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$60billion and in 2015 alone, a debt serving bill of N953.6billion which represents 21 per cent of the 2015 national budget.
Osinbajo made this statement at the start of the 2-day Policy Dialogue on the Implementation of the Agenda for Change, which began today in Abuja.
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He said that in Nigeria, 110 million of the 170 million population live in extreme poverty while the biggest pay days go to a small percentage of the population.
Osinbajo said:“We are concerned that our economy is currently in, perhaps, its worst moment in history. Local and international debts stand at US$ 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.
“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.