President of Nigeria, Muhammadu Buhari
The Pan Yoruba socio-political organization, Afenifere has expressed concern over the huge debt profile the incoming administration of Bola Ahmed Tinubu will inherit from the outgoing government of President Muhammadu Buhari.
This was just as it warned President Buhari against proceeding with his plan to take a fresh $800 million loan before he leaves office.
Speaking through its National Publicity Secretary, Jare Ajayi, on Tuesday, the socio-political group noted that when Buhari assumed office in 2015, the country’s debt was about N12.6 trillion but under his eight-year tenure, it has hit N80 trillion.
Afenifere urged President Buhari to have a rethink regarding the $800m he’s seeking from the World Bank as it would worsen the country’s debt service to revenue ratio which is estimated at 80.6 percent.
“The World Bank had said that Nigeria spent 96.3 percent of its revenue on debt servicing in 2022 although the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed claimed that ‘only’ 80.6 percent of Nigeria’s revenue was spent on debt servicing that year,” said Ajayi.
“We express hope and confidence that in spite of such debt profile, the in-coming administration of Asiwaju Bola Tinubu will be able to meet the high expectations of Nigerians and bring the country back from the precipice.”
The also commended the Inspector General of Police (IGP) and the United States Government for cautioning against disruption to the planned inauguration of Tinubu on May 29, 2023.
He asserted that the journey to the present democratic dispensation has been hectic “thus, nothing should be done to truncate it”.
Source: TheWhistler | Read More
0 Comments