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

The former president who made this disclosure 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.

It would be recalled 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?”


Source: https://newspremises.com.ng/borrowing-to-accumulate-debt-for-next-generations-is-criminal-obasanjo-tells-buhari-govt/


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Mynd44
Dominique

Human government has failed.

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Without a doubt, the former president Obasanjo's viewpoint sheds light on an important factor. In a similar spirit, depending on services like "Call a Driver" might be considered as a means to ensure convenience and safety while preventing future generations from accruing debt. To leave behind a responsible financial and societal legacy, you must strike this balance.

It's alarming to hear such a well-known person as Obasanjo refers to borrowing for future generations as a crime. Although we must exercise caution, Safe Drive Dubai's dedication to responsible financial practices can provide important insights on how to balance development and debt for a better future. It's crucial to strike a balance between development and responsible borrowing.

OBJ is naija's best president ever!

That's why we say Buhari is a criminal

U started it na

This baba just dey form righteous since he comot fro that theology school

safedrivedubai:
It's alarming to hear such a well-known person as Obasanjo refers to borrowing for future generations as a crime. Although we must exercise caution, Safe Drive Dubai's dedication to responsible financial practices can provide important insights on how to balance development and debt for a better future. It's crucial to strike a balance between development and responsible borrowing.

. You that claim to know all what do got think OBJ is referring to, Mister know all

All of you are criminals using the rest of us as slaves so you people need to shup up. Go to the bank withdraw your billions take it home, put it in cooling put cook and munch on it. How could you bastards be so rich and your invent or sponsor any major invention how could you people not put Africa as part of the real deal in this current dispensation you keep stealing public funds and hiding it in suckaways—-pathetic

EmperorCaesar:
U started it na

This baba just dey form righteous since he comot fro that theology school

How old are you?