Presidency defends its economic team

942, Presidency

The presidency while reacting to allegation that members of its economic team are not up to scratch, and their inadequacies brought about recession, has put up defence for the team.

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Putting up a spirited defence was Mr Laolu Akande, the Senior Special Assistant to the Vice-President on Media and Publicity, when he appeared on the News Agency of Nigeria (NAN) Forum in Abuja on Sunday, just as he highlighted the challenges confronting the country.

He said, “The major problem of Nigeria economy is a problem of vandalism of our oil installations and also the drop in the prices in the international oil market.

“Look at what we have been able to do in spite of all these problems. In spite of the drop in revenue we have paid out almost N800 billion for infrastructure, for capital projects, more than what was budgeted for last year.

”As a matter of fact, If you go and compare it, I am sure that you will find out that the last couple of years it is the highest that has been paid for capital expenditure in recent years.

“We have almost paid about N735 billion or thereabout. Because we understand infrastructure must play mostly a leading role, if you look the way we have spent our resources in the last several years.’’

“When Nigeria had money, and selling oil for over 115 dollars, when we should have developed infrastructure, this did not happen.

“But now that money is hard, we are spending more on infrastructure.“That should tell you that we have a capable team.

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