2023 Election Headline Local News Nigeria Politics

Nigeria needs N70trn to service debt- Senator  

The Senator Representing Taraba Central Yusuf Yusuf says Nigeria needs to think outside the box, to meet up with the economic challenges in the coming years.

Senator Yusuf In an interview with Newsmen after the budget Presentation of agencies under his committee explained that about 70 trillion Naira is needed to offset debts.

He said that,  aside the  42 trillion Naira, debt as recorded by the debt management office, other debts includes 21 trillion Naira for the overdrawing of Federal Government account at CBN, and a clamour on AMCON of about 7trillion naira.

All these debts according to him may be very challenging to pay in the coming years given that the country operates on 8trillion naira Revenue.

On the paucity of funds experienced by most agencies, Senator Yusuf said the committee will look at areas of strategies and excesses.

He said due to the envelope system, the committee would work together with the ministry of Finance to ensure that some of the underfunded agencies get funds from the service wide votes.

According to him, the economy is a mono one and urged the Government to do away with the oil subsidy since NNPC is now a limited liability company and have nothing to do with the Government.

Reacting to the judgment by an Abuja  Federal High Court, which cancelled the Party’s Primary  and sacked the candidature of, Senator Emmanuel Bwacha, Senator Yusuf expressed Confidence on the judiciary as the last hope of the common man.

 He said the judgment clearly indicated that the process of democracy must be followed and expressed gladness that the judiciary is now meeting up with the expectations of the people.

Amaka Ene, editing by Daniel Adejo