Accumulating Debt For Nigeria’s Next Generations Is Criminal – Obasanjo

Date: 20-09-2021 3:24 pm (2 years ago) | Author: CLARA JANCITA
- at 20-09-2021 03:24 PM (2 years ago)
(f)

Former president of Nigeria, Olusegun Obasanjo, has warned the federal government over taking fresh loans, amid widespread outcry over incessant borrowing by the current administration.
Obasanjo, during an interview with Channels Television in South Africa, described it as criminal.

He said the federal government was accumulating 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.

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

Reacting, Obasanjo 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,
Quote
“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?”

Posted: at 20-09-2021 03:24 PM (2 years ago) | Hero
- marijuanaa at 20-09-2021 04:17 PM (2 years ago)
(m)
Useless man,.... as if u re nt among those that brought us into this mess we re coz of greedy nd selfish interest
Posted: at 20-09-2021 04:17 PM (2 years ago) | Upcoming
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- constigoldo at 20-09-2021 04:40 PM (2 years ago)
(f)
Wicked people in positions of authority.  I feel sorry for their successors.
Posted: at 20-09-2021 04:40 PM (2 years ago) | Hero
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- Reidlake at 6-10-2021 04:25 PM (2 years ago)
(f)
These are not good citizens. They aren't thinking about the future of their country and the future generation that will live in that country. It is the main thing that every citizen must think about. They are creating problems by getting debts because their children will need to work to pay them. I believe that the people that rule Nigeria must think of how to get out of debt and try to create a good atmosphere for educating good people for the future of their country, but not destroying it by getting in debt.
_________________
https://yourmoneygeek.com/how-to-get-out-of-debt-fast/
Posted: at 6-10-2021 04:25 PM (2 years ago) | Newbie
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