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Nigeria owes $60 billion - Osinbajo

21 May 2015, 12:03

Abuja - The Vice President-elect, Yemi Osinbajo, on Wednesday said Nigeria’s local and foreign debts now stand at $60 billion.

He stated this in Abuja while declaring open the two-day Policy Dialogue on the implementation of the Agenda for Change organised by the Policy, Research and Strategy Directorate of the APC Presidential Campaign Council.

Osinbajo, who painted a gloomy picture of the nation’s economy, also lamented that most of the states cannot pay salaries on account of the country’s dwindling resources.

He said, “Local and international debt stands at US$60 billion. Our Debt servicing bill for 2015 is N953.6 billion, 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.

Also read: Osinbajo slams Jonathan for attending Islamic meetings

“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.

Osinbajo, who pointed out that an estimated 110 million of the country’s population are living in poverty, said the figure confirmed the biggest national problem is extreme poverty.

He added that of big concern to the government is the economy, which according to him is currently at its worst moment in history.

- News 24


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