The incoming All Progressives Congress administration will require about N4.1tr to pay part of the debt left behind by the outgoing President Goodluck Jonathan administration.
National Chairman of the APC, Chief John Oyegun, said this during a retreat for Senators elected on the party’s platform, in Abuja, on Saturday.
He explained that the Buhari administration would require the funds to pay outstanding salaries of public servants at the state and federal levels, unpaid fuel subsidy as well as debt servicing among other expenses.
Oyegun urged the Senators to be prepared to pass requisite laws at short notice in the course of their duty in the National Assembly in Nigeria’s interest.
According to him, there is not shying away from the truth that there are tough times ahead.
Oyegun said, “While I congratulate all of you on your elections, I must quickly add that I don’t envy you. This is because you are being called to service at one of the most challenging periods in the history of our nation.
“Unparalleled commitment, uncommon patriotism, unprecedented hard work and indeed a reservoir of your innermost strength will be required as our party takes the centre stage in the next few days and begins to implement its programmes for the benefit of the long suffering people.
“Make no mistake about it; the days ahead will be tough, and this is not crying wolf. From the first day of this government, a total of N4.1tr will be required for sundry expenses, including oil subsidy payment, arrears of salaries at federal and state levels and debt servicing, just to mention a few.
“Put this against the backdrop of the falling oil prices; the unprecedented $60bn debt, which the outgoing government has left for the incoming one; the largely depleted Excess Crude Account; the $60bn that has been lost in the last four years to crude oil theft – and which is perhaps still being lost as we speak – the need to rapidly create jobs for our teeming army of unemployed youths; enhance the security of the citizenry and improve the economy; and you will begin to understand the enormity of the challenges ahead.”
He noted that the situation on the ground had not reduced the expectations of Nigerians, some of whom expect instant miracles. Click to signup for FREE news updates, latest information and hottest gists everyday
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Europeans and Americans have a way of mocking the black Race! Some one who presided as the coordinating minister of the economy and left this stark debilitating statistics is being honored and glorified in American ivory towers. Would they accord a European who helped to ruin his/her country such honor? They are simply mocking us all.
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