Obasanjo said Nigeras risks bankruptcy
Nigeria risks impending bankruptcy, said the former President Olusegun Obasanjo who has served twice as a democratic President of Nigeria.
Nigeria, as well as other African countries, face an accumulation of debt by the government.
Olusegun was invited as a keynote speaker at the “Why I am Alive” campaign on Friday.
According to Pulse, Obasanjo said that Nigeria’s total external debt was about $10.32bn in 2015, and the country’s external debt had increased to $81.274bn by March 2019, submitted A loan of $29.6bn has been requested by President Muhammadu Buhari had recently to the National Assembly for infrastructural development. Many Nigerians experts didn’t approve this request but it seems that the loan proposal will be approved by the legislature.
Obasanjo is worried about that and considered this request as a “double-edged sword”.
“I do not need the brain of any genius to conclude that those who use statistics to dig us deeper into debt are our enemies: statistics can be used to serve any purpose, and that is why Winston Churchill talked of lies, damn lies and statistics, meaning statistics can be made master of lies.” said the former president Obasanjo.