Leading Nigeria Just Became More Difficult, as Senate President Declares Economy is in Serious Crisis
- Unless there is a significant improvement in the existing economic challenges, the next Nigerian president will face tough times
- Senate President Ahmed Lawan referred to the difficulties on Tuesday, calling them as "serious crises"
- Inflation, unemployment, security, electricity supply, and declining oil revenue are the key concerns impacting the Nigerian economy
The Federal Government admitted on Tuesday revealed that the country’s economy is in crisis, with a debt service bill of $4.2 trillion in 2021.
This was revealed by Senate President Ahmed Lawan while speaking at the 40th Anniversary Lecture of the Chartered Institute of Taxation of Nigeria (CITN), in Abuja on Tuesday.
According to him, Nigeria is experiencing its worst fiscal crisis since independence while alluding to the increase in debt service from $2.5 trillion in 2019 to $4.2 trillion in 2021, the Punch reports.
Source: UGC
He said:
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"Last year it got to $11. 93 trillion. And today, we have almost half a trillion deficit of expenditure in terms of infrastructure delivery.
Invariably, the economic problem in this country cannot happen without the active operation and collaboration of especially elitist groups like CITN and other professional bodies."
Population challenges
The Sun Newspaper reports that Lawan at the meeting was represented by his special adviser on Economic Matters, Prof Nazif Abdullahi Darma, also explained that Nigeria’s economy is a growing one with a population of over 200 million and three per cent growth rate.
This according to him implies that every year, 6 million people are added to the country.
He added:
"Our economy is a growing one. We have over 200 million citizens. We have a growth rate of over three per cent. Meaning, every year, 6 million citizens are added.
‘On a daily basis, 26,000 babies are born. These demographic indicators are real challenges of providing quality social service welfare for its citizens"
We are ready for business: President Buhari
Meanwhile, President Muhammadu Buhari has declared to global investors that Nigeria is ready for business.
He made this declaration in France as he looks to attract more international businesses to Nigeria's economy.
Legit.ng reported that Nigeria is desperately in need of foreign investment as oil revenues continue to decline.
Source: Legit.ng
