Obasanjo Kicks Against Borrowing By Buhari’s Govt

Posted by Nwa Diokpa Featured, Latest Headlines, News Across Nigeria Monday, September 20th, 2021

(AFRICAN EXAMINER) – Former Nigerian President, Olusegun Obasanjo has condemned the move by the Federal Government to take fresh loans despite outcries by Nigerians over incessant borrowing by the current administration.

African Examiner recalls that President Buhari had requested the approval of the National Assembly to borrow the fresh sums of $4,054,476,863 and €710 million a few days ago.

Reacting, Obasanjo disclosed this when he spoke to Channels Television in South Africa, describing the move as criminal as it will accumulate debt for the next generation to pay.

According to the elder statesman, if the existing debt remains serviced or unpaid by President Muhammadu Buhari’s administration, it would become a huge problem for successive governments.

He stated that borrowing is not a problem but the problem 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?”