President Olusegun Obasanjo on Friday in Lagos expressed deep concern about Nigeria’s current debt profile and warned the Federal Government against “impending bankruptcy.”Obasanjo was a keynote speaker at the “Why I am Alive” campaign celebration in Lagos on Friday. “Such a situation talks about impending bankruptcy,” the former president warned. He insisted that “no entity can survive while devoting 50 percent of its revenue to debt servicing.”He explained that the current budget out of which Nigeria spends 25 percent to service debt “is not the country’s total earning; a lot of it is also borrowing. Simply put, we are borrowing to service what we have borrowed and yet we are borrowing more. He has been very critical of governments since he left office after completing two terms of four years each as a civilian president in 2007.

Source: The Guardian December 27, 2019 17:26 UTC