Former President Olusegun Obasanjo on Tuesday stressed the need for Nigeria to borrow, spend less and earn more to get out of the current economic recession.
Obasanjo said this in Abeokuta at the opening ceremony of the National Council On Finance and Economic Development Conference (NACOFED).
The theme of the conference is “Enhancing Revenue Generation and Obtaining Best Value for Money in Expenditure”.
According to Obasanjo, the major problem with Nigeria is that “we are spending more than we are earning and we have not been able to save for the rainy day”.
He, however, proffered a three-fold solution of borrowing, spending less and earning more to the economic challenges of the nation.
Obasanjo, who said that funds were available outside the country, advised that Nigeria needed to approach its allies who could lend to the country on reasonable terms.