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Nigeria bedeviled by poverty, debt – Osinbajo


 Nigeria’s Vice President-elect, Prof. Yomi Osinbajo, has painted a dispiriting picture of the national economy, by releasing mind-boggling statistics and making a verdict: Nigeria’s economy is in its worst shape in history.

According to the cerebral Senior Advocate of Nigeria, Nigeria’s total debt, local and international stands at US$60billion.

*Debt service stands at N953.6billion, representing 21 per cent of the 2015 budget.

*Nigeria borrows to fund recurrent expenditure

*110 million of our 170 million people live in extreme poverty.

*A few Nigerians have cornered Nigerian resources.

*Two-thirds of Nigerian states can’t pay salaries as oil revenue dwindles

*Federal Government not better off as it borrows to fund recurrent expenses

Osinbajo gave these statistics in his remarks at the opening of a 2-day Policy Dialogue on the Implementation of the Agenda for Change, which began in Abuja on Wednesday.

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 lunch a robust public conversation on policy directions and priorities that will help inform the incoming administration’s approach in the next four years.


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