Nigeria - plan to remortgage the nation?

There are so many intelligent Nigerian economists, development practitioners, policy makers etc that the Nigerian government could tap from their expertise. This does not seem to be the case.

I just read that President Muhammadu Buhari wants to take out a $30bn (£25bn) loan so the money can be used for investment, especially in infrastructure.

Well, he got a telling off from the former Nigerian President, Olusegun Obasanjo who stated the following:

‘We are being told the projects will pay themselves when we know damn well they will not. If we borrow some $30bn in less than three years, we would have mortgaged the future of Nigeria for well over 30 years to come’.

‘No administration can nor should be comfortable with the excruciating pain of debilitating and crushing economy. Businesses are closing, jobs are being lost and people are suffering’.

‘I know that President Buhari has always expressed concern for the plight of the common people but that concern must be translated to workable and result-oriented socio-economic policy and programme that will turn the economy round at the shortest time possible’.

‘We cannot continue to do the same thing and expect things to change."

I hope President Muhammadu Buhari thinks long and hard before any decision is made.

Source: bbc.co.uk