We’ll inherit worst economy in Nigeria’s history – Osinbajo

The Vice President-elect, Prof. Yemi Osinbajo, has said the new government under the leadership of Muhammadu Buhari will inherit the worst economy ever in the history of the nation.

Also, a former British Prime Minister, Tony Blair, has advised Buhari to take advantage of the country’s current level of public support for him to take hard decisions.

V.P Osinbajo spoke during the opening of a two-day Policy Dialogue on the Implementation of the Agenda for Change, which began in Abuja on Wednesday.

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

He noted that an estimated 110 million out of the nation’s over 170 million population, were living in extreme poverty while the largest chunk of the benefits of the nation’s wealth was going into the pockets of a small percentage of the population.

 He said, “We are concerned that our economy is currently in perhaps its worst moment in history. Local and international debts stand at US$ 60bn.
The Vice President-elect also declared that the dialogue intended to explore a wide range of policy priorities including the diversification of the economy in the wake of dwindling oil revenues.