God Has a Hand in Nigeria's Present Economic Downturn - APC Chairman, John Oyegun

Posted by Odinaka on Thu 21st Jan, 2016 - tori.ng

The All Progressives Congress (APC) National Chairman has told Nigerians today in Abuja that the country's present economic downturn could be an act of God.

APC National chairman, John Oyegun alongside Lai Mohammed

While hosting a 15-member delegation of an APC support group, Change Agents Foundation (CAF) led by its Director-General, Felix Felix at the party’s National Secretariat in Abuja, the National Chairman of APC, John Odigie-Oyegun, on Thursday said Nigeria’s present economic downturn could be an act of God.

He added that the country's economic crisis is to remind Nigeria of the need to implement and embrace radical change, particularly in the country’s current economic model.‎

"I think God has a hand in the current economic predicament of the country. Imagine the sudden fall in the price of crude oil, the mainstay of the Nigerian economy, from its heights in 2014, averaging $112 per barrel down to the current price of $28 per barrel - lower than the $38 per barrel which the proposed 2016 budget is predicated on," Oyegun said.

"It is an object lesson for us. It tells us that we must embrace radical change in our economic model," he said, adding that the drop in oil price had taken its toll on the revenue and expenditure of the Federal Government and as a result was having a severe effect on the economy.

The APC chairman further said, "The concept of change is a difficult one. Nigeria must be ready to adapt to new ways of doing things. As a party, we know and understand it calls for tremendous sacrifice, there is no other way. Yes the economy is in a bad shape, but maybe that is the kick we need to be innovative and find ways to drive the economy out of the woods.

The luck we have is that we have as president a man committed to personal probity and sincerity of purpose to the project of developing Nigeria. Today, we must think and be innovative in ways of fashioning out new economic models which diversifies from the present over reliance on oil.

We are in the process of organising a three-day dialogue which will bring the party, government and stakeholders for an exposition on the realities facing the country, particular the economy. It will provide an opportunity to exchange ideas so that we go home with a clear direction on how to go forward."