{"id":11431,"date":"2019-12-29T01:10:31","date_gmt":"2019-12-29T01:10:31","guid":{"rendered":"http:\/\/nigeriastandardnewspaper.com\/ng\/?p=6069"},"modified":"2019-12-29T01:10:31","modified_gmt":"2019-12-29T01:10:31","slug":"revealing-nigeria-economy-under-the-present-government-is-heading-to-bankruptcy-olusegun-obasanjo-former-nigerian-president-nigerias-external-debt-grew-by-700-percent-to-n24-947-tri","status":"publish","type":"post","link":"https:\/\/nigeriastandardnewspaper.com\/a\/revealing-nigeria-economy-under-the-present-government-is-heading-to-bankruptcy-olusegun-obasanjo-former-nigerian-president-nigerias-external-debt-grew-by-700-percent-to-n24-947-tri\/","title":{"rendered":"REVEALING! ‘NIGERIA Economy under the present government is heading to Bankruptcy’-OLUSEGUN Obasanjo, former Nigerian president …Nigeria\u2019s external debt grew by 700 percent to N24.947 trillion ($81.2.74 billion) from $10.32 billion in just four years (2015) * No entity can survive while devoting 50 percent of its revenue to debt servicing * ‘I 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’ * ‘I am calling for national dialogue or debate on Nigeria\u2019s short, medium and long-term plans as a nation’ BY ZAKARI ALFA\/CHIEF BUSINESS REPORTER, LAGOS"},"content":{"rendered":"\n
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REVEALING!<\/strong><\/p>\n\n\n\n

‘NIGERIA Economy under\nthe present government is heading to Bankruptcy’-OLUSEGUN\nObasanjo, former Nigerian president<\/strong><\/p>\n\n\n\n

…Nigeria\u2019s\nexternal debt grew by 700 percent to N24.947 trillion ($81.2.74\nbillion) from $10.32 billion in just four years (2015)<\/strong><\/p>\n\n\n\n

* No entity\ncan survive while devoting 50 percent of its revenue to debt\nservicing<\/strong><\/p>\n\n\n\n

* ‘I\ndo not need the brain of any genius to conclude that those who use\nstatistics to dig us deeper into debt are our enemies: statistics can\nbe used to serve any purpose, and that is why Winston Churchill\ntalked of lies, damn lies and statistics, meaning statistics can be\nmade master of lies’<\/strong><\/p>\n\n\n\n

* ‘I am calling for \nnational\ndialogue or debate on Nigeria\u2019s short, medium and long-term plans\nas a nation’<\/strong><\/p>\n\n\n\n

BY ZAKARI ALFA\/CHIEF BUSISNESS REPORTER, LAGOS<\/strong><\/p>\n\n\n\n

ALWAYS READY TO SAY IT AS IT IS, NIGERIA’S FORMER PRESIDENT,\nOLUSEGUN OBASANJO has laid the woes of Nigeria’s economy at the feet\nof President Muhammadu Buhari for lack of understanding in managing\nthe resources of the nation, as he is certain the economy of Nigeria\nis inching towards bankruptcy. He argued that Nigeria\u2019s\nexternal debt grew by 700 percent to N24.947 trillion ($81.2.74\nbillion) from $10.32 billion in just four years (2015). <\/strong>\n<\/p>\n\n\n\n

Raising the alarm, Obasanjo <\/strong>a\nkeynote speaker at the \u201cWhy I am Alive\u201d campaign celebration in\nLagos few days ago expressed deep concern about Nigeria\u2019s current\ndebt profile, and warned the Federal Government against \u201cimpending\nbankruptcy.\u201d<\/p>\n\n\n\n

Obasanjo assured that based on the present economy status, <\/strong>\nNigeria would have to commit half of its foreign earnings to\nservicing its current level of indebtedness, \u201cSuch\na situation talks about impending bankruptcy. No entity can survive\nwhile devoting 50 percent of its revenue to debt servicing,\u201d the\nformer president warned.<\/p>\n\n\n\n

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

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


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

\nObasanjo,\nwho was twice head of the Nigerian government in both military and\ncivilian capacity between 1976 and 2007, was a special guest of the\n\u201cWhy I am Alive\u201d campaign celebration tagged \u201cThe Nigerian\nStory\u201d created by media personality and chief executive of Eureka\nProductions, Caroline Moore in Lagos.<\/p>\n\n\n\n

\nHe\nhas been very critical of governments since he left office after\ncompleting two terms of four years each as a civilian president in\n2007.<\/p>\n\n\n\n

\nPastor\nItua Ighodalo, who moderated the session, said the campaign was\n\u201cdesigned to empower young Nigerians for the future by tapping into\nthe key lessons from success stories of eminent personalities that\nhave contributed to the social, economic and political growth of\nNigeria.\u201d<\/p>\n\n\n\n

\n (The\nGuardian)<\/p>\n","protected":false},"excerpt":{"rendered":"

REVEALING! ‘NIGERIA Economy under the present government is heading to Bankruptcy’-OLUSEGUN Obasanjo, former Nigerian president …Nigeria\u2019s external debt grew by 700 percent to N24.947 trillion ($81.2.74 billion) from $10.32 billion in just four years (2015) * No entity can survive while devoting 50 percent of its revenue to debt servicing * ‘I do not need […]<\/p>\n","protected":false},"author":2,"featured_media":6070,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102],"tags":[],"class_list":["post-11431","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nigeria"],"_links":{"self":[{"href":"https:\/\/nigeriastandardnewspaper.com\/a\/wp-json\/wp\/v2\/posts\/11431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nigeriastandardnewspaper.com\/a\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nigeriastandardnewspaper.com\/a\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nigeriastandardnewspaper.com\/a\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/nigeriastandardnewspaper.com\/a\/wp-json\/wp\/v2\/comments?post=11431"}],"version-history":[{"count":0,"href":"https:\/\/nigeriastandardnewspaper.com\/a\/wp-json\/wp\/v2\/posts\/11431\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nigeriastandardnewspaper.com\/a\/wp-json\/wp\/v2\/media\/6070"}],"wp:attachment":[{"href":"https:\/\/nigeriastandardnewspaper.com\/a\/wp-json\/wp\/v2\/media?parent=11431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nigeriastandardnewspaper.com\/a\/wp-json\/wp\/v2\/categories?post=11431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nigeriastandardnewspaper.com\/a\/wp-json\/wp\/v2\/tags?post=11431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}