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Accumulating Debts For Next Generation Is Criminal, Obasanjo Tells FG

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Former President Olusegun Obasanjo has faulted the federal government’s plan to source fresh external loans.

He said the FG was accumulating debts for the next generation, describing it as “criminal.”

President Muhammadu Buhari had on Tuesday submitted a request for approval to obtain fresh external loans of $4.054 billion and €710 million to the national assembly.

The request was in a letter read by Senate President Ahmad Lawan on the floor of the upper legislative chamber.

In the letter, Buhari explained that owing to “emerging needs,” there is a need to raise more funds for some “critical projects”.

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

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

According to the former president, borrowing for recurrent expenditure is the “height of folly”.

“If you want to build a commercial house and you go and borrow money, and you have 50 percent of your own money, and you borrow 50 percent and in five years, you pay the 50 percent that you borrowed. That is a wise thing to do,” he said.

“But if you have to go and borrow money for you to be able to feed yourself and your family, that is a stupid thing to do.

“So, if we are borrowing for recurrent expenditure, it is the height of folly. If we are borrowing for development that can pay for itself, that is understandable. Then the payment, how long will it take to pay itself?

“But we are borrowing and accumulating debt for the next generation and the next generation after them, it is criminal, to put it mildly. What are we borrowing for?”

He recalled that during his tenure in 1999, the country was spending $3.5 billion to service debts that kept on increasing.

“When I came into government as elected president, we were spending $3.5 billion to service debts. Even with that, our quantum of debts was not going down,” he added.

TheCable understands that during a fall in oil receipts between 1977 and 1979, the Nigerian government took two different loans from the international capital market — a $1 billion and another $750 million.

Obasanjo ruled from 1976 to October 1, 1979.

The Debt Management Office (DMO) said Nigeria’s total public debt climbed to N35.46 trillion at the end of the second quarter (Q2) of 2021.

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Buhari’s Integrity Gave Hope To Millions Of Nigerians — Tunde Bakare

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Tunde Bakare, the serving overseer of Citadel Global Community Church, has honoured the memory of former President Muhammadu Buhari with a heartfelt tribute.

Buhari passed away on Sunday at a clinic in London at the age of 82.

In a statement released on Monday, Bakare described Buhari’s life as “extremely impactful”, referring to him as a respected elder statesman and fellow patriot.

He shared memories of their first meeting in 1985 and said Buhari’s policies at the time created the foundation for his journey as a young legal practitioner.

This was a man whose integrity and discipline gave hope to millions of Nigerians across the length and breadth of our nation, he wrote.

This was a man with a dream of a New Nigeria — a dream he lived for; a dream he worked tirelessly towards from his youth; a dream he pursued persistently despite the challenges he encountered; a dream I had the privilege of teaming up with him in his tireless quest to fulfill; a dream that brought tears to his eyes; a dream, the heart of which he shared with me in intimate conversations — a dream that revealed the soul of a man whose lifelong desire was to make life better for the ordinary Nigerian.

He referred to Buhari as a colossus whose kind is hard to replace.

Bakare offered a prayer, hoping that Buhari will be remembered kindly by history and that the Nigeria he envisioned will still come to life even after you have departed.

I express my deep condolences to his beloved wife, former First Lady, Aisha Buhari, and to his children and grandchildren. May God, the husband of the widow and the father of the fatherless, fill the void, the statement reads.

And to our dear nation, Nigeria, may God be our strength and comfort in this solemn season.

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BIG STORY

Osun 2026: Aregbesola Vows To Unseat Adeleke, Says ADC Will Win Guber Election

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Rauf Aregbesola, the interim National Secretary of the African Democratic Congress (ADC), has said that his party will unseat Governor Ademola Adeleke in the upcoming 2026 Osun governorship election.

Aregbesola, who previously held the positions of Minister of Interior and Osun State Governor, made this statement on Sunday during a homecoming event held in Osogbo.

He emphasized that his main political objective at the moment is not the 2027 general election but securing victory for ADC in the 2026 Osun governorship election.

He suggested that the 2026 election might not feature the usual three-party race, as there are speculations that Governor Adeleke could defect to the All Progressives Congress (APC).

We are concerned about 2026 in Osun State. We have started the work for next year’s election now, Aregbesola said, encouraging party members to strengthen mobilisation at the grassroots level.

Leave them to their agitation. Our aim should be to take over Osun State before the vote on August 8, 2026. They already know they are on their way out.

Looking back on his break with the APC, a party he helped build, Aregbesola expressed regret that he was sidelined despite his efforts.

He stated, Those who know my value and worth gave me this new position, and now they are making noise. Their noise doesn’t concern me — they haven’t seen anything yet.

Aregbesola also spoke on the ongoing rumours surrounding Adeleke’s possible political defection: Before we started this journey, they said there would be three political parties in Osun State. It is obvious he is decamping now. We will meet in Abere — ADC will win the Osun governorship race in 2026.

Turning to national matters, Aregbesola criticised the current federal government, blaming it for worsening the economic situation in the country.

The government that makes Nigerians go hungry should not be in power again. Anyone who says Nigeria is better now is part of the problem. It’s clear that yesterday was better than today for us as a nation, he said. Since they assumed office, even the rain no longer falls as it used to. Things are not going well. We must be angry with any government that refuses to address our needs.

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National Assembly Suspends Plenary Till July 22 To Honour Buhari

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Legislative proceedings in the national assembly have been put on hold to pay respect to Muhammadu Buhari, the former president of Nigeria.

Buhari passed away on Sunday at a London clinic after battling a long-term illness.

The clerk of the national assembly, Kamoru Ogunlana, shared this update through a statement released on Monday.

“I am directed by the president of the senate and the speaker of the house of representatives to inform all members of the national assembly and the general public that all legislative activities are hereby suspended immediately until Tuesday, 22 July, 2025,” the statement reads.

“All members of the national assembly are urged to reschedule their engagements to enable full participation in the burial activities of the late president.”

Leaders of both legislative chambers offered their sympathies to the government and citizens of Nigeria, the administration and residents of Katsina state, as well as the late president’s wives, children, and extended relatives.

“President Muhammadu Buhari will be remembered for his commitment to Nigeria’s unity and his integrity,” the statement notes.

“May Almighty Allah grant his soul eternal rest in Aljannatul Firdaus.”

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