Obasanjo Warns: Nigeria’s Huge Debt Profile a Burden for Current and Future Generations

Former President Olusegun Obasanjo raises concerns about Nigeria’s growing debt profile, warning of its implications for both the present and future generations.

Former President Olusegun Obasanjo has characterized Nigeria’s increasing debt as a major issue affecting both current and future generations.

Obasanjo revealed this during a recent interactive Zoom program called “Boiling Point Arena.”

Nigeria’s debt increased by N12.6 trillion over three months, reaching a total of N134.3 trillion ($91.3 billion) by the end of the second quarter in 2024.

This represents a 10.35 percent rise from the N121.7 trillion reported in the first quarter of the year.

In response, Obasanjo stated, “Indeed, I succeeded in securing debt forgiveness for the country before my tenure ended; however, our current debt situation poses a challenge for both this generation and those to come.”

Obasanjo pointed to South Korea and Singapore as examples of countries that have advanced through leadership founded on merit and integrity.

He believes that the most effective way to combat corruption is through top-down efforts.

“The most effective strategy to combat corruption is through leadership. In South Korea, appointments are made based on merit by their leaders, establishing a strong national legacy,” he stated.