Connect with us

National News

Obasanjo: Nigeria May Soon Go Bankrupt With Rising Debt

Published

on

Obasanjo

Former President Olusegun Obasanjo

Former President Olusegun Obasanjo has opined that the country risks going bankrupt over the accumulation of debt by the government.

Obasanjo, said this during his keynote address at an event tagged: “The Nigerian Story, Why I am Alive Campaign”, which held in Lagos on Friday.

The former president said as of 2015, Nigeria’s total external debt was about $10.32 billion but by March 2019, it had risen to $81.274 billion.

“Our political leaders have suddenly developed not just a taste for, but a voracious appetite for debt. As usual, most of such debts procured are hardly thought through. Predictably, ability to repay such debts is lacking,” he said.

Read Also: Governor El-rufai Is One Of The Best Persons To Work With: Obasanjo

“Unfortunately for us and unlike in the past, the new creditors are less tolerant of our limitations and inadequacies and are now demanding to manage institutions and agencies with a view to recouping their loans.

“It has recently been pointed out that in 2018 that total debt servicing took over 60 per cent of government revenue. What’s more, we are not doing enough to address the fundamental, deep-seated and structural challenges that inhibit the expansion of our economy.

“Such a situation talks about an impending bankruptcy. No entity can survive while devoting 50 per cent of its revenue to debt servicing.”

“My agony in getting rid of our external debts and developing a sustainable approach to address our domestic debts… it was a painstaking exercise that involved not just a national strategy but a continental and international one which eventually yielded significant gains.

“To now see all those efforts, go to waste barely less than 15 years after that watershed moment is more than disturbing. It is painful and retrogressive.

“Nigeria’s leadership was key in the campaign for debt relief in the late 90s/early 2000s. Our relapse into debt will be wrong, signalling to the rest of the continent and could be tantamount to backing the entire continent into another era of ‘highly-indebted poor countries.’

“For once, all Nigerians need to rise up and shout in one voice and call on the National Assembly to rise up to its core duty and responsibility and save our children and our grandchildren and great-grandchildren from being mired in debt.

“Let us use other options. Saudi Arabia, I understand, will be raising over $20bn to finance projects through private equity. We can do likewise.

“We have several national assets that could be used to raise some of the funds that we need in this respect for infrastructural development to give assurance to private sector investors and PPP (Public-Private Partnership) investors, if necessary.”

National News

Buhari Mourns As Boko Haram Kills Over 40 Farmers In Borno

Published

on

Buhari Mourns As Boko Haram Kills Over 40 Borno Farmers

Buhari

President Muhammadu Buhari has reacted to the reported slaughter of over 40 Borno farmers by the terrorist group, Boko Haram.

He expressed grief over the killing of farmers on rice fields at Zabarmari, in Jere Local Government of Borno State, describing the terrorist killings as insane.

Buhari’s position on the killings was contained in a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu, titled, ‘President Buhari condemns as insane, Boko Haram killing of farmers in Borno State.’

Also Read: Presidency Clears Air On N150,000 Monthly Payment To Repentant Boko Haram Members

He said: “I condemn the killing of our hardworking farmers by terrorists in Borno State. The entire country is hurt by these senseless killings. My thoughts are with their families in this time of grief. May their souls Rest In Peace.”

President Buhari said the government had given all the needed support to the armed forces “to take all necessary steps to protect the country’s population and its territory.”

Continue Reading

National News

Boko Haram Slaughters 43 Farmers In Borno, Destroys Rice Farms

Published

on

Boko Haram Slaughters 43 Farmers In Borno, Destroys Rice Farms

Borno State

Boko Haram on Saturday reportedly beheaded 43 farmers in Zabarmari, less than 20 km from Maiduguri, Borno State.

The insurgents were also said to have destroyed the rice plantation after slaughtering all the farmers in yet another major attack in the state that has been badly hit by the insurgent group.

Also Read: Presidency Clears Air On N150,000 Monthly Payment To Repentant Boko Haram Members

According to reports, the bodies of the slain farmers whose throats were also slit is still been kept by residents of the area who are insisting they won’t be buried until the state governor, Professor Babagana Zulum sees their bodies.

Continue Reading

National News

Akeredolu: There’s A Serious Security Crisis In Ondo

Published

on

Akeredolu: There’s A Serious Security Crisis In Ondo

Governor Akeredolu

Governor Rotimi Akeredolu of Ondo State has expressed that there is a serious security crisis in Ondo State.

He made this remark while lamenting the murder of a monarch in the state, Olufon of Ifon in Ose local government, Oba Isreal Adeusi, who was killed by suspected kidnappers.

In a statement issued by the Commissioner for Information and Orientation, Donald Ojogo, Akeredolu described the incident as a sad one for the State.

Also Read: Unknown Gunmen Kill Ondo Traditional Ruler, Olufon Of Ifon

The governor described the act as a heinous crime that is too heavy and unbearable.

He said he has directed security agencies, especially the Nigeria Police, to fish out the perpetrators of the crime.

Akeredolu also vowed to do all he can to unravel those behind the act and make them face the full wrath of the law.

He advised that caution should be exercised from making public reference in statements or utterances in respect of the “great loss.”

 

Continue Reading

Trending