Chairman of the Senate Committee on Finance, Senator Solomon Olamilekan Adeola says former President Olusegun Obasanjo should be blamed for the huge debt burden faced by the country.
The Lagos-born lawmaker did not spare former Presidents Goodluck Jonathan and his predecessor Umaru Musa.Yar’Adua for Ngeria’s total debt profile roughly estimated at N33 trillion naira.
He spoke during consideration of the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper.
He explained that the majority of the loans being repaid presently by the President Muhammadu Buhari administration were ones accumulated from the times of the military to those of the PDP administration under Ex-Presidents Olusegun Obasanjo, Umaru Musa Yar’Adua and Goodluck Jonathan, between 1999 and 2015.
Adeola who spoke while responding to an inquiry by Senate President Ahmad Lawan said, “The borrowing you are saying is accumulated borrowing. It is not a borrowing of this administration alone, it is a borrowing that stems from the days of the military to the days when the Democratic dispensation started.
“It is an accumulated loan, it is not a loan that says that it is the current administration of President Buhari that has borrowed.
“It is a loan that has been borrowed by the previous administration – the Obasanjo, the Jonathan, the Yar’Adua of this world.
“And since the business of government is a continuum, the President of the day has no choice but to continue to pay back all these loans that have been borrowed by the previous administrations.
“More than three-quarter of these loans you’re seeing were borrowed from the previous administrations, and we are paying back – we are doing what is supposed to be done, the way it is supposed to be done.
“So, when my colleague said that for every sixty-seven naira of any loan that was borrowed, we are using to pay, he should know that more than sixty naira of it are loans borrowed by previous administration. And that is where we are.”