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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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BREAKING: Remains Of Late President Buhari Arrives In Katsina [VIDEO]

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The body of former President Muhammadu Buhari has reached Katsina State for his official burial ceremony.

Contrary to the initially scheduled arrival time, the former president’s remains landed at exactly 1:59 pm, shortly after President Bola Tinubu arrived.

The aircraft carrying Buhari’s remains landed at the Umaru Musa Yar’Adua International Airport, where President Tinubu was expected to receive it before it would be transported to Daura for the burial.

Members of Buhari’s family also arrived at the airport, including the visibly emotional former First Lady, Aisha Buhari, who was seen among the crowd.

Aisha Buhari and her children, all dressed in black, were accompanied by Nigeria’s First Lady, Oluremi Tinubu.

Contrary to earlier reports suggesting the body would be flown in as cargo, Buhari’s remains arrived aboard the presidential jet, which also carried his family and a delegation led by Vice President Kashim Shettima.

 

More to come…

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Amaechi Wears Turban To Buhari’s Burial In Daura

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Rotimi Amaechi, who previously served as the minister of transportation, attended the funeral of former President Muhammadu Buhari in Daura, Katsina state, wearing a turban.

Buhari, the former president and head of state, passed away on July 13. His burial took place in his hometown, Daura, amidst national mourning.

Amaechi wore the cultural headgear to the ceremony held in honour of the late leader.

Earlier on Tuesday morning, Buhari’s remains were transported from London to Nigeria aboard the presidential jet.

Why Is Amaechi Wearing A Turban?

Amaechi received the title of Dan Amanar of Daura — which translates to “trusted son of Daura” — on February 5, 2022, as an acknowledgment of his contributions to the transport sector.

At that time, Silas Zwingina, a former deputy majority leader in the Senate, dismissed suggestions that the turbaning had political undertones, instead calling it a cultural show of gratitude by the Daura Emirate.

Zwingina stated that the Daura Emirate traditionally honours those who have made significant contributions to the development of the area.

He said it was unrelated to politics and urged people not to attach unnecessary meanings to the gesture, noting that Amaechi’s completed projects in Daura and across Nigeria stood on their own.

Amaechi’s turban has previously stirred controversy. In 2022, Musa Saidu, a leader of Arewa in the south, asked him to refrain from using the turban during political campaigns.

Saidu said the turban carries strong Islamic significance and should not be used as a political symbol.

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What Buhari Told Me About President Tinubu After Fuel Subsidy Removal — Katsina Governor Radda

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Governor Dikko Radda of Katsina State shared details of his conversations with the late former President Muhammadu Buhari following his retirement, including a discussion on President Bola Tinubu’s decision to remove petrol subsidy at the start of his administration.

While addressing reporters at the late president’s burial in Daura, Radda recounted his interactions with Buhari after he left office in 2023. He described gaining insights from Buhari’s leadership and patriotic values during this period.

He said that once Buhari returned to Daura after completing his term in 2023, they were able to engage more frequently, which allowed him to benefit from the former president’s wisdom and humor.

Radda mentioned that their conversations often focused on the challenges facing Nigerians and national service.

He shared that Buhari once told him, Your Excellency, go and do your best and be honest as a leader. You cannot satisfy Nigerians; only God can do that. He added that Buhari often spoke about the burdens he faced in office but felt relieved after retirement.

According to Radda, Buhari also said, I pity Bola (President Tinubu) for what he is doing. He is a brave man for removing the fuel subsidy. When I was president, whenever I made an attempt to remove the subsidy, a lot of people would give me too many reasons not to do so. But Bola did it immediately. If he had consulted people, he could not have removed the fuel subsidy now.

Radda emphasized that this was one of the conversations with Buhari that will stay with him. He said Buhari’s passing has left a significant void in Katsina State that will be difficult to fill.

President Tinubu ended the petrol subsidy on 29 May 2023, the day he assumed office after Buhari. He said the move was necessary to support economic growth and advance national progress.

He also stated that the Nigerian economy had long been underperforming due to various structural issues that hindered its development.

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