Former President of Nigeria, Olusegun Obasanjo has described the constant borrowing of the current administration as ‘criminal’.
Constant borrowing by the President Muhammadu Buhari-led administration has previously attracted clamor from the people of Nigeria.
Yet, the federal government recently motioned taking out a fresh loan again.
This has erupted a reaction from former President General Olusegun Obasanjo.
His reaction ejected when he described as ‘criminal’ borrowing to accumulate debt for next generations.
Speaking to Channels Television in South Africa, Obasanjo express worry about the inevitable trouble the coming administrations will face should the current government fail to settle its cumulous debt.
He also added that borrowing money is not the problem, the problem for him is how to use the money profitably plus the plan to refund it.
Onasanjo said:“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?”
He added: “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?”