Former President General Olusegun Obasanjo has berated the Federal Government for it’s penchant for obtaining loans which creates problem for the next generation.
President Muhammadu Buhari recently wrote to the National Assembly to seek approval for fresh loan of of $4,054,476,863 and €710 million.
Obasanjo said while speaking on Channels TV.
“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?”
“When I came into government as elected President, we were spending $3.5 billion to service debts. Even with that, our quantum of debts was not going down.”