Former President Olusegun Obasanjo has said Nigeria risks impending bankruptcy over the continuous accumulation of debt by the government. Obasanjo said things might get worse economically as Nigeria, as well as other African countries, kept piling up debts, saying he was worried for the future generations who would have to pay such loans.
The ex-President said this on Friday in Lagos as a keynote speaker at the “Why I am Alive” campaign. The initiative, tagged ‘The Nigerian Story,’ had the founder of Trinity House, Pastor Ituah Ighodalo, as chairman of the Board of Advisors.
Presenting his speech, titled ‘Nigeria: The challenges of debt and sustenance of democracy,’ a copy of which was made available to our correspondent, Obasanjo said as at 2015, Nigeria’s total external debt was about $10.32bn.