Former President Olusegun Obasanjo has described Nigeria’s escalating debt profile as a critical threat to the country’s present and future generations. Speaking during a Zoom interactive programme, “Boiling Point Arena,” on Sunday, Obasanjo expressed deep concern over the nation’s economic trajectory and called for transformative leadership to address systemic issues.
According to The Punch, Nigeria’s total public debt skyrocketed by ₦12.6 trillion in just three months, reaching an alarming ₦134.3 trillion ($91.3 billion) by the end of Q2 2024. This marks a 10.35% increase from the first quarter’s figure of ₦121.7 trillion.
Reflecting on his administration, Obasanjo highlighted the debt relief achieved during his tenure, noting, “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 emphasized that Nigeria could learn from nations like South Korea and Singapore, which have demonstrated the transformative power of merit-based appointments and integrity in governance.
He praised South Korea’s system of selecting leaders based on qualifications and Singapore’s anti-corruption legacy under former Prime Minister Lee Kuan Yew. He shared a personal anecdote from his Olusegun Obasanjo Leadership Institute: “When I took students to meet Lee Kuan Yew, he spoke about leadership grounded in trust and integrity. Leadership must be about service, not self-enrichment.”
The former President identified corruption as a major hindrance to Nigeria’s progress, stressing the need for unwavering commitment to its eradication. “The best way to fight corruption is from the top. If one administration lets its guard down, corruption spreads like a hydra-headed monster,” he warned.
Obasanjo called for a collective effort to foster accountability and transparency in governance, urging leaders to lead by example and citizens to resist the allure of illicit gains. He argued that the fight against corruption should be continuous and institutionalized across administrations.
To address Nigeria’s systemic challenges, Obasanjo advocated constitutional amendments aimed at fostering transparency, accountability, and national unity. “National progress is only achievable through consistency in action, leadership built on accountability, and the collective effort of leaders and citizens committed to a shared vision for the nation,” he concluded.
Despite his warnings, Obasanjo expressed optimism about Nigeria’s future, emphasizing that with the right leadership and public will, the nation could overcome its challenges and achieve sustainable growth.
