Posted on — Leave a comment

Obasanjo rides “Keke Marwa” across Abeokuta, preaches self-employment

Former President Olusegun Obasanjo on Saturday, July 2, engaged in commercial tricycle business as he rode and picked a male passenger around Kuto area of Abeokuta.

A statement by Mr Kehinde Akinyemi, Special Assistant to Obasanjo on Media, stated that he (Obasanjo) rode from his Pent House residence at the Olusegun Obasanjo Presidential Library (OOPL), through Kuto area, amidst greetings and jubilation from shocked onlookers along the road.

Akinyemi explained that the ride was meant to demonstrate the safety of the means of transportation; while also encouraging the youths to be hardworking and embrace self -employment.

“The president, along the route, stopped and picked a male passenger to demonstrate that riding in the tricycle is safe; if used properly and for people to learn how to start small and grow their craft,” Akinyemi said.

“When I recently gave out tricycles to 85 young people across the nation; I received some feedback that they were sort of inappropriate gifts…Some wondered if they were the best and suitable for young people.

“I have embarked on riding the tricycle to demonstrate to people that there is nothing bad in riding it and using same for commercial purpose.

“With tricycles and other small scale businesses, youths can be self employed and ultimately, become economically independent.

“There is nothing wrong in young people starting small. The Keke is secure and safe when handled professionally and with discipline.

“It is a wrongful societal classification to consider all Keke riders as miscreants…This has led many young people to avoid the virtue of starting small business.

“In fact, you can plan your business the way you wish and earn income that you can deploy to other investments.

“If you are able to get a second one, you can give that to someone else. So you become self-employed and you have also employed somebody.

“I remain committed to the economic empowerment of young people through initiatives that can generate employment. This is how we can increasingly address unemployment in Nigeria.

“I have always have passion for youth empowerment and employment. When I started establishing farms, do you think I can run the farm alone?

“Some of the people I employed on my farms are PhD. holders.

“There are Veterinary Doctors among them, Agric economists and many more that are well educated; including some of my children that have Doctorate Degrees who are still working with me.

“The other time I checked the people that are working with us directly on our various establishments, we have over 5,000 and most of them are youths.

“I have always had passion for youths because there is no substitute for employment,” Obasanjo was quoted as saying after the ride.

Posted on — Leave a comment

Obasanjo slams ‘foolish’ borrowing by FG to service recurrent expenditure

Former President of Nigeria, Olusegun Obasanjo, has expressed his displeasure at the way the Federal Government is taking loans.

According to the ex-president, borrowing for recurrent expenditure is ‘foolish’.

In a video interview posted on Channel’s Television Facebook page on Sunday, September 19, Obasanjo said that borrowing and accumulating debt for the next generations to come is criminal.

Obasanjo said, “If you want to build a commercial house and you go and borrow money, and you have 50 per cent of your own money and you borrow 50 per cent and in five years, you pay the 50 per cent that you borrowed. That is a wise thing to do. But if you have to go and borrow money for you to be able to feed yourself and your family, that is a stupid thing to do.

“So, if we are borrowing for recurrent expenditure, it is the height of foolery. If we are borrowing for development that can pay itself, that is understandable; then how long will it pay itself? But we are borrowing and accumulating debt for the next generation and the next generation after them, it is criminal, to put it mildly. What are we borrowing for?

“When I came into government and was elected President, we were spending $3.5bn to service debt, and even with that, our quantum of debt was not going down.”

The administration of President Muhammadu Buhari has borrowed a total of N21tn within six years.

Data from the Debt Management Office showed that at the end of March 2021, Nigeria’s public debt hit a total of N33.12tn, which means in the last six years under the President, the country’s debt rose by N21tn.

As of the end of June 2015, one month after the present regime came into power, the country’s debt profile stood at N12.12tn.

It also means that the country’s debt profile has risen by 173.27 per cent within the six-year period.