Obasanjo Faults Tinubu On Borrowing

Former President Olusegun Obasanjo has faulted feedback attributed to President Bola Tinubu that borrowing shouldn’t be leprosy, saying the president’s place is “absolute nonsense”.

Obasanjo spoke on Friday in Abeokuta, Ogun State on the Ajibosin Platform, a public discussion board themed:  “Leveraging Artificial Intelligence to solve grassroots problems and accelerate National Development,” warned that mounting debt may injury generations of Nigerians.

Tinubu had in April defended his administration’s borrowing coverage, saying the federal government would proceed to borrow every time essential and insisted that it shouldn’t be considered negatively.

The president acknowledged this on the State House throughout a gathering with Plateau leaders led by Caleb Mutfwang, the governor, and Nentawe Yilwatda, nationwide chairman of the All Progressives Congress (APC).

He stated, “If we have to borrow, we borrow. Borrowing is not leprosy, we just have to work hard to be able to pay for it.”

The president’s remarks had since attracted criticism due to Nigeria’s rising debt burden and the growing nationwide income dedicated to servicing of money owed within the nation.

Obviously not amused by Tinubu’s remark, Obasanjo argued that the implications of debt transcends the present era, noting that leprosy can solely destroy one individual at a time whereas debt destroys generations.

Obasanjo stated: “And for anybody to say debt is no leprosy, is absolute nonsense. Debt is worse than leprosy. Because leprosy destroys only one person. Debt destroys generations.”

Obasanjo who recalled when he began his farm 47 years in the past, the naira exchanged at N1 to $1.85, picked holes within the present financial administration of the nation.

“When I started my farm, 47 years ago, Naira to the dollar was one Naira to $1.85. Forty-seven years ago. What has Nigeria done in 47 years that we now have N1,500 to the dollar? What have we done?” he fumed.

Obasanjo additionally additional questioned the information and capability of the nation’s political management to make selections that may enhance the lives of Nigerians.

“What do our leaders know? And what do they not know? And from what they know, what can they do for us?” he requested.

He additionally faulteded Nigeria’s dependence on overseas establishments, significantly the World Bank and International Monetary Fund (IMF), arguing that their insurance policies weren’t essentially designed to deal with the nation’s peculiar circumstances.

According to him, Nigeria was discouraged from subsidising agriculture regardless of the agricultural assist out there to farmers in developed international locations.

“World Bank and IMF were not designed for us. They were not built by us. They were built before we became independent. And that’s the people who would determine what we do,” he stated.

Obasanjo cautioned in opposition to blindly adopting financial prescriptions from foreign-trained specialists with out contemplating Nigeria’s native circumstances.