Former Vice-President Atiku Abubakar has charged the Federal Government to make sure prudent administration of the nation’s assets with a view to safe it for future generations.
He mentioned this in an announcement titled, “We Must Keep Nigeria Financially Solvent For Future Generations,” which he signed in Abuja, on Friday.
He recalled that on June 16, 2020, he sounded an alarm over the nation’s rising debt profile which he famous had reached unsustainable ranges.
According to him, the truth that the nation was spending over 90 per cent of its income on debt servicing was unhealthy and unsustainable.
Atiku mentioned, “That warning was a patriotic one, devoid of partisanship, and was meant as wake up call to prevent the nation from going into insolvency.
“At that time, I said, ‘We are on a precipice and if revenue figures do not rise quickly, Nigeria risks a situation where revenue cannot even sustain its debt servicing obligations. Meaning that we may become insolvent and our creditors may foreclose on us, as has occurred in Sri Lanka and the Maldives.’
“The alarm I sounded last year is now sounding louder.
“Interestingly, on Thursday, August 26, 2021, the Budget Office of the same administration released a statement to the effect that Nigeria made N2.23tn revenue in the first half of 2021, and spent N2.02tn on debt servicing, representing 90.58 per cent of National revenue in the period under review (H1).”