Former President Olusegun Obasanjo has expressed worry over the way states and the Federal Government are accumulating debts as well as over the low foreign direct investment into the country.

Obasanjo spoke on Thursday in Abeokuta, Ogun State, when he hosted some members of the National Working Committee of the Peoples Democratic Party, led by its Chairman, Prince Uche Secondus, at the Olusegun Obasanjo Presidential Library.

At the meeting, Obasanjo was said to have expressed worry about the way the country had been busy accruing debts by borrowing money all over the world.

While in office, the former president visited the country’s creditors and was able to get debt forgiveness for the country.

However, since assuming office six years ago, the regime of the President, Major General Muhammadu Buhari (retd), had been accumulating debts for the country.

Investigations by The PUNCH in May indicated that the country’s debt rose by N20.8tn between July 2015 and December 2020, according to data obtained from the Debt Management Office. The period falls under Buhari’s regime, which began on May 29, 2015.

Statistics obtained from the DMO showed that Nigeria’s total debt as of June 30, 2015 stood at N12.12tn.

However, as of December 31, 2020, the country’s debt portfolio had risen to N32.92tn.

This shows that within a period of 66 months (five and half years), the country’s debt has risen by N20.8tn. It also means that within the period, the country’s debt portfolio rose by 171.62 per cent.

Most of the country’s debt was incurred by the Federal Government. Of the total debt of N32.92tn, the Federal Government has a total of N26.91tn, leaving a balance of N6.01tn to sub-national governments, mainly, the 36 state governments and the Federal Capital Territory Administration.

The implication of this is that 83.78 per cent of the nation’s debt stock belongs to the Federal Government, with the sub-national government accounting for 16.22 per cent.

Further analysis shows that domestic sources accounted for N20.21tn while external sources accounted for N12.71tn.

Sources at the meeting the former president had with the PDP leaders said Obasanjo was disheartened over the unbridled way the current leaders of both the country and states were borrowing to either finance budgets or even pay salaries.

One of the sources said the former president informed his guests that while he was in office, governors always informed him about how much they had been able to attract as FDI into their states.


The source said, “The former president told us that every nation must source funds within to finance projects and be able to attract FDI to it.

“For example, he said then, he was always happy when governors would call to tell him that they had about $100m from FDI. He would be happy. But now, all the money he also left behind in foreign accounts have been taken.

“He said all he hears about now is debts and loans. He insisted that the country must produce leaders that would know how to turn the economy around and also attract foreign investors. The former president is very passionate about the country and that is very amazing.”

Naira now useless, says ex-minister

Meanwhile, a former Minister of Information and National Orientation, Prof Jerry Gana, has said the naira is fast becoming the “most useless currency” in Africa today.
Gana, a member of the PDP Board of Trustees, spoke in Abuja on Saturday at the party’s Critical Stakeholders’ Retreat organised by the Kogi PDP Renaissance Group.

Delivering a keynote address on the theme, ‘Kogi PDP: Yesterday, Today and Tomorrow,’ the former minister listed things the party must do to return to power.

He said the party required a good strategy; organisation; grassroots presence; free, fair, credible primaries; justice, equity and fairness; resources; and logistics in order to dislodge the All Progressives Congress in 2023.

Gana lamented that the degree of current economic distress, which he said was the worst in recent times, had made Nigerians the most miserable people on earth.

He said, “The Misery Index in Nigeria is the worst in Africa. The level of indebtedness in the past few years is such that every Nigerian is now in debt. The naira is, perhaps, one of the most useless currencies in Africa today. I have never seen this level of corruption as we have today.

“In fact, the level of corruption makes the PDP governments look like angels because corruption is now a thousand times worse.”

Going down memory lane, the former minister painted a portrait of the importance of Kogi State in the pre- and post-colonial political development of Nigeria.

Gana decried the insecurity in the country, saying, “Governor Aminu Masari of Katsina State was advocating recently that everyone in Katsina State should get a gun. Do you know where Katsina is? Do you know who comes from Katsina?”

He appealed to Katsina PDP to rise to the occasion to deliver Nigeria, urging it to reject those he described as agents of division and unite for the good of the party.


Gana said, “You have the best chance to take over power in Kogi. Kogi is very central because every part of Nigeria passes through Kogi. Whoever is ruling Kogi cannot lie because if you are doing something, people will see it and know.

“If you are not doing anything, the people will know. We have the people and the resources, so Kogi has no excuse not to excel.”

A former President of the Senate, Bukola Saraki, who also spoke at the event, reiterated the need for leaders and members of the PDP to unite in order to return to power and give Nigeria a new sense of direction.

He described the retreat as a pointer to the preparedness of the PDP to put its house in order not only in Kogi, but throughout Nigeria.

Saraki said, “Kogi has witnessed change in fortune since 2015 but I am happy because today’s meeting sends a strong message to the PDP family throughout the country.

“We must not forget that our party, the PDP is the landlord in Kogi that was robbed of victory in the past elections. So, we must set aside our differences in the interest of the party.”

Source: https://punchng.com/Obasanjo-decries-Nigerias-rising-debts-low-FDI

As if he also didn't steal some.
I'm not saying he's wrong, but he's guilty all the same, just too old to be ashamed.
To me they're all guilty! Debt or Theft; the effect is the same!!!


For those of you mentioning...
I am not a Buhari follower! God knows I hate the man.
I'm only arguing that these old men dragged Nigeria down. Obj is simply a lesser evil. Of the two I'll choose Obj any day, twice on a Wednesday evening self.
Debt and Theft are some of the problems eating Nigeria alive.

But why

Very low!!!!

The dangerous trajectory of the debts has manifested in a spike in the debt service-to-revenue ratio.Debt servicing consumed most of the govt revenues in 2020...Nigeria’s position is doubly precarious.

https://punchng.com/debt-is-sinking-the-economy/

Thought the clueless finance minister and the overfed buffon stooge "we will approve it" senate president-Ahmed Lawan all said Nigeria must continue to borrow?

Debt serving is a clueless and unfeasible economic policy but the stupid government will never take heed to minimize Nigeria's chronic debt pillage.

Buhari doesn't care whether Nigeria thrives or burns, just give Fulani your lands, govern Nigeria with Sharia law and elect a Fulani Emir in ur communities and everybody will have Peace.

Don't forget to convert to Islam!

When the price of what we sell falls below sustenance level...we get into debt.

Throw in low taxation level...and we get into debt.

Nigeria needs to be more productive, and also needs to stop spending money a-subsidizing, and improve taxation, and fight corruption.....then we would see some improvement.

APC on the other hand is waiting for oil prices to shoot up again...

The fact is, one cannot build a successful economy on selling resources...you got to use them to be prosperous.

All thanks to disaster Buhari and his team of incompetent cabinet.

Fulani they very desperate

Baba contest again am sure you will win so you clear debts again

Pickin wey dem flog 5 cane say na 4 go explain where the remaining one cane go....
Every body dey talk you feel say u Sabi...you know you're 79 pity us wey get more years
If them do naija d way u do your own shey you go fit see chair sitdown for asorock.

Much of it have been siphoned to bandits and kidnappers

SMH @the moronic online and offline urchins that still support this clueless incompetent buhari led corruption and terrorists infested maladministration!
Very pathetic.


WE NEED YOUNG VISIONARY LEADERS COME 2023!


@SENIORWRITER

Buhari is an illiterate, he is deaf and he does not listen to anyone. Their aim is to impoverish Nigerians so that whatever they give us we will accept it. There is an agenda

Zombies will tactically avoid the thread.

muller101:
Zombies will tactically avoid the thread.

Let’s wait and see if the VULTUREBBQGRILLER will stop here like he usually does when the lying machine lies

All have sinned, too late to cry. Leave us let's continue to carry our cross

HandsomeHITLER:
As if he also didn't steal some

Stop exposing your stupidity online.

Buhari is a Taliban, the only thing that troubles his heart is how to take over southern Nigeria and islamise the country.. And this is the reason he said he can't afford to leave office a failure. This also is the reason he is pushing so hard to implement grazing reserve all over the federation. The well-being of Nigerians is the least of his headaches.

He is the major problem of Nigeria.

Thanks to all our Dansiki fashion designer

Baba Obasanjo should not talk again. He knows that his friend Pa Bubu has poor economy management and he forced him on us by forcing Good luck out of office for reason best known to Baba. When Pa Bubu is done with this country Katsina and Sokoto will break out of Nigeria and join Niger where they are keeping the loot.

At least we know foreign investors such as DSTV, ShopRite, MTN and co came into Nigeria during OBJ's tenure as president of Nigeria.

But I'm yet to see a single foreign investor that has birthed itself on our shores for the past 10 years.

Nigeria has one of the worst business environments for foreign investors, and why? Because most of our headlines being displayed on the media to the global audience has more negative content than positive content.

Nigeria is being promoted to foreign investors as an unlivable country bedevilled by insecurity, crime, political instability, bad roads and no electricity. And that's why Ghana has suddenly become the investor's paradise in West Africa.

Last time I checked, 1 cedi = 0.17 $US as at this morning

Nigeria can continue on this path to eternal doom. We'll be here to give the country a warm farewell

Racoon:

https://punchng.com/debt-is-sinking-the-economy/

Thought the clueless finance minister and the overfed buffon stooge "we will approve it" senate president-Ahmed Lawan all said Nigeria must continue to borrow?

Debt serving is a clueless and unfeasible economic policy but the stupid government will never take heed to minimize Nigeria's chronic debt pillage.

All y'all are good at is to insult. If they give u opportunity now u won't do any better

Very terrible. Unfortunately some still hold on to the fake stories sold to them by APC before 2015. It is very clear to everyone who thinks appropriately that this country has been set back many years in all facets.

Our wish should be that we get good leaders who are willing to move us forward. We need to get decent professionals into politics to hold the positions and not professional politicians.

Smartini:
At least we know foreign investors such as DSTV, ShopRite, MTN and co came into Nigeria during OBJ's tenure as president of Nigeria.

But I'm yet to see a single foreign investor that has birthed itself on our shores for the past 10 years.

Nigeria has one of the worst business environments for foreign investors, and why? Because most of our headlines being displayed on the media to the global audience has more negative content than positive content.

Nigeria is being promoted to foreign investors as an unlivable country bedevilled by insecurity, crime, political instability, bad roads and no electricity. And that's why Ghana has suddenly become the investor's paradise in West Africa.

Last time I checked, 1 cedi = 0.17 $US as at this morning

Nigeria can continue on this path to eternal doom. We'll be here to give the country a warm farewell

So are u not part of the problem now. You are complaining about image while at the same time destroying d same image and wishing the country bad. Smh