The New Federal, State administrations and the Reality of Debt Burden

The frenzy that greeted the aftermath of the last general elections as well as the inauguration of new political leadership at both the Federal and State levels wasted no time to fade away with speed.

In as much as the entire electioneering process was not the best everyone would have wished for, it was agreed that the outcome of the polls, especially at the Federal level truly reflects the true wishes of majority of Nigerians.

Be that as it may, the new administration at the Federal and State levels have since come to terms with the burden of unpaid salaries, inherited heavy indebtedness to contractors and financial institutions.

The controversy that trailed the emergence of Dr. Bukola Saraki as President of the Senate has added another fresh challenge for the ruling APC and the Buhari administration, because of the egoistic battle which will impact negatively on the present economic difficulties. But the real worries for now are that governance at all levels in Nigeria are virtually on a standstill, no thanks to the financial recklessness of the previous political heads and Nigeria’s over-dependence on Crude Oil as its mainstay all through the years.

The import of the sorry state of government coffers as at today lies in the fact that Nigerians will have to wait a little much longer for the desired change promised by the new administrations. No visible infrastructural, human capital, agricultural, industrial and electricity expansion project is likely to take place in the months ahead, even the financial institutions are struggling to survive with declining customers’ deposit, while the increasing job losses and salary cuts can only increase social vices and other forms of crime.

Editor-In-Chief

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