‘We’re inheriting worst economy in history,’ Vice President-elect says

monjola sotubo

May 21, 2015 12:33 PM

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

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 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.”

Buhari and Osinbajo will be sworn in on Friday, May 29, 2015.

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