DESPITE inheriting debts running into billions of naira and fall in revenue from oil, the President Muhammadu Buhari-led administration may still be able to garner funds for the business of governance, if the advice of experts is implemented. Shortly before the new government was inaugurated, the then Vice President-elect Prof. Yemi Osinbajo, had raised an alarm saying the incoming administration would inherit foreign and domestic debts amounting to a staggering $60bn. “We are concerned that our economy is currently in perhaps its worst moment in history. Local and international debt stands at $60 billion. Our debt-servicing bill for 2015 is N953.6 billion, about 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,” Osinbajo had lamented. The first thing to do is reduce leakages, said Professor of P...
Information is power. A well-informed individual is better equipped to make a better decision. This blog is all about information sharing, towards building a better society. Join us!