Former Nigerian President, Olusegun Obasanjo, has raised alarm over the nation’s escalating debt levels, describing it as a heavy burden on both present and future generations.
Speaking during a virtual event, “Boiling Point Arena,” on Sunday, Obasanjo expressed deep concern about the trajectory of Nigeria’s debt profile, which surged by N12.6 trillion in just three months, reaching N134.3 trillion ($91.3 billion) by the end of the second quarter of 2024.
This represents a 10.35% increase from the N121.7 trillion recorded in the first quarter of the year.
Reflecting on his administration, Obasanjo recalled securing debt forgiveness for Nigeria but lamented the current state of affairs.
“Our debt profile today is a significant problem for both this and the next generation,” he said.
Despite his concerns, the former President expressed optimism about Nigeria’s potential for recovery, emphasizing the importance of transformative leadership and an uncompromising fight against corruption.
Obasanjo pointed to South Korea and Singapore as examples of nations that achieved remarkable progress through leadership rooted in merit and integrity.
He highlighted South Korea’s tradition of appointing leaders based on competence and Singapore’s emphasis on ethical governance under former Prime Minister Lee Kuan Yew.
“When I took students from the Olusegun Obasanjo Leadership Institute to meet Lee Kuan Yew, he spoke about leadership grounded in trust and integrity. Leadership must be about service, not self-enrichment,” Obasanjo said.
The former President criticized the notion of leadership as a tool for personal enrichment and stressed that tackling corruption requires consistent effort across administrations.
“The fight against corruption must be continuous. If one administration drops its guard, corruption spreads like a hydra-headed monster,” he warned.
Obasanjo urged Nigerians to foster a culture of integrity, starting from the top. “The best way to combat corruption is by appointing leaders who prioritize merit and service,” he added.
To address Nigeria’s systemic challenges, Obasanjo advocated for constitutional amendments and reforms that promote transparency and accountability.
“Sustainable development depends on leadership built on accountability, a shared national vision, and divine purpose,” he said.
He concluded by urging Nigerians to embrace collective responsibility, emphasizing that progress requires the consistent efforts of both leaders and citizens committed to the nation’s future.
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