Nigeria Spends 97% Revenue On Debt Service Under Tinubu’s Govt – Ex-Bauchi Gov, Yuguda

Isa Yuguda

Ex-governor of Bauchi state, Isa Yuguda has cried out about the worsening economy under the Tinubu-led administration.

Yuguda said it was difficult to speak on Nigeria’s economic situation at this time as no fewer than 97% of the country’s income goes into debt servicing every month.

Yuguda made these remarks during a conference organized by Arewa New Agenda (ANA) in Abuja, which aimed to address the issue of poverty in Northern Nigeria.

The former governor, who said that tackling poverty in Nigeria, particularly in the northern region, needs a deliberate approach, further highlighted that the ongoing food crisis in the country is a consequence of insecurity, panic buying, and the hoarding of essential food items by Nigerians.

Yuguda urged the economic team of the President Tinubu government to adopt policies that would tackle the economic challenges across the country.

Speaking further, he attributed the current depreciation of the naira in the foreign exchange market to the unethical practices of corrupt politicians.

According to Yuguda, these politicians acquire large amounts of dollars and clandestinely stash them in their homes and offshore accounts.

“To comment on the economic situation at this point, having known so much, is very difficult because of the state of the economy.

”What President Bola Tinubu inherited, looking at the debt portfolio, local, external debt, even our debt service ratio, which is in the ratio of almost 97%, means that every month whatever we collect 97% goes to debt service,” he said.

President Tinubu was urged by Yuguda to prioritize investment in security as a means to tackle the prevailing security challenge in the country. By doing so, it is believed that the ongoing food crisis faced by the nation can be effectively addressed.