Nigeria’s Vice President, Kashim Shettima, has described the economic condition inherited from the administration of President Muhammadu Buhari as an economic death sentence.
Shettima made the comment on Thursday at the 2nd Chronicle Roundtable organised by 21st Century Medicommenteda Services at Ladi Kwali Hall, Abuja Continental Hotel, Abuja.
He said: “The year before we took office, Nigeria’s debt service-to-revenue ratio had grown to 111.8%. The anticipated debt crisis may sound like fancy economic jargon to the man on the street, but you and I are in a better position to understand how such miscalculations have played out in other countries. It’s an economic death sentence,” Mr Shettima said.
Lamenting Nigeria’s debt crisis under Mr Buhari’s regime, Mr Shettima said, “In plain terms, our debt servicing was such that if you earned, say, N100,000, the entirety of the money wasn’t only paid to your debtor; you were forced to borrow an additional N11,800 to pay the debtor. How do you intend to survive this, and how many more loans before you become a pariah?”
