{"id":71091,"date":"2019-12-27T20:53:37","date_gmt":"2019-12-27T19:53:37","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=71091"},"modified":"2019-12-27T20:53:37","modified_gmt":"2019-12-27T19:53:37","slug":"nigeria-is-going-bankrupt-says-obasanjo","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/nigeria-is-going-bankrupt-says-obasanjo\/","title":{"rendered":"Nigeria Is Going Bankrupt, Says Obasanjo"},"content":{"rendered":"
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President Olusegun Obasanjo on Friday in Lagos expressed deep concern about Nigeria\u2019s current debt profile and warned the Federal Government against \u201cimpending bankruptcy.\u201d<\/p>\n

Obasanjo was a keynote speaker at the \u201cWhy I am Alive\u201d campaign celebration in Lagos on Friday.<\/p>\n

Nigeria\u2019s external debt, he said, grew by as much as 700 percent to N24.947 trillion ($81.2.74 billion), from $10.32 billion in just four years (2015), meaning that the country would have to commit half of its foreign earnings to servicing its current level of indebtedness.<\/p>\n

\u201cSuch a situation talks about impending bankruptcy,\u201d the former president warned. He insisted that \u201cno entity can survive while devoting 50 percent of its revenue to debt servicing.\u201d<\/p>\n

He explained that the current budget out of which Nigeria spends 25 percent to service debt \u201cis not the country\u2019s total earning; a lot of it is also borrowing. Simply put, we are borrowing to service what we have borrowed and yet we are borrowing more.<\/p>\n

\u201cI do not need the brain of any genius to conclude that those who use statistics to dig us deeper into debt are our enemies: statistics can be used to serve any purpose, and that is why Winston Churchill talked of lies, damn lies and statistics, meaning statistics can be made master of lies.\u201d<\/p>\n

Calling for national dialogue or debate on Nigeria\u2019s short, medium and long-term plans as a nation, Obasanjo said his biggest worry was that, with the scale of debts the country was walking into, \u201cthere are already fiscal challenges to meet(ing) our obligations.\u201d<\/p>\n

Obasanjo, who was twice head of the Nigerian government in both military and civilian capacity between 1976 and 2007, was a special guest of the \u201cWhy I am Alive\u201d campaign celebration tagged \u201cThe Nigerian Story\u201d created by media personality and chief executive of Eureka Productions, Caroline Moore in Lagos on Friday.<\/p>\n

He has been very critical of governments since he left office after completing two terms of four years each as a civilian president in 2007.<\/p>\n

Pastor Itua Ighodalo, who moderated the Friday session, said the campaign was \u201cdesigned to empower young Nigerians for the future by tapping into the key lessons from success stories of eminent personalities that have contributed to the social, economic and political growth of Nigeria.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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President Olusegun Obasanjo on Friday in Lagos expressed deep concern about Nigeria\u2019s current debt profile and warned the Federal Government against \u201cimpending bankruptcy.\u201d Obasanjo was a keynote speaker at the…<\/p>\n","protected":false},"author":1,"featured_media":52815,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-71091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\nNigeria Is Going Bankrupt, Says Obasanjo - 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\/nigeria-is-going-bankrupt-says-obasanjo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria Is Going Bankrupt, Says Obasanjo - 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