Former President Olusegun Obasanjo has raised concerns about Nigeria’s growing debt, describing it as a serious issue for both the current and future generations.
Speaking during a recent Zoom program, Boiling Point Arena, Obasanjo highlighted the country’s alarming debt profile, which rose by ₦12.6 trillion in just three months, reaching ₦134.3 trillion ($91.3 billion) by the end of the second quarter of 2024.
This represents a 10.35% increase from the ₦121.7 trillion recorded in the first quarter of the year.
Reflecting on the situation, Obasanjo emphasized the long-term implications of the debt. He noted that while his administration had secured debt forgiveness during his tenure, the current level of borrowing presents a heavy burden. “Our present debt profile is a problem for both this and the next generation,” he said.
Obasanjo also pointed to countries like South Korea and Singapore as examples of how merit-based and integrity-driven leadership can lead to national progress.
He stressed that fighting corruption effectively must start at the top. “In South Korea, their leaders make appointments based on merit, and that has become the country’s legacy,” he added.
The former president’s remarks underline the urgent need for fiscal responsibility and transparent leadership to secure a stable future for Nigeria.
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