”What are we Borrowing For” – OBASANJO
The former President of Nigeria, Chief Olusegun Obasanjo has frowned at the administration of President Muhammadu Buhari for increasing debt through borrowing. Information Guide Nigeria
The Former President expressed his grieve in a video that was shared on Channels TV on Sunday.
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BUSINESS HALLMARK reveals that the former president’s reaction is as a result of President Buhari’s request to the National Assembly for the approval of a $4 billion loan.
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Describing it as a criminal act, Obasanjo said, “But if you are borrowing and you are accumulating debt for the next generation and the generation after them, it is criminal, to put it mildly.” Jamb Result
He further stressed, “What are we borrowing for? When I came in as an elected President we were spending $3.5 billion to service debt, and even with that our quantum of debt was not going down”.
Recall that the Debt Management Office has revealed that presently Nigeria’s Domestic and Foreign Debt Profile stands at N35.47 trillion.
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