Former governor of Bauchi State, Isa Yuguda, has attributed the current depreciation of the naira in the forex market to corrupt politicians who hoard dollars in their homes and foreign accounts. 

He also identified insecurity, panic buying, and hoarding of food commodities as key factors contributing to the ongoing food crisis in the country.

Yuguda made these remarks during the conference on tackling poverty in Northern Nigeria organized by Arewa New Agenda in Abuja over the weekend. 

He stressed the need for a deliberate approach to addressing poverty in the Northern region and called on President Tinubu’s economic team to devise policies that would alleviate economic challenges nationwide.

Expressing concern over the state of the economy inherited by President Tinubu, Yuguda highlighted the country’s staggering debt portfolio and debt service ratio, which currently stands at nearly 97%. 

He emphasized the necessity of effective economic management and urged the government to seek solutions for a quick turnaround.

“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.

Regarding the security challenges facing the nation, Yuguda urged President Tinubu to prioritize investment in security infrastructure, emphasizing that addressing security concerns would help mitigate the ongoing food crisis. 

Additionally, he commented on the removal of fuel subsidy, stating its necessity due to rampant corruption in the oil sector, which benefited only a select few and some countries at the expense of the Nigerian government.

“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.”

On the security challenge in the country,  Yuguda called on President Tinubu to invest in security, adding that in doing so, the food crisis confronting the country would be addressed . Speaking further on the removal of fuel subsidy,  the former governor said it was very necessary due to the high corrupt practices in the oil sector where now only a few and some countries benefited from the payment by the Federal Government,” he said.