Former President Olusegun Obasanjo has described as an act of criminality the practice of government borrowing money and accumulating debts for next generation and the generation after them to pay.
Obasanjo spoke in an interview broadcasted by Channels Television yesterday on the borrowing spree of the Federal Government led by President Muhammadu Buhari.
President Muhammadu Buhari had increased Nigeria debt profile from 12.12 trillion naira in 2015 when he first came into power to 33.107 trillion naira as at March 31, 2021; according to Nigeria Debt Management Office.
Former President Obasanjo in the interview said it is a stupid thing for federal government to borrow money for recurrent expenditure or for a person to borrow money so that he or she will be able to feed self and family.
If you want to build a commercial house, and you go and borrow money, and you have 50 percent of your own money, and you borrow 50 percent and in five years you will pay the 50 percent you borrow, that’s right thing to do.
But if you have to go and borrow money, for you to be able to feed; you and your family, that is stupid thing to do.
So, if you are borrowing for recurrent expenditure, it is height of folly.
If you are borrowing for development that can pay itself, good, that is understandable.
Then, paying itself, how long does it take to pay itself.
But if you are borrowing and you are accumulating debts for the next generation, and the next generation after them, it is criminal.
What are we borrowing for.
When I came in to goovernment as elected President, we were spending 3.5 billion dollars to service debt and even with that, our quantum of debt was not going down.
former President Olusegun Obasanjo said.
It would be recalled President Muhammadu Buhari presented a request for approval, fresh loans of 4 billion dollar and 710 million euro before National Assembly few days ago.
![[Video] Buhari: It Is Criminal For You To Borrow Money, Accumulate Debts For Next Generation, Generation After Next Generation To Pay - Obasanjo ~ OsazuwaAkonedo Banking and Media Consultancy... We Analyze The News [Video] Buhari: It Is Criminal For You To Borrow Money, Accumulate Debts For Next Generation, Generation After Next Generation To Pay - Obasanjo ~](https://i0.wp.com/osazuwaakonedo.news/wp-content/uploads/2021/04/img_14042021_123332_2810_x_12132309330.jpg?resize=300%2C45&ssl=1)
![[Video] Buhari: It Is Criminal For You To Borrow Money, Accumulate Debts For Next Generation, Generation After Next Generation To Pay - Obasanjo ~ OsazuwaAkonedo Banking and Media Consultancy... We Analyze The News [Video] Buhari: It Is Criminal For You To Borrow Money, Accumulate Debts For Next Generation, Generation After Next Generation To Pay - Obasanjo ~](https://i0.wp.com/osazuwaakonedo.news/wp-content/uploads/2021/09/FB_IMG_520678919366590487.jpg?resize=576%2C1024&ssl=1)
- Nnamdi Kanu To Unknown Gunmen: We Are Fighting To Defend Our People, Not To Kill Them8 views Detained Leader of the Indigenous People of Biafra, IPOB, Mazi Nnamdi Kanu has called on Unknown Gunmen and other civilian armed groups responsible for the insecurity in the southeast states also known and referred to as Biafra land to desist from activities causing loss of lives in the states. Nnamdi Kanu made the Continue
- JungleJustice: Pregnant Woman Stabbed In Imo, Not Dead – Police6 views Imo State Command of the Nigeria Police Force has said that the Pregnant Woman, Mrs Sandra Onyema allegedly stabbed to death by an angry youth, Chikere Okoro at Nekede area of Owerri, the Imo State capital recently is alive, and she’s not dead as rumoured by sympathisers that led to the suspect almost Continue
- Buhari To APC Officials: Be Truthful, Fair To All9 views By Femi Adesina President Muhammadu Buhari Tuesday in Abuja said leadership of All Progressives Congress (APC) will sustain the hearing and healing process that it started to ensure fairness, justice and oneness before the 2023 general elections. In an audience with some APC senators on the outcome of the party primaries and its Continue
- I’m Ending My Marriage Because I Don’t Want To Leave As A Corpse – ChaCha Eke24 views Since the death of Osinachi Nwachukwu, the Ekwueme music star, Nigerians are becoming more concerned about married women who are experiencing domestic violence in their marriage to quit. The latest to demonstrate the courage for obvious self defence to protest her life against possible life threatening marriage, is a Nollywood actress, ChaCha EkeFaani, Continue
- No Pregnant Woman In Our Custody – EFCC5 views By Press Unit The attention of the Economic and Financial Crimes Commission, EFCC, has been drawn to some reports in a section of the media, alleging that the Commission is detaining “a pregnant woman, nursing mother, others, over vote – buying”, consequent on some arrests made in the wake of the recent governorship Continue
[spreaker type=player resource=”show_id=4980924″ width=”720px” height=”600px” theme=”light” playlist=”show” playlist-continuous=”true” chapters-image=”true” episode-image-position=”right” hide-logo=”false” hide-likes=”false” hide-comments=”false” hide-sharing=”false” hide-download=”true”]
-
Prices
-
via paypal
-
Guildlines
-
News Media