President Bola Tinubu has revealed that his predecessor spent almost the entire revenue of the nation to service debt.
Tinubu said this in a nationwide protest on Sunday.
Nigerian youths have been on the streets across the country since August 1, expressing their displeasure over the economic hardship in the country.
Inflation in the country stands at 34.1 percent, driving prices of food and consumer goods beyond the roof.
The administration of Muhammadu Buhari left a debt N77 trillion, with some accusing him of borrowing the country back to the stone age.
But speaking in the address, Tinubu reiterated that his administration inherited a terrible economy. He said his government has been able to reduce the servicing of debt to 68 percent of the revenue in one year.
The president highlighted various projects being embarked upon by his administration.
“My dear brothers and sisters, we have come this far. Coming from a place where our country spent 97% of all our revenue on debt service; we have been able to reduce that to 68% in the last 13 months. We have also cleared legitimate outstanding foreign exchange obligations of about $5billion without any adverse impact on our programmes,” Tinubu said.
“This has given us more financial freedom and the room to spend more money on you, our citizens, to fund essential social services like education and healthcare. It has also led to our state and Local Governments receiving the highest allocations ever in our country’s history from the Federation Account.
“We have also embarked on major infrastructure projects across the country. We are working to complete inherited projects critical to our economic prosperity, including roads, bridges, railways, power, and oil and gas developments. Notably, the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway projects will open up 16 connecting states, creating thousands of jobs and boosting economic output through trade, tourism and cultural integration.”
