Vice President-elect, Yemi Osinbajo, has said that the incoming government of President-elect, Muhammadu Buhari will inherit the worst economy in Nigeria’s history.
‘We’re inheriting worst economy in history,’ Vice President-elect says
Osinbajo made the comment on Wednesday, May 19, 2015, during the opening of a two-day Policy Dialogue on the Implementation of the Agenda for Change in Abuja.
Buhari and Professor Oluyemi Oluleke Osinbajo
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“We are concerned that our economy is currently in perhaps its worst moment in history. Local and international debts stand at US$ 60bn,” the Vice President-elect said.
“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,” he added.
The Vice-President elect also explained that 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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Buhari and Osinbajo will be sworn in on Friday, May 29, 2015.
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