The Vice President-elect, Prof.
Yomi Osinbajo today revealed
that the nation economy is in
its worst shape in history.
Osunbajo stated that Nigeria is
currently having an international
debt profile at US$60billion and
in 2015 alone, a debt serving bill
of N953.6billion which
represents 21 per cent of the
2015 national budget.
Vice President-Elect Yemi
Osinbajo
Osinbajo made this statement at
the start of the 2-day Policy
Dialogue on the Implementation
of the Agenda for Change, which
began today in Abuja.
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He said that in Nigeria, 110
million of the 170 million
population live in extreme
poverty while the biggest pay
days go to a small percentage of
the population.
Osinbajo said:“We are concerned
that our economy is currently in,
perhaps, its worst moment in
history. Local and international
debts stand at US$ 60 billion.
“Our debt servicing bill for 2015
is N953.6 billion, 21 per cent of
our budget. On account of
severely dwindled resources,
over two-thirds of the states in
Nigeria owe salaries.
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“Federal institutions are not in
much better shape. Today, the
nation borrows to fund
recurrent expenditure.”
He also explained that the
largest percentage of the
benefits of our national wealth
accrues to a small group within
our population.
Osinbajo said that his party is
determined to give Nigerians a
shared prosperity and soci0-
economic inclusion so that no
one is left behind in the pursuit
of a prosperous and fulfilling life.
He said that the goal of the
policy would be to interrogate
the positions and propositions
before a wider audience and to
lunch a robust public
conversation on policy directions
and priorities that will help
inform the incoming
administration’s approach in the
next four years.
The vice-president-elect also
explained that they would look
into diversification of the
economy in the wake of
dwindling oil revenues.
To achieve this, Osinbajo said
the APC administration would try
to revitalize the agriculture
sector and also improve the
regulatory frameworks in the
most strategic sphere of
economic activity.
Only last week, it was reported
that the Debt Management
Office, DMO had revealed that
Buhari would inherit a large
amount of debt from the current
administration.
Curled from: Naij.com