Former President Olusegun Obasanjo describes borrowing for consumption as criminal

Former President Olusegun Obasanjo describes borrowing for consumption as criminal

Former President Olusegun Obasanjo has reacted to the Federal Government’s plan to source fresh loans, saying borrowing to accumulate debt for the next generation is criminal.

Speaking to media on the sidelines of an event in South Africa, Obasanjo noted that if the existing debt is left unserviced or unpaid, it might become a problem for successive administrations.

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While noting that borrowing is not a problem, the former Nigerian leader stated that what could be a problem would be what one is borrowing for and the plan or capacity to pay back.

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Written By Saviour Robert

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