Professor Pat Utomi has blamed current economic recession on faulty policy and regulations of President Muhammadu Buhari’s administration.
Utomi who spoke in Lagos at the weekend said Nigeria’s economic challenges goes beyond the fall in oil price at the international market.
According to him, “Oil, even though it is special in the sense of the revenues it contributes to foreign exchange, constitutes not more than 15 per cent of our Gross Domestic Product. If price factors go south in 15 per cent of GDP, it shouldn’t drag the entire economy into recession.
“But we made the wrong policy (and it is on record that I said in September last year that this is what will happen from what we are trying to do. This is foolish. I was accused of all kinds of things, but what we said has happened).
“About September last year when this %8