Former President Olusegun Obasanjo has raised alarm over Nigeria’s escalating debt profile, describing it as a looming burden on both the present and unborn generations.
Speaking during a Zoom interactive session titled “Boiling Point Arena” on Sunday, Obasanjo called for urgent measures to address the nation’s fiscal challenges and ensure sustainable development.
Recent data indicates that Nigeria’s debt surged by N12.6 trillion in just three months, reaching an unprecedented N134.3 trillion ($91.3 billion) at the close of the second quarter of 2024.
This represents a 10.35% rise from the N121.7 trillion recorded in the first quarter, reflecting a worrying trend of fiscal instability.
Reflecting on his administration’s efforts to secure debt relief, Obasanjo said, “I was able to secure debt forgiveness for the nation before I left office, but our current debt profile is a significant problem for both this and the next generation.It is a crisis that demands immediate attention.”
The former president, while acknowledging the nation’s challenges, maintained optimism about Nigeria’s future, emphasizing the need for transformative leadership and a relentless fight against corruption.
Drawing parallels with global success stories, Obasanjo highlighted South Korea and Singapore as models for Nigeria to emulate.
He praised South Korea’s merit-based leadership approach and Singapore’s focus on integrity under former Prime Minister Lee Kuan Yew.
“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.
When I took students from the Olusegun Obasanjo Leadership Institute to meet Lee Kuan Yew, he emphasized that leadership must be about trust, integrity, and service, not self-enrichment,” Obasanjo stated.
He further criticized those who view leadership as a means to amass personal wealth, warning that corruption thrives when governments fail to remain vigilant.
“The fight against corruption must be consistent. It’s not a one-regime affair. Corruption spreads like a hydra-headed monster if allowed to fester,” he said.
Obasanjo also advocated for constitutional amendments to address Nigeria’s systemic challenges, stressing the importance of transparency and accountability in governance.
“National progress is achievable only through consistency in action, leadership rooted in accountability, and the collective effort of leaders and citizens committed to a shared vision for the nation,” he said.
He added that Nigeria’s development hinges on leaders rising above self-interest to pursue a divine purpose, which he described as essential for fostering sustainable growth and national integrity.
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