Former Nigerian President Olusegun Obasanjo expressed concerns about the country's growing debt, describing it as a burden for current and future generations. He called for transformative leadership, anti-corruption measures, and constitutional reforms, citing South Korea and Singapore's success as models for Nigeria's progress.
Former Nigerian President Olusegun Obasanjo has expressed deep concern over the country's escalating debt, emphasizing that the growing financial burden is not only a challenge for the current generation but also for future ones. In a recent Zoom session on the “Boiling Point Arena” program, Obasanjo addressed the alarming rise in Nigeria's debt, which surged by N12.6 trillion in just three months, bringing the total to N134.3 trillion ($91.3 billion) by the second quarter of 2024. This marked a 10.35% increase from the previous quarter.
Reflecting on his tenure, Obasanjo acknowledged his role in securing debt forgiveness for Nigeria but noted that the current debt situation is unsustainable and poses serious risks to the nation's future. While acknowledging the severity of the debt, he remained optimistic about Nigeria's future, urging for leadership that is focused on transformation and a strong fight against corruption.
Drawing lessons from South Korea and Singapore, Obasanjo highlighted the importance of merit-based leadership and integrity in governance. He praised the leadership models of both countries, particularly South Korea's emphasis on merit and Singapore's approach under former Prime Minister Lee Kuan Yew.
Obasanjo also warned against the misuse of leadership positions for personal gain, stressing that combating corruption requires a consistent and unwavering commitment across all administrations. He concluded by calling for constitutional reforms that would address Nigeria's systemic challenges, emphasizing the need for sustainable development driven by transparency, accountability, and a shared vision.
