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Buhari rejects Obasanjo’s counsel on $30b loan

03 December 2016, 15:06

Abuja - President Muhammadu Buhari has turned down the advice of Former President Olusegun Obasanjo against borrowing a fresh $30b loan.

The government according to Nation is pushing ahead with plans to secure the loan in spite of scathing criticisms from Obasanjo.

Buhari has directed the Minister of Finance, Kemi Adeosun, to engage the ex-President on the facts-behind-the-figures in respect of the loans.

Buhari according to Nation has also directed Adeosun to make all the details available to the ex-President to prove that the loans would not amount to fresh “debt traps

The Finance Minister, who is said to be a goddaughter” of the ex-President, may also get a feedback from Obasanjo to the government.

Obasanjo, Tribune reports , not only opposed the loan bid, but also threatened to draw a battle line with the government should it go ahead to obtain the loan which he said could have far-reaching negative effects on the nation.

Obasanjo faulted Buhari’s external borrowing plan saying “If we borrow some $30bn, in less than three years, we would have mortgaged the future of Nigeria for well over thirty years to come.”

- News 24

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