Former Nigerian President Olusegun Obasanjo, who left office in 2007, has lashed out at the government’s handling of the economy, Nigeria’s Vanguard newspaper reports.
He said he understood the frustrations President Muhammadu Buhari felt at the problems he had inherited, but said his approach was wrong.
Mr Buhari, who took office in May 2015, wants to take out a $30bn (£25bn) loan so the money can be used for investment, especially in infrastructure.
Mr Obasanjo, who supported Mr Buhari to become president, said the plan was misjudged:
“We are being told the projects will pay themselves when we know damn well they will not. If we borrow some $30bn in less than three years, we would have mortgaged the future of Nigeria for well over 30 years to come.
No administration can nor should be comfortable with the excruciating pain of debilitating and crushing economy. Businesses are closing, jobs are being lost and people are suffering.
I know that President Buhari has always expressed concern for the plight of the common people but that concern must be translated to workable and result-oriented socio-economic policy and programme that will turn the economy round at the shortest time possible.
We cannot continue to do the same thing and expect things to change.”