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“Stop Accumulating Debt For Next Generation to Come, It Is foolishness to keep borrowing” – Obasanjo Begs Buhari Govt

Former President, Olusegun Obasanjo has fired the Muhammadu Buhari administration over its continuous borrowing to fund recurrent expenditure.

Obasanjo, in a recent interview with Channels TV, said that it was ‘foolishness’ to keep borrowing and creating debt for the future generation.

“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.”

“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 Buhari administration has borrowed a total of N21tn within six years.

According to the Debt Management Office, a 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. The country’s debt profile has risen by 173.27 per cent within the six-year period.

FIRSTBANK SPONSORS THE 5TH EDITION OF THE CHIEF OLUSEGUN OBASANJO GOLF TOURNAMENT

First Bank of Nigeria Limited has announced its sponsorship of the 5th edition of the Chief Olusegun Obasanjo golf tournament, organized by the Abeokuta golf club. The competition, which is scheduled to hold on Saturday, 14th August 2021 will have Chief Obasanjo perform the ceremonial Tee-off to the glamour of the 150 golfers participating from across Nigeria.

Speaking on the competition, Kola Adeneye, the Captain of the Abeokuta golf club, said; “Abeokuta golf club is putting up this tournament, fully sponsored by First Bank of Nigeria Limited to celebrate Chief Olusegun Obasanjo, whom we all know to be an icon, a patriotic Nigerian and an entrepreneur. He is worthy to be celebrated and it’s not only when somebody dies that you celebrate him.

“So, Abeokuta golf club has put this tournament together to celebrate him and this is the fifth edition and we want to sincerely thank FirstBank for the support… It’s going to be a wonderful experience, a nice outing for golfers all over Nigeria to come and celebrate Baba Olusegun Obasanjo”, the captain emphasised.

Highlighting the Bank’s contribution to sports development in Nigeria, Mr. Tunde Owolabi, FirstBank’s Group Executive, Retail Banking (Lagos & West) said “we are delighted to join The Abeokuta Golf Club to honour Chief Olusegun Obasanjo for the indelible roles he has played to the socio-economic and political development of the country. The Bank’s influence in the development of sports in Nigeria is under its First@Sport initiative.

“In over a century, FirstBank has sponsored various sporting events known as its legacy sport. These events include the Georgian Cup of Kaduna Polo Club, for over 100 years; the Dala Tennis Hard Court in Kano Club for over 30 years; the FirstBank Lagos Amateur Open Golf Championship in Ikoyi Club which will be in its 60th year this November and the Obasanjo Pro-Amateur tournament of Abeokuta Club now in its 5th year”, he concluded.

‘Baba Is A Problem Solver Who Loves Nigeria With Passion’ – FFK Reacts To Obasanjo’s Trip To Benin Republic For Sunday Igboho

The former Aviation minister, Femi Fani Kayode has reacted after ex-President Olusegun Obasanjo travelled to Benin Republic to visit his longtime friend “Nicephore Soglo” who was the ex-President of Benin Republic. The elder statesman, Obasanjo travelled to console him for the loss of his wife. However, it was also made known that he visited the incumbent President, Patrice Talon to ask that they grant Sunday Igboho asylum.

Sunday Adeyemo a.k.a Sunday Igboho has been in the custody of the Beninise government after he tried escaping to Germany with his wife. Some Yoruba monarchs have also visited Benin republic to plead for his release so that Igboho won’t be handed over to the Buhari-led government. Obasanjo has also taken this bold step just like other monarchs and Yoruba leaders are doing now.

In reaction to this, Femi Fani Kayode has made it known that Obasanjo is a problem solver and a great statesman who loves Nigeria with passion. He prayed that God will lead and protect him always.

JCI Gives me Hope For a Greater Continent of Africa’ – Obasanjo

JCI Advisor for Africa and Middle East, JCI Senator Jide Adeyemi; Chairperson, Conference Organising Committee, JCIN Amb. Oluwatoyin Atanda; Former President, Federal Republic of Nigeria, Chief Olusegun Obasanjo; National President, JCI Nigeria, JCIN Amb. Abiola Olorunnisola and Chairman, Africa and Middle East Development Council, JCI Senator Rasheed Adeniyi at the Africa and The Middle East National Presidents meeting held on Saturday.

Former President of Nigeria, Olusegun Obasanjo has expressed delight, saying Junior Chamber International has reinstated his hope for a greater continent of Africa.

Obasanjo made this known at the Africa and The Middle East National Presidents virtual meeting held on Saturday.

The former President pointed that with the quality of young people in the organisation, he is more hopeful about the development of the continent of Africa through their impacting programs.

He however, urged the participants at the meeting to embrace change, saying it is the only thing that is permanent in the life of human beings and institutions, adding that nobody should be afraid of change.

According to Obasanjo, education and understanding the world we live in are major ways to foster positive changes around the world as people need to realize for that change is imminent.

“You must prepare yourself educationally for the world that is changing. Your education must be far and wide enough to prepare you for the changing world. I am not talking about classroom education alone, I am talking about education you get in all facets of life”, he pointed.

He added that people don’t appreciate the community they live in, let alone the nation and region they live.

“We must mentally and psychologically prepare for the world we live in. When we talk about change, some change will be gradual; some will come like Tsunami or storm. Whether it is political, technology, social or other sort of changes, we must be very prepared for it”, he said.

Obasanjo commended the determination of JCI’s members in their effort to make the world a better place to live, urging them not to forget their coming together which is stronger than their individual capacity.

The former president also called the presidents at the meeting to further identify problems at their different nations and find ways to solve them.

“African and Middle East are faced with the problem of insecurity; your responsibility as youths and members of JCI is to ensure peace in those regions of the world. There are a lot that we can do to bring out some of these solutions in your regions”

On the issue of the pandemic, he said there must be ways to do something in every corner of the world, Tough time does not last forever, tough people overcome tough time”, he urged.

“From my experience with JCI over the years, I believe that the members all around the world have a lot to offer to everybody in all over the world.” he said.

In his words, the National President of JCI Nigeria, Abiola Olorunnisola appreciated the former president for his fatherly wisdom and the advice he has offered to the national presidents of the organisations in different countries of Africa and the Middle East.

Olorunnisola promised that all the advice given by the former president will be adhered to and will help the organisation in making future plans in driving development changes in both Africa and the Middle East.