The Muhammadu Buhari-led government will inherit the worst economy ever in the history of the nation, as it has come to light that it is going to inherit a jumbo $60 billion debts from the outgoing Goodluck Jonathan administration.This was disclosed by the Vice President-elect, Professor Yemi Osinbajo.
This is coming as Mr. Tony Blair, former British Prime Minister, asked Buhari, to overhaul the Nigerian National Petroleum Corporation (NNPC), saying it was one sure way of tackling corruption and saving more money for infrastructural development.
They both spoke at the policy dialogue themed “Implementing Change: From Vision to Reality,” organised by the Policy, Research and Strategy Directorate of the APC Presidential Campaign Council in Abuja, yesterday. -
Osinbajo put the nation’s local and international debt profile at $60 billion with a 2015 debt-serving bill of N953.6 billion, representing 21 per cent of this year’s budget.
He noted that an estimated 110 million out of the nation’s over 170 million population, were living in extreme poverty while the largest chunk of the benefits of the nation’s wealth was going into the pockets of a small percentage of the population.
According to him, the nation’s dwindling oil revenues has made it difficult for 24 of Nigeria’s 36 states to pay salaries.
He said, “We are concerned that our economy is currently in perhaps its worst moment in history. Local and international debts stand at US$ 60bn.
“Our debt servicing bill for 2015 is N953.6bn, 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.”
Osinbajo said 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.”
According to him, the goal of the policy dialogue is to interrogate the positions and propositions before a wider audience and to launch a robust public conversation on policy directions and priorities that would help inform the incoming administration’s approach in the next four years.
But Blair asked the leadership of the All Progressives Congress, to switch from its opposition status and assume the posture of head of an organisation, stressing that the days of persuasion and agitations were over.
The former Prime Minister who was represented by Mr. Peter Mandelson, former Secretary of State for Trade and Industry, explained that with the current state of affairs, the task ahead of the incoming administration was indeed a daunting one
He further stated that Buhari and the APC must be true to their words at all times, saying the action of the incoming government within the first 100 days in office would determine the kind of goodwill it would eventually have.
He also warned against politics of region especially against the zones seen to have not voted for the APC.
He said: “You, Mr. Vice President-elect and Mr. President-elect, Buhari, I must say you have the expectations and the ambitions of 173 million Nigerians in your hands. You have the hopes of an entire continent as well as the eyes of the entire world focused on your efforts. But I tell you, people are excited about what is about to happen in Nigeria. They really feel a sense of expectation of faith and hope.
“What you do in the first 100 days is important and symbolic and can also have tremendously positive repercussion for the government and throughout the country. You have a limited window of opportunity to make an impact as a government. Looking at Nigeria, I would say your vulnerability is corruption and that is not new to you, particularly around the oil sector.
“People in this country seem to be able to do things with impunity and beyond the reach of the rule of law or proper accountability and the judicial system. You can crack the NNPC nut or you can make a start on it in the first 100 days and if you do so, you would have built a very strong foundation for what you have to do in the next four years and beyond.
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