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Former President Olusegun Obasanjo has criticized the spending habits of ex-President Muhammadu Buhari, stating that he was a reckless spender of Nigeria’s commonwealth.
During his tenure, Buhari allegedly plunged the country into grinding poverty and left behind a prostrate economy.
Obasanjo, who ruled the country from 1999 to 2007, also highlighted Buhari’s lack of understanding of economics.
The former president expressed his concerns about the reckless borrowings and spending under Buhari’s administration, which resulted in Nigeria accumulating a staggering debt of N46 trillion.
This debt burden has left the country grappling with the challenge of servicing these debts.
“Buhari was spending money recklessly. I know Buhari didn’t understand economics. I put that in my book. But that he could also be so reckless, I didn’t know.”
Furthermore, Obasanjo criticized incumbent President Bola Tinubu for his extensive travels, stating that such trips would not solve any problems.
Tinubu’s decision to trim down the number of government officials attending the United Nations General Assembly was dismissed by Obasanjo as insignificant.
He emphasized that meeting with world leaders like Justin Trudeau and Emmanuel Macron would not address Nigeria’s pressing issues.
This criticism is not isolated, as former Central Bank of Nigeria’s governor Sanusi Lamido also expressed concerns about Buhari’s insatiable thirst for debt.
He accused the previous administration of condoning corruption and allowing individuals with no work experience to acquire private jets.
Lamido also highlighted Nigeria’s false economic growth in recent years, with the government borrowing excessively to service debts, resulting in a debt service that exceeded 100% of the country’s revenue.
The debt crisis in Nigeria has become a pressing concern, and it is clear that reckless spending and borrowing have contributed to this dire situation.
As Nigeria moves forward, it is crucial for its leaders to prioritize responsible financial management and work towards sustainable economic growth.
This article was updated 4 weeks ago