Nigeria facing serious economic challenges – Osinbajo

osinbajo

Acting President Yemi Osinbajo on Monday insisted that Nigeria is facing serious economic challenges.

Recalling the similar remark by President Muhammadu Buhari few months back, Osinbajo said he has gone round the country and discovered that the complaint from the people on the economy is similar to what the protesters are complaining about.

He said the rot of many years cannot be addressed overnight.

But Osinbajo said the government is committed to turning around the trend and place Nigeria on the path of growth.

The acting President spoke during the opening ceremony of the consultative forum between the Economic Management Team and the Private Sector on the Economic Recovery Growth Plan (ERGP) at the Banquet Hall of the State House, Abuja.

He said, “We are in a serious economic situation and the President was particularly concerned about the lot of the common man. And I quote him, “Recession today for many means not being able to pay school fees, for others not being able to afford high cost of rice and millets and for most of our young people recession means joblessness.

“I for one have been across the states and even today some people are out on the street protesting that things are difficult. What we are saying to every Nigeria is that ‘we hear you loud and clear,’ and we are determined to recover the economy. You have a right to demand for a better economy and we are committed to see it happen.

“Years of deterioration cannot be reversed overnight. ‎Again it has to be said that it’s our business, it’s our duty to ensure that we put the Nigerian economy on the track of recovery.”

He said the government had to intervene three times in the past 18 months states ‎to enable states have enough resources to pay salaries.

“And the last intervention was in December when we paid the Paris club refund to the states. This is funds that the federal government owed states since 2005. This was to enable states pay their workers and we tend to believe that this is what is being done,” the Acting President added.