Vice-President Kashim Shettima has once again pointed fingers at former President Muhammadu Buhari, his party colleague, for the unprecedented economic catastrophe plaguing Nigeria. This dire situation is attributed to the removal of petrol subsidies and the floating of the naira, coupled with years of unsustainable borrowing during Mr. Buhari’s tenure.
Despite opposition from prominent figures and warnings about the repercussions of Buhari’s economic policies, he remained steadfast, leading the nation towards economic turmoil. Former President Olusegun Obasanjo’s attempts to change course fell on deaf ears, and now, Mr. Shettima admits that Buhari’s legacy left President Bola Tinubu with an “economic death sentence.”
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Speaking at the 2nd Chronicle Roundtable organized by 21st Century Media Services in Abuja, Vice-President Shettima lamented Nigeria’s debt crisis under Buhari’s administration. He revealed that the debt service-to-revenue ratio had soared to 111.8%, likening the situation to an “economic death sentence” that threatens the livelihoods of Nigerians.
“In plain terms, our debt servicing was such that if you earned, say, N100,000, the entirety of the money wasn’t only paid to your debtor; you were forced to borrow an additional N11,800 to pay the debtor. How do you intend to survive this, and how many more loans before you become a pariah?” questioned VP Shettima.
The removal of fuel subsidies by the Tinubu-led government was explained as a necessary step to mitigate the economic crisis inherited from the previous administration. President Tinubu, who took office a year ago, faces the daunting task of addressing the economic and security challenges left by Buhari’s regime.
“Can we continue to service external debts with 90% of our revenue? It is a path to destruction. It is not sustainable,” emphasized President Tinubu during last August’s annual conference of the Nigerian Bar Association. “We must make the very difficult changes that are necessary for our country to get up from slumber and be respected among the great nations of the world.”
Source: GazetteNGR