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Obasanjo: Borrowing For Recurrent Expenditure Is Foolish

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Obasanjo: Borrowing For Recurrent Expenditure Is Foolish
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Obasanjo: Borrowing For Recurrent Expenditure Is Foolish

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’.

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.

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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“So, if we are borrowing for recurrent expenditure, it is the height of foolery. If we are borrowing for development that can pay itself, that is understandable; then how long will it pay itself? But we are borrowing and accumulating debt for the next generation and the next generation after them, it is criminal, to put it mildly. What are we borrowing for?

“When I came into government and was elected President, we were spending $3.5bn to service debt, and even with that, our quantum of debt was not going down.”

The administration of the President, Major General Muhammadu Buhari (retd.), has borrowed a total of N21tn within six years.

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Obasanjo: Borrowing For Recurrent Expenditure Is Foolish

Data from the Debt Management Office showed that at the end of March 2021, Nigeria’s public debt hit a total of N33.12tn, which means in the last six years under the President, the country’s debt rose by N21tn.

As of the end of June 2015, one month after the present regime came into power, the country’s debt profile stood at N12.12tn.

It also means that the country’s debt profile has risen by 173.27 per cent within the six-year period.

Nigeria’s total public debt stock includes the debt stock of the Federal Government, the 36 states and the Federal Capital Territory.

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However, most of the debts were contracted by the Federal Government.

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Obituary: Dr. Chike Akunyili’s Burial Poster (Photos)

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Obituary: Dr. Chike Akunyili's Burial Poster (Photos)
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Obituary: Dr. Chike Akunyili’s Burial Poster (Photos)

The burial Poster for the burial of Dr. Chike Akunyili has been released by his family.

He will be buried in his country home, Agulu in Anambra State, on Thursday 25th November, 2021.

Dr Chike Akunyili, husband of former NAFDAC boss, Late Professor Dora Akunyili, was killed by unknown gunmen in Nkpor, Anambra state on Tuesday, 28th September, 2021.

Obituary: Dr. Chike Akunyili's Burial Poster (Photos)

Obituary: Dr. Chike Akunyili's Burial Poster (Photos)

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Obiano Signs Anambra Anti-open Grazing Bill Into Law (photo)

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Obiano Signs Anambra Anti-open Grazing Bill Into Law
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Obiano Signs Anambra Anti-open Grazing Bill Into Law

Anambra State Governor, Chief Willie Obiano has assented to and signed the bill to prohibit and abolish open and nomadic Cattle and other livestock grazing and rearing in Anambra State, establish Cattle and other livestock Ranches in the state and to provide for related matters.

The signing ceremony was performed today, Friday, 22nd October, 2021 at the Governor’s Lodge, Amawbia.

Obiano Signs Anambra Anti-open Grazing Bill Into Law

Performing the function, Governor Obiano who appreciated the state house of Assembly for expeditious passage, said that the establishment of the law will hopefully enable entrenchment of peace, though they have been managing crisis for a very long time which were only short term measures, stressing that the law enforcement agents have been directed to implement it.

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Present at the brief ceremony were the Attorney General and Commissioner for Justice, Barrister Uju Nworgu, Secretary to the State Government, Professor Solo Chukwulobelu, Commissioner for Police, Mr. Echeng Echeng, Commissioner for Agriculture, Chief Nnamdi Onkwuba, Chairman of South East Council of Traditional Rulers, Igwe Nnaemeka Achebe, Traditional Ruler of Okpuno, Igwe Sunday Okafor, Traditional Ruler of Mbaukwu, Igwe Peter Anugwu, Member representing Awka North at the State House of Assembly, House Committee Chairman on Agriculture, Chief John Nwokoye, Members of the Hausa Community in the state, among others.

Obiano Signs Anambra Anti-open Grazing Bill Into Law

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EndSARS: Lekki residents donate office block to police station

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EndSARS: Lekki residents donate office block to police station
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EndSARS: Lekki residents donate office block to police station

The Lekki Estates Residents and Stakeholders Association (LERSA) has donated an office block to Ajiwe Police Station, Ajah, Lagos, to support policing of the area.

LERSA President, Chief James Emadoye, while inspecting the building on Wednesday preparatory to its inauguration and handing over to the Nigeria Police Force, said the project was 95 per cent completed.

The News Agency of Nigeria (NAN) reports that many police stations and business premises and property were destroyed during the EndSARS protests exactly a year ago.

According to Emadoye, the building, which awaits painting and completion of the restrooms, will be delivered to the Inspector General of Police through the Lagos State Commissioner of Police.

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He said the association had intervened in several ways to bring succour to security operatives including the donation of canopies, generator, chairs and various humanitarian materials after the #EndSARS destruction.

EndSARS: Lekki residents donate office block to police station

“Members of the association recall the wanton destruction that followed the unfortunate incidence of the protests last year.

“The association almost completed the development of a block of office to accommodate the police, while waiting for government’s full construction of the police station, which was totally destroyed last year.

“The Exco of LERSA approved and released the sum of N8.5 million for the project, which was donated financially and materially by the members.

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“You will recall also that the association has, between Oct. 20, 2020 and today, donated two vehicles to the Nigerian

Police to assist them in the discharge of their duties.

“As at today, we would like to thank God that this project is 95 per cent completed,” he said.

Emadoye noted that the association was committed to continually intervene in all manners, as a responsible organisation with programmes that would affect the lives of citizens in Lekki area.

He commended Gov. Babajide Sanwo-Olu-led government over the maintenance of the roads and for the progress made in the construction of the Lekki Regional Road.

“We trust that the government would fulfill its promises by starting the coastal road before the end of its term in office.

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“On this anniversary of the EndSARS campaign, we at LERSA pray for a better Lagos devoid of destruction.

“A Lagos of peace and tranquility and a true mega city, which will be home to all and a greater Lekki Peninsula, which shall be the destination for living, tourism and businesses in Nigeria.”

CSP Tajudeen Mustapha, Divisional Police Officer on hand at the project inspection, commended the association’s assistance to the Nigeria Police Force.

He noted that the building would be used and continuously maintained to the very high standard that the association had provided.

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