It’s criminal to pile up debts for next generation- Obasanjo

Nigerian Ex-President Olusegun Obasanjo has said piling up debts for the upcoming generation is criminal.

Obasanjo said this in response to the Federal Government’s arrangement to source new credits.

Last week, President Muhammadu Buhari kept in touch with the senate to look for endorsement to acquire $4,054,476,863 and €710 million in an addendum to the 2018-2020 getting plan.

In a letter Senate President Ahmad Lawan read at the senate, Buhari clarified that there is a need to raise more cash for a few “critical interventions”.

Albeit, the decision All Progressives Congress (APC) defended this, many have condemned the solicitation.

Shockingly, Ali Ndume, a serving APC representative from Borno State, said he was stressed over the parliament’s scurry to support advances.

Talking with Channels Television, Obasanjo said if the current debts is left unserviced or neglected, it may turn into an issue for progressive organizations.

He said while acquiring isn’t an issue, getting credits when there is no ability to repay is an issue.

“Assuming you need to put up a business house and you proceed to acquire cash, and you have 50% of your own cash and you get 50% and in five years, you pay the 50% that you acquired. That is a savvy thing to do. In any case, on the off chance that you need to proceed to acquire cash for you to have the option to take care of yourself and your family, that is something stupid to do.”

Source: africaneditors.com/African Editors