Fashola slams Obasanjo over $12bn mortgage

Minister of Works and Housing, Babatunde Fashola, has blamed former President, Olusegun Obasanjo, for being partly chargeable for the weak infrastructural base in Nigeria.

Fashola, talking on Channels Tv, claimed Obasanjo ought to have invested in capital initiatives throughout the nation, as a substitute of paying off exterior money owed.

In keeping with the Minister, if he had the $12 billion just like the Olusegun Obasanjo authorities in 2005, he would have constructed rails and extra roads.

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

Fashola mentioned that fairly than deploy the funds prudently, the Obasanjo authorities determined to pay the nation’s collectors to the detriment of the nation.

In keeping with him, that’s the reason Nigeria has gone to borrowing.

“At one time on this nation, in 2005, we had $12 billion. At the moment, these roads have been unhealthy. At the moment there was no rail. However what did we do as a matter of state coverage, it was simply to pay collectors to our personal detriment.

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“I can solely think about if I had the chance then with $12 billion in my hand, we’d have constructed rails and roads. What this authorities is coping with, which I’m chargeable for, is the infrastructure that will likely be enduring,” Fashola mentioned.

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