The Vice President elect, Prof. Yemi Osinbajo, on Wednesday revealed that the incoming Muhammadu Buhari administration will be inheriting a gross debt of $60 billion both foreign and domestic, with a 2015 debt serving bill of N953.6 billion, representing 21 per cent of the 2015 budget from the Goodluck Jonathan administration.
Speaking at the opening of a two -day policy dialogue on the implementation of the agenda for change, in Abuja. His statement in parts: “We are concerned that our economy is currently in perhaps its worst moment in history. Local and international debt stands at $60 billion. Our debt servicing bill for 2015 is N953.6 billion, about 21 per cent of our Budget. On account of severely dwindled resources, over two-thirds of the states in Nigeria owe salaries. Federal institutions are not in much better shape. Today, the nation borrows to fund recurrent expenditure. “The figures of extreme poverty in our society- 110 million by current estimates- makes it clear that our biggest national problem is the extreme poverty of the majority. Thus, no analysis is required to conclude that dealing with poverty and its implications is a priority”
“In the course of the election campaign, we ran an issues-based campaign that identified certain areas of public policy as high priorities for propelling Nigeria forward. We addressed the challenges of the economy, insecurity, corruption and jobs creation. We spoke on the challenge of providing opportunities for self-actualization to millions of our young people who face an uncertain future with understandable anxiety” “Our goal this morning is to interrogate these positions and propositions before a wider audience and to launch a robust public conversation on policy directions and priorities that will help inform our administration’s approach in the next four years,” he added. Osinbajo said the forum exemplifies the sort of consultative and consensual approach to policy-making that the party and the new administration intend to model in.
Speaking at the opening of a two -day policy dialogue on the implementation of the agenda for change, in Abuja. His statement in parts: “We are concerned that our economy is currently in perhaps its worst moment in history. Local and international debt stands at $60 billion. Our debt servicing bill for 2015 is N953.6 billion, about 21 per cent of our Budget. On account of severely dwindled resources, over two-thirds of the states in Nigeria owe salaries. Federal institutions are not in much better shape. Today, the nation borrows to fund recurrent expenditure. “The figures of extreme poverty in our society- 110 million by current estimates- makes it clear that our biggest national problem is the extreme poverty of the majority. Thus, no analysis is required to conclude that dealing with poverty and its implications is a priority”
“In the course of the election campaign, we ran an issues-based campaign that identified certain areas of public policy as high priorities for propelling Nigeria forward. We addressed the challenges of the economy, insecurity, corruption and jobs creation. We spoke on the challenge of providing opportunities for self-actualization to millions of our young people who face an uncertain future with understandable anxiety” “Our goal this morning is to interrogate these positions and propositions before a wider audience and to launch a robust public conversation on policy directions and priorities that will help inform our administration’s approach in the next four years,” he added. Osinbajo said the forum exemplifies the sort of consultative and consensual approach to policy-making that the party and the new administration intend to model in.
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