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.
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.
“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?”