Nigeria is sinking as country’s debt now $81.274bn- OLUSEGUN OBASANJO

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Former Nigerian President, Olusegun Obasanjo, on Friday, December 27 Obasanjo said Nigeria is sinking as country’s debt now $81.274bn from $10.32bn in May 2015 when Buhari’s government met.

The former President also raised fresh alarm over Nigeria’s external debt profile suddenly grew from $10.32 billion to $81.274 billion (approximate to N24.947 trillion).

He also warned that the country was currently sinking under this external debt adding that something urged needed to be done to save future generations from bearing the brunt.

Obasanjo issued the warning concerning the effect of such massive borrowing when he spoke at an event, the ‘why I am alive campaign’ organised by Nigerian pastor, Itua Ighodalo, in Lagos on Friday, December 27.

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.

Obasanjo, who expressed pity on the future generations of the country, argued that even though securing loan for well-thought-out projects could be positive, it is lamentable that Nigerian leaders do not have the required discipline.

“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

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