President Tinubu, First Lady Oluremi Receive Ceremonial Welcome At Windsor Castle On Historic UK Visit

Nigeria Spends 97% Revenue On Debt Service Under Tinubu’s Govt – Ex-Bauchi Gov, Yuguda

<p><img width="800" height="600" src="https://www.naijanews.com/wp-content/uploads/2020/12/Isa-Yuguda.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Buhari Has Done His Best To Tackle Insecurity, Economy – Yuguda" decoding="async" srcset="https://www.naijanews.com/wp-content/uploads/2020/12/Isa-Yuguda.jpg 800w, https://www.naijanews.com/wp-content/uploads/2020/12/Isa-Yuguda-300x225.jpg 300w, https://www.naijanews.com/wp-content/uploads/2020/12/Isa-Yuguda-768x576.jpg 768w" sizes="(max-width: 800px) 100vw, 800px" /></p> <h2>Bauchi State former Governor, Isa Yuguda, has lamented the current state of Nigeria's economy under President <a href="https://www.naijanews.com/topic/bola-tinubu/" target="_blank" rel="noopener">Bola Ahmed Tinubu.</a></h2> <p>Yuguda said it was difficult to speak on Nigeria's economic situation at this time as no fewer than 97% of the country's income goes into debt servicing every month.</p> <p><strong>Naija News</strong> reports that Yuguda made these remarks during a conference organized by Arewa New Agenda (ANA) in Abuja, which aimed to address the issue of poverty in Northern Nigeria.</p> <p>The former governor, who said that tackling poverty in Nigeria, particularly in the northern region, needs a deliberate approach, further highlighted that the ongoing food crisis in the country is a consequence of insecurity, panic buying, and the hoarding of essential food items by Nigerians.</p> <p>Yuguda urged the economic team of the President Tinubu government to adopt policies that would tackle the economic challenges across the country.</p> <p>Speaking further, he attributed the current depreciation of the naira in the foreign exchange market to the unethical practices of corrupt politicians.</p> <p>According to Yuguda, these politicians acquire large amounts of dollars and clandestinely stash them in their homes and offshore accounts.</p> <p><em>“To comment on the economic situation at this point, having known so much, is very difficult because of the state of the economy.</em></p> <p><em>”What President Bola Tinubu inherited, looking at the debt portfolio, local, external debt, even our <a href="https://www.naijanews.com/topic/debt-service/" target="_blank" rel="noopener"><strong>debt service</strong></a> ratio, which is in the ratio of almost 97%, means that every month whatever we collect 97% goes to debt service,”</em> he said.</p> <p>President Tinubu was urged by Yuguda to prioritize investment in security as a means to tackle the prevailing security challenge in the country. By doing so, it is believed that the ongoing food crisis faced by the nation can be effectively addressed.</p> <p>The post <a href="https://www.naijanews.com/2024/02/12/nigeria-spends-97-revenue-on-debt-service-under-tinubus-govt-ex-bauchi-gov-yuguda/">Nigeria Spends 97% Revenue On Debt Service Under Tinubu’s Govt – Ex-Bauchi Gov, Yuguda</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>