta Avengers (NDA) in February this year.

Besides, Osinbajo stated that the power sector could no longer work as envisaged as activities of militants had affected every aspect of the nation’s economy.

Professor Osinbajo stated this in Asaba, Delta State, while declaring open a two-day economic and investment summit organised by the state government as part of activities marking the 25th year anniversary of the creation of the state.

He said one of the ways that the country can get of the present economic crisis and ensure efficient service delivery is for the nation to build institutions, insisting that without strong institutions, economic delivery and development would fail.

According to Osinbajo, “There is dividend for the economy when there are strong institutions. We need to strengthen and beef up our institutions so that we can have good leaders. Strong institutions will lead to producing good characters in leadership.

“Strong institutions will lead to strong leaders that could be trusted because if people can’t trust leadership, it has failed.

“A well-established organisation is capable of delivering good services. It depends on the quality and character of people in the positions of authority. We need strong institutions to drive economic development.”

He said the Federal Government has not been short of ideas but the challenge has been the ability and the will to get things done.

Reacting to the overwhelming criticism against President Muhammadu Buhari over perceived lopsided appointments into federal agencies and parastatals, Osinbajo noted that merit should be considered ahead of the constitutional provision of federal character system.