{"id":107552,"date":"2023-09-05T17:06:02","date_gmt":"2023-09-05T16:06:02","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=107552"},"modified":"2023-09-05T17:06:02","modified_gmt":"2023-09-05T16:06:02","slug":"obasanjo-berates-buhari-for-reckless-spending-ruined-economy-says-tinubu-just-junketing-around","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/obasanjo-berates-buhari-for-reckless-spending-ruined-economy-says-tinubu-just-junketing-around\/","title":{"rendered":"Obasanjo berates Buhari for reckless spending, ruined economy; says Tinubu just junketing around"},"content":{"rendered":"<div dir=\"auto\">Ex-President Muhammadu Buhari was a reckless spender of Nigeria\u2019s commonwealth, plunging the country and its people into grinding poverty with a prostrate economy to grapple with, says Olusegun Obasanjo.<\/p>\n<p>Mr Obasanjo ruled the country between 1999 and 2007, while Mr Buhari took over the reins of power in 2015 and handed over power to incumbent President Bola Tinubu.<\/p>\n<p>Mr Obasanjo berated Mr Buhari for his reckless borrowings and spending, leaving Nigeria in an ocean of debt.<\/p>\n<p>\u201cBuhari was spending money recklessly. I know Buhari didn\u2019t understand economics. I put that in my book. But that he could also be so reckless, I didn\u2019t know,\u201d Mr Obasanjo said when asked to share his experience on how Nigeria could solve its debt crisis in an interview with The Cable published on Tuesday.<\/p>\n<p>Mr Obasanjo also asserted that Mr Tinubu\u2019s junketing around the world would not \u201csolve any problem.\u201d<\/p>\n<p>His criticisms came a few days after Mr Tinubu, at the Nigerian Bar Association conference, condemned debt accumulation by his predecessor, calling it a \u201cpath to destruction.\u201d<\/p>\n<p>Nigeria\u2019s debt profile in eight years under Mr Buhari hit N46 trillion, though claiming they were loans obtained for infrastructural development.<\/p>\n<p>Mr Obasanjo further said Mr Tinubu travelling to meet world leaders would not solve any problem, dismissing Mr Tinubu\u2019s decision to trim down the number of government officials attending the United Nations General Assembly to save cost as nothing new.<\/p>\n<p>\u201cTinubu says he has trimmed the number of people attending the United Nations General Assembly. Is that news? He will meet with Justin Trudeau, and he will meet with Emmanuel Macron. That will not solve any problem,\u201d Mr Obasanjo said.<\/p>\n<p>On Monday, former Central Bank of Nigeria\u2019s governor Sanusi\u00a0Lamido expressed similar misgivings about Mr Buhari\u2019s insatiable thirst for debt.<\/p>\n<p>The former Kano emir berated Mr Buhari for condoning corruption, alleging that an individual who had never worked bought a private jet.<\/p>\n<p>\u201cIn the last eight years, only sycophancy succeeded. The sycophants bought dollars at N400 and sold N540. An inexperienced boy who had never worked anywhere owns a private jet,\u201d Mr Sanusi said.<\/p>\n<p>\u201cThe last eight years, Nigeria led a false life. The government borrowed from within and without. About N30 trillion was borrowed from the central bank. All the revenue the country generated in the last few years couldn\u2019t service debt. Debt service exceeded 100 per cent. The government borrowed to service debts. No country can grow this way,\u201d Mr Sanusi explained.<\/p>\n<p>With borrowings of Mr Buhari\u2019s regime in eight years,\u00a0Nigeria\u2019s debt profile hit N46 trillion, according to the Debt Management Office.<\/p>\n<p>Last week, at the Nigerian Bar Association (NBA) conference, Mr Tinubu condemned debt accumulation by his predecessor as a path to destruction.<\/p>\n<p>\u201cCan we continue to service external debts with 90 per cent of our revenue? It is a path to destruction,\u201d Mr Tinubu declared.<\/p>\n<p>In June, Mr Tinubu ordered the CBN to float the naira, allowing banks to determine exchange rates to the dollar and other foreign currencies, ending years of dual exchange rates in the country.<\/p><\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Ex-President Muhammadu Buhari was a reckless spender of Nigeria\u2019s commonwealth, plunging the country and its people into grinding poverty with a prostrate economy to grapple with, says Olusegun Obasanjo. Mr&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":107553,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-107552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Obasanjo berates Buhari for reckless spending, ruined economy; says Tinubu just junketing around - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/obasanjo-berates-buhari-for-reckless-spending-ruined-economy-says-tinubu-just-junketing-around\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Obasanjo berates Buhari for reckless spending, ruined economy; says Tinubu just junketing around - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"Ex-President Muhammadu Buhari was a reckless spender of Nigeria\u2019s commonwealth, plunging the country and its people into grinding poverty with a prostrate economy to grapple with, says Olusegun Obasanjo. 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