Atiku fears Nigeria is heading to Insolvency Under Buhari Administration

   

AFP

Atiku has called on Buhari to reduce the cost of running government and save Nigeria's future generation.

The Former vice president, Atiku Abubakar, has once again warned President Muhammadu Buhari to arrest Nigeria's slide into complete financial ruin.

Atiku has in the past express consine about the country's worrying debt profile and advised the government to cut down on unnecessary expenditure.

In a statement on Tuesday, June 16, 2020, he expressed shock at Nigeria's Q1 2020 financial reports in the Medium Term Expenditure Framework and Fiscal Strategy report released by the Federal Ministry of Finance, Budget, and National Planning.

He said Nigeria is in a debt crisis where it is already spending a lot on debt servicing, while the principal remains untouched.

"We are at a precipice. If our revenue figures do not go up, and go up quickly, Nigeria risks a situation where our revenue cannot even sustain our 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," he said.