he Vice President-elect, Prof. Yomi Osinbajo, on Wednesday said Nigeria’s economy is in its worst shape in history.

He put the nation’s local and international debt profile at US$60billion with a 2015 debt serving bill of N953.6billion, representing 21 per cent of the 2015 budget.

Osinbajo gave these statistics in his remarks at the opening of a 2-day Policy Dialogue on the Implementation of the Agenda for Change, which began in Abuja on Wednesday.

He noted that an estimated 110 million, out of the nation’s over 170 million population, live in extreme poverty while the largest chunk of the benefits of our national wealth accrues to a small percentage of the population.

According to him, the nation’s dwindling oil revenues has made it difficult for two thirds of Nigeria’s 36 states to pay salaries.


He said, “We are concerned that our economy is currently in, perhaps, its worst moment in history. Local and international debts stand 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.”

This, he explained, is against the backdrop of a highly unequal society in which, by some reckoning, the largest percentage of the benefits of our national wealth accrues to a small group within our population.

Osinbajo said the manifesto of the All Progressives Congress offers a vision of shared prosperity and soci0-economic inclusion for all Nigerians that leaves no one behind in the pursuit of a prosperous and fulfilling life.

According to him, the goal of the policy dialogue is to interrogate the positions and propositions before a wider audience and to lunch a robust public conversation on policy directions and priorities that will help inform the incoming administration’s approach in the next four years.

He further explained that the forum exemplifies the sort of consultative and consensual approach to policy-making that the APC and the new administration intend to model in office.

The Vice President elect also declared that sessions during the dialogue would explore a wide range of policy priorities including the diversification of the economy in the wake of dwindling oil revenues.

In order to achieve this, he said, the administration intends to engender job-led growth through the revitalisation of agriculture in pursuit of job creation and food security, improving the regulatory frameworks in the most strategic sphere of economic activity.

Earlier, a former Secretary of State for Trade and Industry, Mr. Peter Mandelson, who represented former British Prime Minister, Tony Blair, advised the incoming administration, to take advantage of its current level of public support to take hard decisions.

He explained that with the current state of affairs, the task ahead of the incoming administration was indeed a daunting one.

Drawing from the experiences of the Labour Party in Britain, Mr. Peter Mandelson said, the first rule of governance is “Be true to your word; be true to your mandate.”

He urged the Buhari-led administration not to be afraid to take hard decisions but that it must remain mindful of the timing of such decisions.

Mandelson also advised the administration not to attempt to do everything at once but ensure that things are done with proper planning along with a commitment to delivery.

http://www.punchng.com/news/were-inheriting-nigerias-worst-economy-in-history-osinbajo/

Always looking for excuses...

Hold it.

mployer:

Always looking for excuses...

I believe you are a learner......

mployer:

Always looking for excuses...

Is that excuse or the truth? They are just stating the difficulty on ground.

They are going to be in charge of an economy where even the FG has to borrow to pay staff. Now that is crazy.

That's what you get when someone like Jonathan and his cronies are saddled with the responsibility of ruling Africa's most populous nation; but OBJ should get the biggest condemnation for forcing GEJ on us as well.

Well even though the GEJ administration hasn't done well in most areas of the economy, I'll prefer we leave that title of worst economic team to Babaginda and his group. GEJ will forever be known as the clueless leader so no need giving him new names at this time

[size=15pt]Fellow Nigerians... we most come together and fight for our dare country...The National Assembly budget of N150 Billion MUST be scale down to N10 Billion per year as they are not doing anything for us.....[/size]

...it is no surprise...when you leave a goat and yam in the same room and tell him small stealing is not corruption....

Of course the goat will reply..."how much did Jim Nwobodo stole sef".....before celebrating Christmas and ileya on the national yam

Mynd44:

Is that excuse or the truth? They are just stating the difficulty on ground.

They are going to be in charge of an economy where even the FG has to borrow to pay staff. Now that is crazy.

the diabolical display of the jonathan government...has come to the fore... . Buhari must jettison his pledges of not going after past corruption and ensure that these crooks cough all our stolen wealth....

hm

So, in 2015 alone, we need 950 billion naira just to pay the [b]interest [/b]on PDP/Joanthan's loans.

We also need to borrow in order to pay back this interest. When are we ever going to pay back the actual loan?

Absolutely shocking !!

Dr Jonathan is leaving Buhari, the biggest economy in Africa.
Stop the excuses already and get ready to work.




www.nairaland.com/attachments/2431134_aa223344_png07b531b7248011c82a26816c1ca00536

www.nairaland.com/attachments/2431135_do11_jpeg3627aa4a1fb0d86111050c069fc7b2b7

Mynd44:

Is that excuse or the truth? They are just stating the difficulty on ground.

They are going to be in charge of an economy where even the FG has to borrow to pay staff. Now that is crazy.

well, He said the economy is worst of it but statistics said otherwise.


But Frankly speaking, they should stop talking about GEJ government and concentrate on how to deliver on their promise... Gej didn't inherent a buoyant economy either.

Even Aragbesola said he couldn't Pay his staff salary because Gej made economy bad, yet his state allocation was paid in full.

No be small thing

mployer:


well, He said the economy is worst of it but statistics said otherwise.


But Frankly speaking they should stop talking about GEJ government and concentrate on how to deliver on their promise... Gej didn't inherent a buoyant economy either.

Even Aragbesola said he couldn't Pay his staff salary because Gej made economy bad, yet his state allocation was paid in full.

Can you give a honest statistics of what GEJ met and what he's leaving?

mployer:


well, He said the economy is worst of it but statistics said otherwise.


But Frankly speaking, they should stop talking about GEJ government and concentrate on how to deliver on their promise... Gej didn't inherent a buoyant economy either.

Even Aragbesola said he couldn't Pay his staff salary because Gej made economy bad, yet his state allocation was paid in full.

1. What statistics say otherwise? How can the economy be okay and the FG had to go borrow money to pay staff
2. How can they deliver if they don't let you know what is on ground first? How do you measure their performance?
3. This thread is not about Osun is it?

Mynd44:

1. What statistics say otherwise? How can the economy be okay and the FG had to go borrow money to pay staff
2. How can they deliver if they don't let you know what is on ground first? How do you measure their performance?
3. This thread is not about Osun is it?

1. Our economy became the highest in Africa Under Gej administration, now that is statistics.

2. Dwelling more on problem rather than solution is not a character of a real progressive.

3. Osun is an APC state, isn't it?

mployer:


1. Our economy became the highest in Africa Under Gej administration, now that is statistics.

2. Dwelling more on problem rather than solution is not a character of a real progressive.

3. Osun is an APC state, isn't it?

1. GEJ did not grow Nigeria into the largest economy. The economy was simply rebased and other things that were not counted before were counted. It is not as though GEJ's administration added value to the economy. Check the growth rate for first quarter 2015 it has reduced. Check the inflation rate..increased.

2. They should solve the problems but they have not been sworn in yet na.

3. This is a policy of the FG not Osun state

mployer:


1. Our economy became the highest in Africa Under Gej administration, now that is statistics.

2. Dwelling more on problem rather than solution is not a character of a real progressive.

3. Osun is an APC state, isn't it?

I still don't understand this largest economy title. How do you justify being the largest economy and yet the government has to borrow money to pay salary of its workers? Pls she'd more light on that

Mogidi:
The excuses continue.

Which excuses? PYO has just stated the state of the economy and all you could come up with is mockery. How can a country that is borrowing to service debt pride herself as the largest economy because of one useless rebasing. Why is it difficult for the government to plan for economic chaos when oil revenue was above $100p/b? What happened to our ECA? How much have we saved in SWF? Will the interest accrue to it enough to service our debt?

Honestly, GMB will not be forgiven if he failed to bring to book all those that are responsible for this mess.

APC pls make the economy the best in history. Apc always looking for excuses and propaganda even after campaign

They should get to work and stop boring us abeg with excuses.


@babaonechance

Mogidi:
Dr Jonathan is leaving Buhari, the biggest economy in Africa.
Stop the excuses already and get ready to work.




www.nairaland.com/attachments/2431134_aa223344_png07b531b7248011c82a26816c1ca00536

www.nairaland.com/attachments/2431135_do11_jpeg3627aa4a1fb0d86111050c069fc7b2b7

pls let's stop deceiving ourselves and face realities, the federal govt could not pay the salaries of workers and had to borrow money to pay April salary, what happened to being the largest economy? Millions of Nigerians today wallow in abject poverty and we call ourselves the largest economy. No doubt Nigeria experienced a growth in revenue under GEJ administration but let's not forget that this was as a result of increase in oil price per barrel globally but did the govt make the best use of this blessing? Was the excess fund realized channeled into making the lives of Nigerians better? What was the state of the foreign reserve! When GEJ took over and how much is left? Answer these questions with integrity and tell me Osinbajo's statement is a. Lie

If the new EFCC do their job very well they can recover at least $8B from those thieves. And with Buhari's policy of doing away with wastages, I think we can save another $7.5B. We can use these to service the debts for the next four years. Then the govt can concentrate on their core plans.

No thief will go free.

This is another way of saying Nigerians should not expect much. Na real ONE CHANCE government be this o o

Demainman1:
This is another way of saying Nigerians should not expect much. Na real ONE CHANCE government be this o o

Raw one chace scamming.



Choi !!!

Courtesy the prodigal Jonathan.

Mynd44:

1. GEJ did not grow Nigeria into the largest economy. The economy was simply rebased and other things that were not counted before were counted. It is not as though GEJ's administration added value to the economy. Check the growth rate for first quarter 2015 it has reduced. Check the inflation rate..increased.

2. They should solve the problems but they have not been sworn in yet na.

3. This is a policy of the FG not Osun state

1. They were not counted because they were deemed irrelevant..Gej administration changed their story


2. I know they've not started work, but how they prepare for work matters. They attitude is not encouraging

3. Aregbesola is a progressive, I am not leaving him alone

Eyah

Ok, let's ask for debt cancellation and relief.

fammo:
I still don't understand this largest economy title. How do you justify being the largest economy and yet the government has to borrow money to pay salary of its workers? Pls she'd more light on that

its money flow, Nigerian sock that's how u measure economy not just govt money