Former President Olusegun Obasanjo has raised a red flag about Nigeria’s escalating debt, which he says is becoming a heavy burden for both the current and future generations. Speaking during a Zoom interactive session called “Boiling Point Arena,” Obasanjo shared his worries about the country’s growing debt. According to reports, Nigeria’s debt increased by N12.6 trillion in just three months, reaching a staggering N134.3 trillion by the end of the second quarter of 2024. This marks a 10.35% rise from the previous quarter.
Looking back on his time in office, Obasanjo noted that he had successfully secured debt forgiveness for Nigeria, but he believes that the country’s current debt situation presents a serious problem for the future. However, he did not lose hope for Nigeria’s progress, urging that the country needs transformative leadership focused on fighting corruption and improving the economy.
Obasanjo pointed to countries like South Korea and Singapore as examples of nations that achieved progress through leadership based on merit and integrity. He praised South Korea’s approach of appointing leaders based on merit and highlighted the leadership of Singapore’s former Prime Minister, Lee Kuan Yew, who built his country’s success on trust and integrity.
In his speech, Obasanjo stressed that the fight against corruption should start at the top and be consistent. He warned that if leaders fail to stay committed, corruption will spread. He also emphasized that leadership should be about serving the people, not enriching oneself. Obasanjo believes that for Nigeria to achieve national progress, it will require leaders and citizens to work together towards a shared vision of transparency and accountability.
Obasanjo also called for constitutional reforms to address Nigeria’s deep-rooted issues, explaining that the country’s development depends on honesty, transparency, and a commitment to integrity.
In conclusion, Obasanjo’s message was clear: Nigeria needs to focus on fighting corruption, appointing leaders based on merit, and making necessary constitutional changes to secure a better future for all Nigerians.
