The enormous debt profile that the new administration of Bola Ahmed Tinubu would inherit from the departing government of President Muhammadu Buhari has drawn concern from the pan-Yoruba socio-political group Afenifere. Afenifere, however, encouraged President Buhari to reconsider the $800 million he is requesting from the World Bank because doing so will exacerbate the nation’s estimated 80.6 percent debt service to revenue ratio.
This came at the same time that it forbade President Buhari from moving forward with his intention to take out a new $800 million loan before he left office.
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Speaking on Tuesday through its National Publicity Secretary, Jare Ajayi, the socio-political party highlighted that while the nation’s debt was approximately N12.6 trillion when Buhari took office in 2015, it has decreased over his eight-year term.
He also praised the US government and Inspector General of Police (IGP) for advising against sabotaging Tinubu’s anticipated inauguration on May 29, 2023.
He said that because the path to the current democratic system had been difficult, “nothing should be done to shorten it.”
