Former Bauchi State Governor, Isa Yuguda, has attributed the current depreciation of the naira in the forex market to corrupt politicians hoarding dollars in their homes and foreign accounts.
Yuguda highlighted the food crisis in Nigeria, attributing it to insecurity, panic buying, and hoarding of food commodities by citizens.
Speaking at the conference on tackling poverty in Northern Nigeria organized by Arewa New Agenda (ANA) in Abuja, Yuguda underscored the need for targeted strategies to combat poverty in the Northern region.
He said, “To comment on the economic situation at this point, having known so much, is very difficult because of the state of the economy.
”What President Bola Tinubu inherited, looking at the debt portfolio, local, external debt, even our debt service ratio, which is in the ratio of almost 97%, means that every month what ever we collect 97% goes to debt service.
“So can you run an economy of a country with 3% revenue? It’s not possible, only that we are bogged down with external debt . The problems are monumental and we are praying for the manager of the economy to do their best and guide Mr president on how to get a quick turnaround.
“Also looking at our debt profile, if you notice the budget, about N8 trillion is dedicated to debt servicing. Why should we be paying debt? What have we shown for the debt we have incurred? Nothing.
“For now, we have very competent minister of finance, I believe he will come up with good policies that will give the country a good turn around.”
Regarding the removal of fuel subsidy, Yuguda deemed it necessary due to widespread corruption in the oil sector, emphasizing the need for transparent practices.
While acknowledging the monumental economic challenges, he expresses confidence in the competence of the Minister of Finance to formulate effective policies for economic revitalization.
