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Fashola Slams Obasanjo Over $12bn Loan

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President Olusegun Obasanjo has been called out by Babatunde Fashola, Minister of Works and Housing, for being partly responsible for the weak infrastructural base in Nigeria.

Speaking on Channels Television, Babatunde Fashola claimed Obasanjo should have invested in capital projects across the country, instead of paying off external debts.

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

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

Fashola insisted that rather than deploy the funds prudently, the Obasanjo government decided to pay the country’s creditors against the country’s interest.

“That is why Nigeria has gone to borrowing,” he said.

“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.”

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“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,” Babatunde Fashola added.

“So if the whole and the United Nations say no ‘you have to run a democratic government’ anybody who tries to change will be sanctioned whether on UN level, AU level or ECOWAS level just like the situation in Mali,” the former Military Head of State added.

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