'Our entire generation will pay' — Obasanjo fumes over Nigeria's increasing debt

Former President Olusegun Obasanjo has warned that Nigeria's expanding indebtedness load volition beryllium paid by the contiguous generation, their children and their grandchildren if urgent steps are not taken to code it.

Obasanjo stated this connected Monday portion speaking astatine the 7.0 Presidential Youth Mentorship Retreat, themed 'African Youth Renaissance', held astatine the Youth Development Centre, Olusegun Obasanjo Presidential Library, Abeokuta, Ogun State.

He said Nigeria's indebtedness had accrued from $36 billion, which helium described arsenic a large interest during his administration, to $147 billion.

Obasanjo said the magnitude required to work the indebtedness had besides accrued significantly, informing that the concern could permission the state with less resources for improvement and unit it to devour its superior to conscionable fiscal obligations.

He recalled that during his administration, the state was spending astir $3.6bn annually connected indebtedness servicing, yet the indebtedness load was not reducing.

According to him, with the existent indebtedness illustration of $147 billion, Nigeria could beryllium spending arsenic overmuch arsenic $15 cardinal connected indebtedness servicing, describing the improvement arsenic a superior menace to the country's economical future.

Obasanjo besides questioned the utilisation of funds borrowed by successive administrations, asking Nigerians to request accountability implicit the projects and investments financed with the loans.

"What person we spent ...