When he was talking about the type of economy President Bola Ahmed Tinubu met when he assumed office on May 29, 2023, he said that when the President took over, years 2023 budget allocated 97 per cent of the country’s revenue to service debt. And if Nigeria is spending 97 per cent on debt servicing, nothing will be left.
He said, “Before Tinubu took over, the government had sold our future by mortgaging our oil to take loans. And oil is our major revenue earner. If you are selling about 40 to 45 per cent of whatever you produce, then you wonder why the inflow from NNPC was drying up.”
Further talking, he said, “So for years, NNPC was not paying money into the government coffers because we were spending money to take care of the subsidies and so on. It is still affecting us because we have already pledged our oil to collect loans all over the place.”
Bayo Onanuga added that the situation that President Bola Tinubu met was very bad, and Nigeria was bleeding heavily then.CONTINUE FULL READING>>>>>
