• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
AFRIPOL

AFRIPOL

en English
ar Arabiczh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianpt Portugueseru Russianes Spanish
  • Home
  • About Us
  • Mission Statement
  • Articles
  • Book Review
  • Archive
  • Contact Us

Chief Obasanjo reacts on state of the economy and $30billion loan

November 24, 2016 by Admin Leave a Comment

Chief Obasanjo

The former Nigerian President, Chief Olusegun Obsanjo spoke at the first annual lecture of Akintola Williams Foundation in Lagos and reacted on the state of the economy . He “said it was uncharitable for the present administration to be blaming past governments that had served since 1999, noting that only a comprehensive framework would save the country. Obasanjo, who spoke on the theme: Nigeria, Yesterday, Today and Tomorrow: Governance and Accountability, observed that Nigeria had the right people, who could be brought together to help device the right economic policy that would get the country out of the current economic woes.”

Chief Obasanjo words:
“Again, now we are being told the projects will pay themselves when we know damn well they will not. If we borrow some thirty billion dollars in less than three years, we would have mortgaged the future of Nigeria for well over thirty years to come. There may also be the problem of absorptive capacity which will surely lead to waste. A careful scrutiny of the projects with prioritisation and avoidance of waste and taking into account avoiding bunching of debt service in future especially when no one can accurately forecast the global and national economy will indicate less than thirty per cent of the foreign loan being requested as prudent. We must not be unmindful of internal borrowing either. It impacts somewhat differently on the economy but it must not be allowed to crowd out the ability of the private sector to borrow to grow the real economy which is to lead us out of the recession.If we do not fix the economy to relieve the pain and anguish of many Nigerians, the gain in fighting insurgency and corruption will pale into insignificance.

He continues:
“No administration can nor should be comfortable with the excruciating pain of debilitating and crushing economy. Businesses are closing, jobs are being lost and people are suffering. I know that President Buhari has always expressed concern for the plight of the common people but that concern must be translated to workable and result-oriented socio-economic policy and programme that will turn the economy round at the shortest time possible. We cannot continue to do the same thing and expect things to change. That will be a miracle which normally doesn’t happen in normal national economies. We have people inside and outside who can be brought together to help device the right economic policy and programme to get us out of the pit before we fall over the precipice into a dark cave

Chief Obasanjo further emphasis:
“The blanket adverse comments or castigation of all democratic administratios from 1999 by the present administration is uncharitable, fussy and uninstructive. Politics apart, I strongly believe that there is a distinction between the three previous administrations that it would be unfair to lump them all together. I understand President Buhari’s frustration on the state of the economy inherited by him. It was the same reason and situation that brought about the cry for change, otherwise, there would be no need for change if it was all nice and rosy

Obasanjo concluded by emphasizing on having a credible economic policy:

“Now that we have had change because the actors and the situation needed to be changed, let us move forward to have progress through a comprehensive economic policy and programme that is intellectually, strategically and philosophically based. I am sure that such a comprehensive policy and programme will not support borrowing US$30 billion in less than three years. It will give us the short-, medium- and long-term picture.”
credit: Charles Kumolu of Vanguard

Filed Under: Strategic Research & Analysis

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

More to See

(video) Sentencing of Ike Ekweremadu, wife for organ harvesting

May 6, 2023 By AFRIPOL

Ike Ekweremadu: Organ-trafficking Nigerian politician and wife send to Prison

May 5, 2023 By AFRIPOL

RSS AllAfrica News: Latest

  • Namibia: Unemployment, Substance Abuse Leading Cause of Suicide in Namibia
    [VOA] Windhoek -- Namibia ranks fourth in the rate of suicide on the African continent, the country's deputy minister of health and social services, Esther Muinjangue, said at a recent regional forum attended by participants from New Zealand, India, Ghana, Nigeria and other countries.
  • Zimbabwe: MPs Dispute Govt Claims That Essential Medicines are In Public Hospitals
    [New Zimbabwe] Vice President Constantino Chiwenga, who is also Health minister, last week told Parliament that all public health institutions have essential medicines.
  • Malawi: Rights Groups Urge Malawi to Stop Forced Refugee Relocations
    [VOA] Blantyre -- An international rights group is asking the Malawi government to stop the forced relocation of 8,000 refugees living outside a congested camp.
  • Central African Republic: Critical Humanitarian Situation in the Country
    [UN News] The humanitarian situation in the Central African Republic (CAR) remains critical, with more than half the population, 3.4 million people, requiring assistance and protection, the top UN aid official in the country said on Monday.
  • Liberia: EU Injects U.S.$88 Million in Liberia Economy
    [New Dawn] -To kick start new phase of GoL-European Union partnership
  • Central Africa: Central Africa Faces 'Turning Point' Amid Multiple Crises, UN Security Council Told
    [UN News] Despite critical gains by Central African nations in advancing stability and cooperation, the region faces multiple crises, and the coming months mark "an important turning point", the top UN official there told the Security Council on Monday.

Tags

Achebe Africa Anambra Boko Haram Buhari CBN Corona Virus Egypt Igbo IMF Inflation Jonathan Kenya Nigeria Okonjo Iweala Peter Obi Sanusi Senate Soludo South Africa Soyinka United States
  • Facebook
  • Instagram
  • Twitter
  • YouTube

Archives

Footer

Africa Political and Economic Strategic Center, AFRIPOL is foremost a public policy center whose fundamental objective is to broaden the parameters of public policy debates in Africa. To advocate, promote and encourage free enterprise, democracy, sustainable green environment, human rights, conflict resolutions, transparency and probity in Africa.

Recent

  • Nigerian immigrant Yemi Mobolade breaks GOP stronghold and wins mayoral election in Colorado (video)
  • Why these African Americans cried upon their first visit to Africa (Ghana)
  • Tina Turner: “Africans are very lazy people” (1976)
  • I will never call Tinubu my president.- Pastor Tunde Bakare
  • LIVE! PETER OBI CHATS WITH NIGERIANS

Search

Tags

Achebe Africa Anambra Boko Haram Buhari CBN Corona Virus Egypt Igbo IMF Inflation Jonathan Kenya Nigeria Okonjo Iweala Peter Obi Sanusi Senate Soludo South Africa Soyinka United States

Copyright © 2023 · AFRIPOL