x

Borrowing to accumulate debt for next generations is criminal – Obasanjo tells Buhari Govt

Former Nigerian President, Olusegun Obasanjo has reacted to the move by the Federal Government to take fresh loans amid outcries by Nigerians over incessant borrowing by the current administration.

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

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

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?”

Hot this week

Africa’s infrastructure deficit takes spotlight at pre-G20 event

..Two-day side event in Johannesburg seeks to mobilize global...

Several Common Fallacies on the Taiwan Question

By Ambassador Yu DunhaiThe 80th session of the United Nations...

NYCN Launches Tinubu CARES, Empowers Traders as Nigeria Marks 65th Independence

…Rolls out entrepreneurship fund to boost small businesses…..Distributes modern...

Nigeria Commences First Ever Measles ,Rubella Immunization Campaign, Oct. 6

By Joyce Remi-BabayejuThe federal government is set to launch...

Wike Condoles With Arise News Over Death Of News Anchor, Vows Killers Will Be Apprehended

By Joyce Remi-BabayejuThe FCT Minister, Barr. Nyesom Wike, has...

Bishop Adegbite Names Fintiri as Most Pilgrim Friendly Governor

By Joyce Remi-BabayejuThe Executive Secretary of the Nigerian...

Clean Up Abuja: Wike Reiterates Commitment to Waste Management

By Joyce Remi-BabayejuThe FCT Minister, Barr. Nysome...

Good Road Network Attracting Investors to FCT – Wike

... Investors to Replicate Dubai City Walk in AbujaBy...

Emir of Zazzau Faces Two Defamation Suits Over Radio Interview

...Court to Hear Case November 4By Achadu Gabriel, KadunaThe...

Tinubu, Mutfwang, Akpabio, and Other Dignitaries Honour APC Chairman’s Mother at Jos Funeral

By Israel Adamu, JosPresident Bola Ahmed Tinubu, Plateau State...

How l became a consultant inside Kaduna Prison – Journalist Idibia

MY STORYBy Idibia GabrielIt is Interesting but hazardous to...

RCCG Pastor Urges Men to Embrace Physical Exercise for Greater Productivity

By Achadu Gabriel, KadunaThe Zonal Pastor of the Redeemed...

Related Articles

Popular Categories

spot_imgspot_img