The Federal Government has denied claims that the economy is crumbling as Nigeria’s total national crude oil production currently stands at 2.06 million barrels per day.
Mr. Doyin Okupe, the Senior Special Assistant to President Goodluck Jonathan on public affairs told the newsmen at the conference in Abuja that the Nigerian economy, like other oil dependent ones globally, often suffer from drop in sales and fluctuation in international pricing.
The official said the President Jonathan administration has implemented key reforms to reduce dependence on oil and these reforms have resulted in the agricultural sector alone contributing over 40 percent to the gross domestic product in two years.
Mr. Okupe also pointed out that the socio-economic challenges which had existed for several decades and which the current transformation agenda is effectively tackling are clearly spelt out in the mid-term report presented to Nigerians by President Jonathan a few weeks ago and it is therefore not true that the nation’s economy is crumbling.
He further added that under the present administration, Nigeria’s recurrent expenditure dropped from 74 percent in 2011 to 68 percent in 2013 and will further go down in the next fiscal year.