Vice President-elect, Yemi Osinbajo has said that President Goodluck Jonathan is leaving behind a debt profile of $60 billion for the incoming administration of President-elect, Muhammadu Buhari.
‘Jonathan leaving $60bn debt for Buhari,’ Vice President-elect says
Osinbajo made the disclosure in Wednesday, May 20, 2015 at the opening of a two-day policy dialogue on the implementation of the agenda for change in Abuja.
Professor Oluyemi Oluleke Osinbajo
He also said that the Buhari administration is set to inherit the worst economy in Nigeria’s history.
“We are concerned that our economy is currently in perhaps its worst moment in history. Local and international debt stands at US$60 billion. Our Debt servicing bill for 2015 is N953.6 billion, 21% of our budget,” Osinbajo said.
“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 added.
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Buhari and Osinbajo will be sworn in on May 29, 2015.
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