Minister of Labour Chris Ngige has awarded the Buhari administration a pass mark after two years in power.
Ngige said this while he was speaking to journalists in Awka, Anambra state where he said that those who are still complaining about the government are doing so because the president has succeeded in blocking all loopholes that allowed for theft, looting and money laundering.
“I feel fulfilled even though the expectations of Nigerians have not been met,” he said in an interview with journalists in Awka, Anambra, on Monday.
“I feel that President Buhari has scored a pass mark within the resources available; special circumstances of terrorism; militancy in Niger Delta; global oil price slash; and low oil output,” Ngige said.
“People are complaining that the price of food has gone up. Yes, these things you should expect when you do what is called a shock therapy on any economy or system of government,” he said.
“Nigeria was producing 2.2 million barrel a day as per OPEC quota but for most part of 2016, at least for three quarters of 2016, we were producing 1.2 million barrels and the prices fell from 100 Dollars per barrel to 35 Dollars per barrel.
“Unfortunately, recession had to creep in because it is one of the fallouts of a very badly managed economy that is dependent and based on only oil.”
Speaking on the recession Ngige said the country is in a good place now and will be out of its current economic downturn by the third quarter of 2017.
“I am happy to tell you that with the statistics we have got now, Nigeria’s economy is no longer contracting,” he said.
“It is growing and by the predictions of economists, members of the economic team and CBN as well as that of the World Bank, Nigeria will come out of recession by the third quarter.”