Yemi Osinbajo, Nigeria’s vice president-elect, has said that the incoming administration of Muhammadu Buhari would inherit international and local debts to the tune of N12 trillion from the outgoing administration of President Goodluck Jonathan.
The professor of law, who spoke at the unveiling of the APC policy document in Abuja on Wednesday, confirmed that more than 24 states in the country cannot pay salaries.
“We are concerned that our economy is currently in perhaps its worst moment in history. Local and international debt stands at $60 billion (N11.94trn),” he said.
“Our debt servicing bill for 2015 is N953.6 billion, about 21 percent of our Budget. On account of severely dwindled resources, over two-thirds of the states in Nigeria owe salaries; the nation borrows to fund recurrent expenditure; economic inequality is at an all-time high.
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“The figures of extreme poverty in our society, 110m, makes it clear that our biggest national problem is the extreme poverty of the majority. Thus, no analysis is required to conclude that dealing with poverty and its implications is a priority.”
The 58-year-old senior advocate of Nigeria (SAN) however that despite the debt burden, the Buhari administration would go on to fulfill its promises to Nigerians.
“In the course of the election campaign, we ran an issues-based campaign that identified certain areas of public policy as high priorities for propelling Nigeria forward. We addressed the challenges of the economy, insecurity, corruption and jobs creation.
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“We also addressed the challenge of providing for the most vulnerable segments of our population by equipping them with the tools to emerge from the crippling limitations of poverty to achieve dignified and productive citizenship.
“This is also against the backdrop of a highly unequal society in which, by some reckoning, the largest chunk of the benefits of our national wealth accrues to a small percentage of our population.
“Our manifesto offered 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. Our job is to scale all these hurdles by implementing our promises.”
At a town hall meeting organised by the All Progressives Congress (APC) in Uyo, back in February, Osinbajo had promised that an APC federal government would provide free education at primary, secondary and tertiary institutions.
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He added that free education at tertiary institutions would be focused on Science Technology Engineering Mathematics (STEM) and Education-oriented courses.
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