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'Economic downturn is an act of God' - APC chairman

22 January 2016, 06:49

Abuja - The National Chairman of the All Progressives Congress (APC), Chief John Odigie-Oyegun, said on Thursday in Abuja that Nigeria's present economic downturn could be an act of God.

This is contained in a statement signed by the party's Assistant Director (Publicity), Edegbe Odemwingie.

It said that the downturn could be to remind Nigerians of the need to 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 dollars per barrel down to the current price of 28 dollars per barrel -- lower than the 38 dollars per barrel which the proposed 2016 budget is predicated on.

Also Read: APC calls for arrest of Bayelsa ex-speaker

''It is an object lesson for us. It tells us that we must embrace radical change in our economic model," the statement Odigie-Oyegun as saying.

It said that the drop in oil price had taken its toll on the revenue and expenditure of the Federal Government , with telling effect on the economy.

It also said that change in itself was difficult but that Nigerians should 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,'' the statement added.


Tags apc economy

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