Formal President Olusengu Obasanjo frowns over FG loan request

 


Former President of Nigeria, Olusegun Obasanjo, has frowned at the way the Federal Government is taking loans. According to the ex-president, borrowing for recurrent expenditure is ‘foolish’.
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In a video interview posted on Channel’s Television Facebook page, Obasanjo said that borrowing and accumulating debt for the next generations to come is criminal.
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He said, “If you want to build a commercial house and you go and borrow money, and you have 50 per cent of your own money and you borrow 50 per cent and in five years, you pay the 50 per cent that you borrowed. That is a wise thing to do. 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.
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