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Nigeria’s Rising Debt Profile Worrisome- Obasanjo

Olusegun Obasanjo

Former President Olusegun Obasanjo has expressed concerns over Nigeria’s rising debt profile.

The retired General made this known when he received the National Working Committee of the People’s Democratic Party at his home in Abeokuta.

The Committee was led by its Chairman, Mr. Uche Secondus.

A source at the meeting noted that Obasanjo wasn’t impressed with the minimal foreign direct investment in the country.

The source said, “The former president told us that every nation must source funds within to finance projects and be able to attract FDI to it.

“For example, he said then, he was always happy when governors would call to tell him that they had about $100m from FDI. He would be happy. But now, all the money he also left behind in foreign accounts have been taken.

“He said all he hears about now is debts and loans. He insisted that the country must produce leaders that would know how to turn the economy around and also attract foreign investors. The former president is very passionate about the country and that is very amazing.”

Nigeria’s debts are well over N34 trillion, with the debts growing more than 176% since Buhari assumed office. In that six year period, N20.8 trillion has been borrowed. That figure is very high especially when you consider that before his tenure began, the country’s debt was just N12.12 trillion.

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