The incoming Vice President, Prof. Yemi Osinbajo, has declared that the incoming government will be inheriting Nigeria’s worst economy in the history of the nation.
According to Osinbajo, the nation’s local and international debt profile stands at US$60billion with a 2015 debt servicing bill of N953.6billion, representing 21 per cent of the 2015 budget.
The VP-elect disclosed these during his remarks at the opening of a 2-day Policy Dialogue on the Implementation of the Agenda for Change, in Abuja on Wednesday.
He added that an estimated 110million, out of the nation’s over 170 million population, live in extreme poverty with the largest chunk of the benefits of the national wealth accruing to a small percentage of the population.
He said: “We are concerned that our economy is currently in, perhaps, its worst moment in history. Local and international debts stand at US$ 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.
“Federal institutions are not in much better shape. Today, the nation borrows to fund recurrent expenditure.”
According to Osinbajo, the manifesto of the All Progressives Congress offers a vision of shared prosperity and socio-economic inclusion for all Nigerians that leaves no one behind in the pursuit of a prosperous and fulfilling life.
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