Former President Olusegun Obasanjo has raised alarms over Nigeria’s escalating debt profile, describing it as a heavy burden that will affect both present and future generations. Speaking during a Zoom interactive program called “Boiling Point Arena” on Sunday,
Obasanjo expressed deep concern about the nation’s rising debt, which has surged by N12.6 trillion in just three months, reaching a total of N134.3 trillion ($91.3 billion) by the end of the second quarter of 2024. This marks a 10.35% increase from the N121.7 trillion recorded in the first quarter of the year.
Reflecting on his time in office, Obasanjo recalled securing debt forgiveness for Nigeria during his presidency but stressed that the current debt levels represent a serious challenge for the country’s future.
“Yes, I was able to secure debt forgiveness for the nation before I left office, but our present debt profile is a problem for both this and the next generation,” he said.
Despite his concerns about the debt crisis, Obasanjo remained hopeful about Nigeria’s future, urging for transformative leadership to steer the nation toward better outcomes.
He emphasised the importance of tackling corruption, citing countries like South Korea and Singapore as models of success achieved through merit-based leadership and integrity.
He highlighted South Korea’s emphasis on appointing leaders based on merit, which has become a cornerstone of the country’s development.
Obasanjo also referred to his experience with Lee Kuan Yew, the former Prime Minister of Singapore, who advocated for leadership grounded in trust and integrity.
“Leadership must be about service, not self-enrichment,” Obasanjo said, criticising those who use leadership as a means for personal gain.
Obasanjo further warned that corruption in government can only be eradicated through consistent efforts.
“The fight against corruption must be consistent. It’s not a one-regime affair. It must be a daily commitment. If one administration lets its guard down, corruption spreads like a hydra-headed monster,” he cautioned.
The former president also called for constitutional reforms to address Nigeria’s systemic challenges.
He emphasised that sustainable development and national integrity require transparency, accountability, and a sense of collective purpose.
“National progress is only achievable through consistency in action, leadership built on accountability, and the collective effort of leaders and citizens committed to a shared vision for the nation,” he concluded.