Obasanjo: Nigeria’s huge debt burden to current, next generations

Obasanjo: Nigeria’s huge debt burden to current, next generations

Former President Olusegun Obasanjo has asserted that Nigeria’s rising debt profile will pose significant problem to both present and future generations.

Obasanjo made the assertion during a recent Zoom interactive program tagged “Boiling Point Arena”.

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

This marks a 10.35 percent increase from the N121.7 trillion recorded in the first quarter of the year.

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Reacting to the unsettling situation, Obasanjo said despite his administration’s success in clearing the nation’s debt upon Nigeria’s return to democracy in 1999, successive governments have plunged the nation back into the abyss of debt.

He said, “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.”

Obasanjo cited South Korea and Singapore as examples of nations whose progress was rooted in merit-based and integrity-driven leadership.

According to him, the best way to fight corruption is from the top.

“The best way to fight corruption is from the top. In South Korea, their leaders make appointments based on merit, and that has become the country’s legacy,” he said

Obasanjo: Nigeria’s huge debt burden to current, next generations