The National Chairman of the All Progressives Congress (APC), Chief
John Oyegun has said that the incoming federal government headed by
President- elect, Muhammadu Buhari will need a whopping N4.1 trillion
to pay outstanding salaries of workers at the federal and state levels
and also to offset petrol subsidy payments as well as service debts
incurred by the outgoing administration.
Oyegun, who was speaking at a two-day retreat for APC senators-elect in
Abuja on Saturday, lamented the state of the economy, urging Nigerians
to show understanding since the expected change in the state of things
would not happen overnight.
Oyegun said there is no magic wand to make the economy better
overnight. Against the realities on the ground, the party chairman
said reviving our economy will be a long and tortuous process.
“Make no mistake about it, the days ahead will be tough, and this is
not crying wolf. From the first day of this government, a total of 4.1
trillion Naira will be required for sundry expenses, including oil
subsidy payment, arrears of salaries at federal and state levels and
debt servicing, just to mention a few," he said.
Oyegun, however gave an assurance that with an APC government, things would surely get better.
"Bold decisions will need to be taken, and this can only be possible if
there is a synergy among our party, the National Assembly and the
President. We know you will not fail us, and you will not fail
Nigerians.
“Put this against the background of the falling oil prices, the
unprecedented 60-billion-dollar debt which the outgoing government has
left for the incoming one, the largely depleted Excess Crude Account
(ECA), the 60 billion dollars that have been lost in the last four years
to crude oil theft (and which are perhaps still being lost as we
speak), the need to rapidly create jobs for our teeming army of
unemployed youths, enhance the security of the citizenry and improve the
economy, and you will begin to understand the enormity of the
challenges ahead.
Details Later.
