Obasanjo Calls Out FG Over Incessant Borrowing

Olusegun Obasanjo Former Nigerian President has countered the move by the Federal Government to obtain new loans despite outcries by Nigerians over continual borrowing by the current administration.

While speaking to Channels Television in South Africa, Obasanjo described the incessant taking of loans by this administration as criminal and a move to accumulate debt for the next generation to pay.

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Speaking further, Obasanjo said if the existing debt remains unserviced or unpaid by President Muhammadu Buhari’s administration, it might become a huge problem for subsequent governments.

Recall that the president had a few days ago, requested the approval of the National Assembly to borrow the fresh sums of $4,054,476,863 and €710 million.

Obasanjo also said taking loans is not a problem, but the challenge would be the utilization of the borrowed fund and the plan or capacity to pay back.

He said, “But if you are borrowing and accumulating debts for the next generation and the next generation after them, it is criminal. What are you borrowing for?

“If we are borrowing for recurrent expenditure, it is the height of folly. If we are borrowing for development that can pay for itself, that is understandable. Then the payment, how long will it take to pay itself?”

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