Nigeria sinking under weight of debt — Obasanjo raises fresh alarm, reveals figures
Former President Olusegun Obasanjo has raised the alarm that Nigeria is sinking under external debt.
Obasanjo said things might get worse economically as Nigeria, as well as other African countries, kept piling up debts, saying he was worried for the future generations who would have to pay such loans.
The ex-president made this kown on Friday in Lagos at the “Why I am Alive” campaign.
According to him, “This is aside the $29.6 billion loan the federal government seeks to secure.”
The former president, who governed the country between 1999 and 2007, shared his experience with borrowing as an individual and on behalf of the country.
In the speech, he painted a gloomy future for Nigeria should its leaders not take a fresh look at their steps in relation to loans.
In this case, the issue of Nigeria rapidly sinking under the weight of debt; both foreign and domestic, should bother us all.
“Everyone knows that our governments are notoriously deficient in serious and adequate discipline and most often lack competence and consistency as well,” he said.
Concerning the current huge debt burden on Nigeria, Obasanjo said the current situation could be likened to heading for bankruptcy.