Buhari Administration Has Transformed Nigeria's Economy - Osinbajo

The Vice President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo has said that the President Buhari administration has transformed the economy of Nigeria. Adding that Nigeria's debt burden, when compared to the size of economy is among the lowest in the world.

Osinbajo said this on Monday while delivering a convocation lecture with the theme "Nigeria Rising: The Path to Prosperity" at the 50th Convocation of the University of Lagos in Akoka

He also stated that inflation in has stabilized at 11per cent over the past six months. Noting that the decline in economic growth, which started late 2014 has been reserved by the Buhari administration.

“We restored medium-term planning with the Economic Recovery and Growth Plan, which served as a useful loadstone in improving macroeconomic performance, boosting the real sector of the economy and building infrastructure.

"The decline in growth, which started at the end of 2014, has been reversed, inflation has stabilised at about 11 per cent over the past six months and our current account was in surplus around 1.3 per cent of the Gross Domestic Product last year.

“Our foreign reserves can cover at least six months of import of goods and services and despite understandable concerns, our debt burden is only about 22 per cent of the size of our economy, which is one of the lowest ratios in the world.

“We have very clear objectives. As you know, the problem of our country is not the planning or designing of great projects, it is in the actual implementation. We are fortunate that Muhammadu Buhari is not an orator, he is a doer", the Vice President said

Osinbajo further said that the next four years of President Muhammadu Buhari will concentrate on aviation reforms as well as export and import sectors.

Pro-Chancellor of the University, Prof. Wale Babalakin said the essence of an academic environment was to display a diversity of knowledge, adding that "only academics should be in the environment of academics, not a person that sees the academia as a last resort."

On his part, the Chairman of the occasion, Chief Arthur Mbanefo while delivering his address said that the lecture is very special because it is a significant homecoming for the Vice President.

The Vice Chancellor of the institution, Prof. Oluwatoyin Ogundipe said the ranking of the university at the end of the year will be higher because the University is growing and has done a lot of research with the various grants it has received.