Ex-President, Olusegun Obasanjo has taken President Muhammadu Buhari to the cleaners over the move by his Government to take fresh loans.
Obasanjo said; “I am worried that if the existing debt remains unserviced or unpaid by President Muhammadu Buhari’s administration, it might become a huge problem for successive governments.”
“Borrowing is not a problem, however, the challenge will be the utilization of the borrowed fund and the plan or capacity to pay back.”
“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?”
Recall that Buhari, a few days ago requested the approval of the National Assembly to borrow the fresh sums of $4,054,476,863 and €710 million.