Nigeria risks bankruptcy under Buhari – Obasanjo

A former president, Olusegun Obasanjo, has said that Nigeria’s current debt situation is closer to the prevalent situation in the 70’s and 80’s that led the country and the African continent as a whole into unserviceable debts.

Mr Obasanjo said this on Friday in Lagos at the first edition of the Nigerian Story organised by the ‘Why I Am Alive’ campaign.

He said Nigeria risks bankruptcy with its penchant for loans under the current administration and the amount used in servicing the loans.

He said he feels it is his “duty and responsibility as a citizen to enrich public discourse with insights and perspectives on topical national issues.”

According to Mr Obasanjo, unlike the situation in the past, however, the current “creditors are less tolerant of our limitations and inadequacies.”

He also said that although it might not be totally wrong to take loans to finance growth and development, such decisions ought to come “with a high degree of discipline, responsibility and foresight”, stating that the Nigerian government is “notoriously deficient in serious and adequate discipline and most often lack competence and consistency.”

– Premium Times