Vice President-elect, Professor Yemi Osinbajo says the
incoming government will be inheriting an economy that is currently in perhaps
its worst moment in Nigeria's history. Professor Osinbajo said this during the
opening of a two-day policy dialogue on the implementation of the agenda for
change in Abuja today May 20th.
"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. Continue..
The figures of extreme poverty in our society- 110 million
by current estimates- 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. 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. We spoke on the challenge of providing
opportunities for self-actualization to millions of our young people who face
an uncertain future with understandable anxiety.
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 goal this morning is to interrogate these positions and
propositions before a wider audience and to launch a robust public conversation
on policy directions and priorities that will help inform our administration’s
approach in the next four years. This forum exemplifies the sort of
consultative and consensual approach to policy-making that our party and the
new administration intend to model in office.”he said
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