Oyogist has learned that that Former Nigerian president, Olusegun Obasanjo has urged president Buhari’s administration to desist from borrowing to accumulate debt for the next generation.
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 incoming governments.
Recall Buhari had earlier requested the approval of the National Assembly to borrow the fresh sums of $4,054,476,863 and €710 million.
Obasanjo while reacting to this said,
“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? He asked.
