Former President Olusegun Obasanjo has reacted to the Federal Government’s plan to source fresh loans, saying borrowing to accumulate debt for the next generation is criminal.
Obasanjo noted that if the existing debt is left unserviced or unpaid, it might become a problem for successive administrations.
He stated that what could be a problem would be what one is borrowing for and the plan or capacity to pay back.
The ex-president recalled that during his tenure in 1999, the country was spending $3.5 billion to service debts that kept on increasing.
Former President Olusegun Obasanjo has reacted to the Federal Government’s plan to source fresh loans, saying borrowing to accumulate debt for the next generation is criminal.
Obasanjo noted that if the existing debt is left unserviced or unpaid, it might become a problem for successive administrations.
He stated that what could be a problem would be what one is borrowing for and the plan or capacity to pay back.
The ex-president recalled that during his tenure in 1999, the country was spending $3.5 billion to service debts that kept on increasing.
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