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Obasanjo Kicks Against More Borrowing

By Sola Adeyemi

Nigeria’s former President, Chief Olusegun Obasanjo has kicked against the plan by the Federal Government to borrow more money from International financial institutions and foreign,  especially when not supported by Nigerians.

Obasanjo spoke on Channels Television while in South Africa, describing as criminal, the alleged move to accumulate debt for the next generation to pay.

He warned that if the existing debt remains unserviced or unpaid by President Muhammadu Buhari’s administration, it might become a huge problem for successive governments.

Recall that President Buhari had a few days ago requested the approval of the National Assembly to borrow the fresh sums of $4,054,476,863 and €71million.

Reacting, the former president who believes that borrowing is not a problem, however, stated that 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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