The huge public debt servicing burden on Nigeria has been an issue of great concern to Nigerians as well as the international community, especially the multilateral financial institutions. In the twilight of the administration of former President Muhammadu Buhari, as much as 98 per cent of total revenues that accrued to the Federal Government were used to service the public debt. [ad]That was sad as it impacted negatively on the country’s economy; and President Bola Tinubu appropriately labelled it as “destructive” and clearly unsustainable. The practice put the country under serious financial straits particularly when more borrowings would have to be made to sustain government bureaucracy over the period.
The huge public debt servicing burden on Nigeria has been an issue of great concern to Nigerians as well as the international community, especially the multilateral financial institutions.
Refreshingly, the Tinubu administration has committed to reversing this trend. As President Tinubu stated at the recent Nigerian Bar Association’s yearly conference held in Abuja, the government under his watch would not waste as much as 90 per cent of its scarce revenue in the servicing of external debts, given that the prosperity of Nigerians would only occur when poverty is banished from the society.
Speaking on the theme of the conference, “Getting it Right: Charting the Course for Nigeria’s Nation-building,” the President stated that hard decisions must be made to set the country on a growth trajectory, despite the initial pains which meaningful reforms usually bring. “We cannot have the country we desire without the reforms we have initiated. It is painful at the beginning, in the short and medium term, but we must do what we have to do to take this nation to its great destiny.
It is instructive that President Tinubu is of the All Progressives Congress political party, which, under the immediate past president Muhammadu Buhari was a strong proponent of the innocuous debt servicing policies while it lasted. The APC had also blamed the Peoples Democratic Party which held office for 16 years since the return to democratic rule in 1999, for mismanaging the economy.
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