The vice-president elect, Prof. Yemi Osinbajo has stated that the incoming government of Muhammad Buhari have their task cut out for them.
According to Osinbajo, the economy is “the worst in history”.
“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.”