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Former President Olusegun Obasanjo has yet again criticised the government, saying bankruptcy is imminent as President Buhari's style of government has continued to take out foreign loans. Obasanjo made this observation while speaking as a guest speaker at the ‘Why am Alive’ campaign on Friday in Lagos.

The former President warned that the piling up of debts by the present administration will rub off negatively on the future generation, who will have to struggle to offset such huge debts.


Obasanjo revealed that at 2015 when the present administration came on board, Nigeria owed a foreign debt of $10.32bn. Surprisingly, by March 2019, the external debt had skyrocketed to $81.274bn.


According to Obasanjo, such situation spells doom to the overall development of the country, making the future more bleak as 50% of the country’s revenue will be gulped by debt servicing instead of developing its revenue.


He noted that about 60% of the 2018 revenue went for debt servicing which he described as unfortunate.


The former president accused the government of not doing enough to address fundamentals, deep-seated structural challenges that have continued to be a clog the wheel of the progress of the country and which has been counterproductive to the generality of the economy.


He said more worrisome is the government's $29.6billion additional loan which was recently approved by the National Assembly.

 

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