NewStats: 3,259,562 , 8,170,515 topics. Date: Sunday, 25 May 2025 at 03:24 PM 3n4p35

Former President of Nigeria, Olusegun Obasanjo, has frowned at the way the Federal Government is taking loans. According to the ex-president, borrowing for recurrent expenditure is ‘foolish’.

In a video interview posted on Channel’s Television Facebook page, Obasanjo said that borrowing and accumulating debt for the next generations to come is criminal.

He said, “If you want to build a commercial house and you go and borrow money, and you have 50 per cent of your own money and you borrow 50 per cent and in five years, you pay the 50 per cent that you borrowed. That is a wise thing to do. But if you have to go and borrow money for you to be able to feed yourself and your family, that is a stupid thing to do.

“So, if we are borrowing for recurrent expenditure, it is the height of foolery. If we are borrowing for development that can pay itself, that is understandable; then how long will it pay itself? But we are borrowing and accumulating debt for the next generation and the next generation after them, it is criminal, to put it mildly. What are we borrowing for?

“When I came into government and was elected President, we were spending $3.5bn to service debt, and even with that, our quantum of debt was not going down.”

The istration of the President, Major General Muhammadu Buhari (retd.), has borrowed a total of N21tn within six years.

Data from the Debt Management Office showed that at the end of March 2021, Nigeria’s public debt hit a total of N33.12tn, which means in the last six years under the President, the country’s debt rose by N21tn.

As of the end of June 2015, one month after the present regime came into power, the country’s debt profile stood at N12.12tn.

It also means that the country’s debt profile has risen by 173.27 per cent within the six-year period.

Nigeria’s total public debt stock includes the debt stock of the Federal Government, the 36 states and the Federal Capital Territory.

However, most of the debts were contracted by the Federal Government.

https://punchng.com/borrowing-for-recurrent-expenditure-foolish-says-obasanjo/

Financial/Economic Terrorism!
The skinny Mahdi knows what he is doing. With all this needless delibrate humongous debts, the next govt will never be able to roll back the terroristic jihadi gains he has already made by emboldening bandits, killer herders, Bharam, muuRIC etc

Ode agbaya, the projects the money are financing are some of the ones you useless man refused to touch even though you had the money and decided to do the typical PDP looting and sharing.

Please let the foolish president understand that there's still life after his stupid government.

Yes, very

I am beginning to believe that our political class believe that this country is going nowhere and will collapse in the future. That is why they are borrowing out of control and sending their children abroad so that when the country finally Collapses, their descendants will be off it. But we will surely pull through and their plans will fail woefully.

Buhari has no choice than to borrow. If obj or gej was president it would be same. So baba gtfoh

So who's the fool now

Buhari right right

Nawa o
Obasanjo the wicked no chillz

Buhari Government doesn't seem to care anyway. Clueless individuals

NGpatriot:
Ode agbaya, the projects the money are financing are some of the ones you useless man refused to touch even though you had the money and decided to do the typical PDP looting and sharing.

But sorry sir, you seem to be the Ode and agbaya here.

NGpatriot:
Ode agbaya, the projects the money are financing are some of the ones you useless man refused to touch even though you had the money and decided to do the typical PDP looting and sharing.

Ode agbaya


https://www.youtube.com/watch?v=AKgpu1L7GtI

Tell them oo.

Says a man/party that borrowed money to pay workers salaries at the period our darling nation made the highest revenue/profits in the sales of crude oil in the history of our nation.
Shameless ers suffering from collective amnesia too are drawing saliva, hypocrites everywhere.
Tueh...

The height of it is that Senator's 10m+ salary also comes from this borrowed fund, but doctors can't be paid.

How to Bleep an entire country up - plot specially written and produced by Buhari

You can never know how forked up this country till you leave it shores.

Ordinary cfa now has value than naira. Same cfa that was only equal to naira by 3times.

Why is it that it's only Nigeria that is in recession in all Africa? Why? Why??

Borrowing is not a sin once you have the financial capability to service the debts. At the stage, the federal govt must win the vat case against the state, modify vat distribution to each state "to each according to its needs". Kano shouldn't get more than Lagos. Re-introduce toll gates for the roads built. And service the debt to ease future generations from cursing them.

Stupid sef

Papa said the truth

I wonder why we are still borrowing and how we intend paying back. The politicians and other government officials stealing should continue. At some point, there would be no value for the naira and money in general in Nigeria.

Buhari wants to bankrupt the south to the advantage of the North & Niger Republic.

The way they are silencing the truth is now scary, even those who let us know the exchange rates have been closed down

NGpatriot:
Ode agbaya, the projects the money are financing are some of the ones you useless man refused to touch even though you had the money and decided to do the typical PDP looting and sharing.

Buhari has borrowed 21 trillion Naira in 6 years, would you be kind enough to point us to projects the 21 trillion financed?

I will wait.

Buhari is the biggest mistake Nigeria has made yet

We keep complaining about all the negativities of this istration but never ready to do anything about it. This man and his cohorts keep milking the country for their lazy children. Go to Abuja and see how this useless amajiris are living like Arab Prince with our common wealth. Tomorrow we will still be here for another set of complain. Southerners will never unite to face this people rather we will keep selling ourselves to them.

May God punish all politicians that looted our national treasury, no matter the party they are.
Along with their online thieves and fraudsters

vedaxcool:
They bankrupt the country,
shared it's finance for keeping the country safe and destroyed all institutions,
yet they still complain when they left behind a collapsing economy and unsecured country.

You've said it all Vedaxcool.
Nothing to be added again.....

kabiyesi01:
But sorry sir, you seem to be the Ode and agbaya here.

Aburo agbaya, OBJ awarded and re awarded the contract for Lagos Ibadan railway and still left it dead and abandoned on the drawing board, but PMB's loan started and finished 156km railway with massive and beautiful rail stations.

This same project is extending to Apapa port to transport foods and services from the ports with the new loan.

Aburo agbaya, RESERVE your looting and stealing with no project rubbish for your useless egbon agbaya in otta.

Buhari is a cursed to humanity.

A disaster to governance.

We can see on the ground what PMB did with our money, but we can not see what the looting and stealing OBJ and PDP did without our money because it's all in their foreign bank s..

U and ur people ed the mumu to be president, what did u expect. Old man go and sit down.

post=105987944:
Says a man/party that borrowed money to pay workers salaries at the period our darling nation made the highest revenue/profits in the sales of crude oil in the history of our nation.
Shameless ers suffering from collective amnesia too are drawing saliva, hypocrites everywhere.
Tueh...

Glad u mentioned amnesia. At what point did Obasanjo govt borrow to pay salaries?