Minister of Works and Housing, Mr. Babatunde Fashola, has called out the  former President Olusegun Obasanjo, for been responsible for Nigeria’s low infrastructural base, the ex-Nigerian leader should have invested in capital projects across the country.




The former Lagos State governor, who has been minister under the present administration since its inception in 2015, spoke during an interview on Channels Television.
In 2005/2006, the Paris Club wrote off $18 billion or 60 per cent of the $30 billion Nigeria owed the cartel, after months of negotiations, a development touted as one of the biggest achievements of the Obasanjo administration.

Fashola said that rather than deploy the funds prudently, the Obasanjo government decided to pay the country’s creditors to the detriment of the country, insisting that today, Nigeria has gone back to borrowing because the governments in the past ignored investment in infrastructure.


Readmore https://compassgist.com/obasanjo-shouldve-built-rails-roads-instead-of-12bn-debt-cancellation-fashola/

APC was actually elected to blame everyone, not to solve any problems.

he get as he be oo....

when you dont have to chop,you no carry your chop money pay debts....
but at the other hand,if you have too much debt,it will be very hard for you to get new credit....

this world na fvckedup terrible joke....

this fashola na foool. does he not know what a debt free countrys economy look like? do you know what benefits the being a debt free nation has on the entire outlook of a country?

When the spirit of zombie enter APC member, he starts to talk anyhow.

Administration of Blames!
APC and Blame games...

Okuda:
this fashola na foool. does he not know what a debt free countrys economy look like? do you know what benefits the being a debt free nation has on the entire outlook of a country?

he is right and wrong....america has debts over 20trillion dollars by now,but they have plenty infrastructure....

You are right, keep up the good work

Due to huge resources in Lagos State, everybody would have this notion that every Lagos State Governor is a performer. Ministerial appointment has opened this man's Yash. Fashola is just a below average Politician who was hyped as a Governor because of huge internally generated revenue at his disposal. Presently, there is no single motorable road in Satellite Towns in Lagos, but some praise singers will tell you Sanwo Olu is a Performer.

I agree totally with Fashola. We cannot develop without building massive infrastructure all over the country. The only thing we got from the Obasanjo’s loan repayment is the accumulation of more loans by subsequent governments.

If the money that was used to pay off the Paris loan was used to build the Railway lines that Buhari is now building all over the country, we would have been more developed than we are right now.

Okuda:
this fashola na foool. does he not know what a debt free countrys economy look like? do you know what benefits the being a debt free nation has on the entire outlook of a country?

There is no debt free country in the world. Even the U.S.A., England, Germany are not debt free countries.

Thats why you and your oga is borrowing up and down .

Okuda:
this fashola na foool. does he not know what a debt free countrys economy look like? do you know what benefits the being a debt free nation has on the entire outlook of a country?

Mention one major country in the world that is debt free?

After the Paris loan repayment, how did our economy fare? What did we benefit from the loan repayment?

Okay.

Okoroawusa:

There is no debt free country in the world. Even the U.S.A., England, Germany are not debt free countries.

You don’t have to justify Nigeria’s below performance by citing these nations.

Worth of a country is the value of debt and asset owned by the country.
Ideally, the debt of a country should be approximately equal to the asset of the country.

In a situation whereby a country has more debt than the asset, the country is nothing but a failed state.

The developed nations of the world, US, England and Germany mentioned are examples of nations having almost equal asset and debt

seunmsg:


Mention one major country in the world that is debt free?

After the Paris loan repayment, how did our economy fare? What did we benefit from the loan repayment?

You're correct tho

why are they accusing baba, it's now time for finger pointing

seunmsg:
I agree totally with Fashola. We cannot develop without building massive infrastructure all over the country. The only thing we got from the Obasanjo’s loan repayment is the accumulation of more loans by subsequent governments.

If the money that was used to pay off the Paris loan was used to build the Railway lines that Buhari is now building all over the country, we would have been more developed than we are right now.

Wow, so because of railway the price of petroleum would had been #45 rice#3000 minimum wage #100,000 by now, OBJ why didn't you built Railway naaaa

seunmsg:


Mention one major country in the world that is debt free?

After the Paris loan repayment, how did our economy fare? What did we benefit from the loan repayment?

There is no nation that is debt free except kuvukinla island.

The point here is that let every single penny borrowed be performing.

Like you have forgotten that when you borrow, there is going to be interest accruing on these loans over time.
Think of this, if Obasanjo hadn’t ridden off the loan in 2005, do you know how much interest it would have accrued now?
Against which country?
Definitely Nigeria.

So you think that is better for our economy?
Please when you wanna look at any step taken by any administration, don’t do with the spectacle of negativity alone.

Are you sure it’s the fashola I know that said this thing?

Are they still blaming past goverments?

Tell me, which of the two governments is better for Nigerians:Obasanjor or Buhari?

Amotolongbo:
There is no nation that is debt free except kuvukinla island.

The point here is that let every single penny borrowed be performing.

Like you have forgotten that when you borrow, there is going to be interest accruing on these loans over time.
Think of this, if Obasanjo hadn’t ridden off the loan in 2005, do you know how much interest it would have accrued now?
Against which country?
Definitely Nigeria.

So you think that is better for our economy?
Please when you wanna look at any step taken by any administration, don’t do with the spectacle of negativity alone.

I can’t remember ever arguing against the part in bold. That is why people like me have supported the Chinese loans that are obtained strictly to build beneficial projects all over the country.


Again, nobody is arguing against the need to pay up loan obligations when they fall due. The point is, what should have been our priority after the military handed over power to Obasanjo in 1999? Should we have prioritize a one off $18billion debt payment over building massive infrastructure that could have helped repay the debt in the long run? Just imagine what $18billion would have done in the power and transport (rail, roads, bridges) sector in 2005.


What happened after paying off the loan? We got very comfortable and incurred more useless loans with no direct benefit. We earned our highest revenue from crude oil under Jonathan and we were still borrowing money to pay salaries. Would we have been so profligate under Jonathan if the Paris loan was still on our neck? You may disagree but above is my personal opinion.

seunmsg:


Mention one major country in the world that is debt free?

Dangote owes some banks money but that doesn't mean debt is good for a street hustler.

Those country with debt aren't proud of it even though they are several times more prodcutive.
Their revenue majorly comes from tax not "resources"
Taking loans to build subsidized rails is insanity in a nation where the government already subsidizes
50% of electricity consumption.

This reminds me of Osun where 90% of its allocations are now used to service debts for various infrastructures
that have already began degrading.

After the Paris loan repayment, how did our economy fare? What did we benefit from the loan repayment?

It is no accident that OBJ had the highest growth rate period since 1999.

Buhari is trying to criple the next administration with excessive debt when oil is losing status to renewables.

Fashola have finally lost it.

Politicians... SMH

Fashola don too smoke Aso Rock weed...anyone that enters there doesn't think straight or cogent anymore.

Nah eh! No qualms
This is so unsophisticated

APC can shall blame people for Africa

fashola you're a fool
ur oga is building rail to Niger republic

Mr Fashola the more you defend buhari incompetent the more I hate you. So Don't create unnecessary hatred for yourself from Nigerians o.

Fashola has forgotten that Nigeria was paying approximately 3billion dollars interest on its loan anually. That's just interest on loan not actual loan repayment. Obj paying 12billion dollars achieved two things. Cancellation of 18billion dollars and saving the payment of 3billion anually. If he did not do that, Nigeria will still be paying 3billion anually assuming the interest remains constant which from 2006 would have seen us paying 52billion dollars to date and still have 30billion initial loan.

seunmsg:


I can’t remember ever arguing against the part in bold. That is why people like me have supported the Chinese loans that are obtained strictly to build beneficial projects all over the country.


Again, nobody is arguing against the need to pay up loan obligations when they fall due. The point is, what should have been our priority after the military handed over power to Obasanjo in 1999? Should we have prioritize a one off $18billion debt payment over building massive infrastructure that could have helped repay the debt in the long run? Just imagine what $18billion would have done in the power and transport (rail, roads, bridges) sector in 2005.


What happened after paying off the loan? We got very comfortable and incurred more useless loans with no direct benefit. We earned our highest revenue from crude oil under Jonathan and we were still borrowing money to pay salaries. Would we have been so profligate under Jonathan if the Paris loan was still on our neck? You may disagree but above is my personal opinion.

I would rather speak and make my post on reality rather than your assumption in the bolded part.

During the same regime, Obasanjo, just slightly less than $18billion, $16billion to be precised was spent on Electricity alone. What was the outcome, has it improved our development?

The above was the fate on every other sector of the economy with billions of dollar spent on them, what was their outcome?

The fact is that we can’t continue with the same system and expecting results. The government that would borrow would surely borrow, no matter how huge or small the debt met on ground. It was so evident that Jonathan administration went on borrowing conveniently and would be profligate if we had trillions of dollars as debt cos that is Jonathan’s destiny, bankrupting the nation. Hence, Jonathan’s activities aren’t a good case study here.