Abuja – The Minister of Information and Culture, Alhaji Lai Mohammed, has allayed the fears of Nigerians over the National Bureau of Statistic’s data which indicates that the country is on economic recession.
The Minister, on Friday in Abuja, said that the Federal Government is on top
of the situation.
“What I can assure you is that we are on top of the situation and we are confident that the second half of the year will be better than the previous.
“Some of the things that impacted on this first two quarters were the acute fall in the price of crude oil,” he said.
Mohammed said that the development was not new to the government, adding that measures were being taken to reverse the trend.
“One thing we cannot take away from this government is that it is open, honest and will not keep Nigerians in the dark.
“About a month ago, the Minister of Finance actually told all of us that we are already technically in recession.
“Recession is not an event, it is a process. We knew more than five years ago that the country is heading towards recession because the structure of our economy is faulty.
“Faulty in the sense that for many years we have relied in one product, crude oil,” he said.
The minister said the crash in the cost of crude oil and the activities of militants in the Niger Delta region which brought down production were largely responsible for the situation.
He explained that “because of the crash in the cost of crude oil, we lost about 60 per cent of our earnings.
He said: “Crude oil that used to sell for about 100 dollars per barrel, today we are hovering between 40 and 45 dollars per barrel.
“The 2016 budget projected 2.2 million barrels per day at 38 dollars. But because of the activities of the militants in the Niger Delta region, we are down to 1.2 to 1.4 million per barrels a day.
“We have lost about one third of production capacity.
“Combine all these together we are heading for recession especially when there is no reserve to cushion the effects.”
Besides, the minister said the nation’s economy was driven by consumption and not by investment or production.
He therefore appealed to Nigerians to curb their appetite particularly for foreign goods and patronise made-in-Nigeria products.
He said that government on its part would continue to provide incentives to encourage manufacturers and ensure that the cost of doing business is competitive.
Mohammed noted that the NBC report was not all gloomy as the nation recorded growth in agriculture and in the solid minerals sectors.
“Even in the face of the deficit, we made growth in agriculture which records 4.5 per cent growth and solid minerals which records 3.9 per cent growth.
“On the good side again is that we can see in agriculture that we have surplus in agriculture produce and what is of concern to us is how to mop up this.
“The report also indicates that in the area of investments, we are higher even than what it was in 2010,” he said.
The minister explained that the positive side of the report was an indication that the policies and programmes of the government on diversification of the economy were yielding fruits.

http://www.vanguardngr.com/2016/09/pdps-call-buharis-resignation-preposterous-lai-mohammed/
lalasticlala,Mynd44

People dey hungry but u dey talk honesty, shey na honesty of d president pple go chop..nonsense

Bihari has always been Honest

honesty cannot translate to development, faith without work is dead

Another lie from the party of liars! Choi!

which honesty? Where is the honesty

denko:
honesty cannot translate to development, faith without work is dead

My frnd, the root of every development is honesty.

Are u kidding us ? You have the gods to laugh at our stupidity after promising heaven and earth without fulfilling any damn promises.

Believe him at your own peril. There's a reason he answers *Lai*. You should know why.

The problem with this administration is that they've made too many promises that every time they make a new one they forget the previous one. The annoying part is that they make it every day.

Flip flopping and policy somersaults are directly opposite to honesty in governance.

How have businesses planned on Buhari's policy statements faired so far?

Nigeria economy is dangerously going down south because of Buhari's dishonesty to farmers and business community - Fact

Yes...he's right!

Buhari being honest in bringing untold Hardship to Nigerians.

The archaic, clueless gworo chewing maga of a president is a Fraud (until he proves otherwise ).

And Lai Mohammed is still an unrepentant charlatan!

Buhari is honest..
But his cabinet and party Apc..can't survive without lies..

Lieing basterrd.

Honesty of the President don't pay bills

TonyeBarcanista:
Honesty of the President don't pay bills

gbam

Well you guys are honest (quoting mr lai) but communicate less with the masses, leaving room for speculation and distrust from same.

Honesty my foot. These are the same people who denied all campaign promises after winning the elections, these are the same people who deny their twitter handle even when we caught them red handed.
Mr Lai, i was wondering when you were going to turn up. It seems it has gotten to your turn again, cus we have not heard from you in a while.
Mr Lai, are you still blaming the past govt? cus there was a line in there, when you said Nigeria has been heading to recession in the last 5 years. I thought by now, this man must have thought of another excuse to give.

All this Apc leaders and their cohorts are really clueless, directionless and visionless.
Clueless bunch of retards. You guys better fix the economy or leave it the way you met it.

God please punish this useless man quick nah. .APC have really stretched the ever resilient patience of Nigerians with all these annoying gimmicks.Imagine a government with a well known previous bad political history & that rode to power based on propaganda & deceit during it 2nd coming while it's still be sustained by same.What is integrity in a president with a questionable certificate? Above all,how have Buhari's integrity rubbed off on our national life @ present.Integrity my foot!

Honesty indeed...!

Mr. Honesty..... where is our 5K per month?
Where is our 3Millions jobs annually?
Where is the free school meals for our kids?
Where is our one naira to a USD?
What is nepotism? Does glaring nepotism a sign of honesty?

Haba...make una de fear God ooo!

Welcome back info minister

long time mr lie are you back with another lies

Dagaya:
Honesty my foot. These are the same people who denied all campaign promises after winning the elections, these are the same people who deny their twitter handle even when we caught them red handed.
Mr Lai, i was wondering when you were going to turn up. It seems it has gotten to your turn again, cus we have not heard from you in a while.
Mr Lai, are you still blaming the past govt? cus there was a line in there, when you said Nigeria has been heading to recession in the last 5 years. I thought by now, this man must have thought of another excuse to give.

All this Apc leaders and their cohorts are really clueless, directionless and visionless.
Clueless bunch of retards. You guys better fix the economy or leave it the way you met it.

pls can u just tell me 1 single campaign promise fulfilled by PDP and Jonathan since 1999. Jonathan set us on d path to recession.... if u HV 1 litre of gas in ur car and doing a 5litre journey no matter wen u change d driver the car will stop at a given time d gas finishes until u enter d refill station.. so all u saying is hogwash Jonathan's case would HV been worse (management indiscipline n corruption) had he won d election as far has he didn't diversify d economy....

What is Honesty

pq007:
pls can u just tell me 1 single campaign promise fulfilled by PDP and Jonathan since 1999. Jonathan set us on d path to recession.... if u HV 1 litre of gas in ur car and doing a 5litre journey no matter wen u change d driver the car will stop at a given time d gas finishes until u enter d refill station.. so all u saying is hogwash Jonathan's case would HV been worse (management indiscipline n corruption) had he won d election as far has he didn't diversify d economy....

Are you serious? i should list one campaign promise fulfilled by Jonathan and the Pdp Since 1999? I would pretend i did not see that.
You were talking about diversifying the economy, can you name any other government in Nigerian history that has done much to improve the Agricultural sector?
Had Jonathan won the election, you really think things might have been worse. That sums it up for me.
I think your love for Buhari and Apc knows no bound. you are entitled to your own opinion though.
If you are happy with the way things are in the country,Just say Amen to my prayer.
May your life be ruled and governed the way Buhari is handling the country.

Dagaya:


Are you serious? i should list one campaign promise fulfilled by Jonathan and the Pdp Since 1999? I would pretend i did not see that.
You were talking about diversifying the economy, can you name any other government in Nigerian history that has done much to improve the Agricultural sector?
Had Jonathan won the election, you really think things might have been worse. That sums it up for me.
I think your love for Buhari and Apc knows no bound. you are entitled to your own opinion though.
If you are happy with the way things are in the country,Just say Amen to my prayer.
May your life be ruled and governed the way Buhari is handling the country.

Don't mind that Zombie. All they know what to say is that Jonathan did nothing. One can recall how somedays back Buhari revived GEJ's Agricultural policy. Something he had single handedly discarded initially.

When people are too blinded by sentiments, they fail to understand the effort you have put in to add value to their lives. This simply describes the attitudes of BUHARI's sympathizers towards the GEJ's administration which they know provided better opportunities than what we're experiencing today.

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