Home Politics Fashola smacks Obasanjo over $12bn loan

Fashola smacks Obasanjo over $12bn loan

Fashola smacks Obasanjo over $12bn loan
Minister Of Works, Babatunde Fashola

Babatunde Fashola, the Minister of Works and Housing has blasted former President, H.E, Olusegun Obasanjo, for being partially responsible for the weak infrastructural base in Nigeria.

Minister Fashola, speaking on Channels Television, affirmed Obasanjo should have invested in capital projects across the country, instead of paying off external debts.

According to the Minister, if he had the $12 billion like the H.E Olusegun Obasanjo-led government in 2005, he would have built rails and more roads.

In 2005/2006, the Paris Club wrote off $18 billion of the $30 billion Nigeria owed the cartel after months of dialogues.

Minister Fashola said that rather than deploy the funds prudently, the Obasanjo-led government decided to pay the country’s creditors to the detriment of the country.

As gathered from him, that is why Nigeria has resulted to borrowing.

“At one time in this country, in 2005, we had $12 billion. At that time, these roads were bad. At that time there was no rail. But what did we do as a matter of state policy, it was just to pay creditors to our own detriment.

“I can only imagine if I had the opportunity then with $12 billion in my hand, we would have built rails and roads. What this government is dealing with, which I am responsible for, is the infrastructure that will be enduring,” Fashola said.


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