How Nigeria’s Debt Profile Will Become Burden For Current Generation, Posterity — Obasanjo

The New Diplomat
Writer

Ad

Sad! Senator Dies in Abuja Hospital While Raising Funds for Treatment

By Abiola Olawale Former Senator Ibrahim Musa Kontagora, who represented Niger North Senatorial District of Niger State at the Senate from 2011 to 2015, has passed away in an Abuja hospital on Thursday. Reports indicate that Senator Kontagora passed away after a Hospital in Abuja allegedly delayed a critical surgery due to an unpaid $15,000…

Why Oil Prices May Be Stuck Below $72

Kuwait expects oil prices to remain below $72 per barrel in the near term, Tareq Al-Roumi, the Oil Minister of one of OPEC’s top producers, said on Thursday. Brent crude prices were trading at around $67 per barrel early on Thursday. Kuwait, as well as OPEC, are monitoring the market and all statements coming from…

The 20 Largest Cryptocurrencies by Market Cap

Bitcoin remains the largest cryptocurrency with a $2.36 trillion market capitalization, more than 5x larger than the next largest cryptocurrency, Ethereum. Layer 1 tokens and stablecoins dominate the rest of the top 10 largest cryptocurrencies, however, memecoin Dogecoin still ranks ninth with a $37 billion market cap. Cryptocurrencies are among the most volatile and innovative…

Ad

By Kolawole Ojebisi

Former President Olusegun Obasanjo has expressed concerns over Nigeria’s growing debt profile describing it as a significant burden for both present and future generations.

Speaking during a Zoom interactive programme tagged “Boiling Point Arena”

While reflecting on his tenure, Obasanjo said, “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.”

The formed president noted that the future is bleak for the country stressing that only a robust fight against corruption and transformative leadership can turn things around.

Obasanjo cited South Korea and Singapore as examples of nations whose progress was rooted in merit-based and integrity-driven leadership.

He noted that South Korea’s focus on putting forward leaders based on merit and Singapore’s emphasis on integrity under former Prime Minister Lee Kuan Yew are models Nigeria can emulate.

“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 spoke to them about leadership grounded in trust and integrity. Leadership must be about service, not self-enrichment,” Obasanjo said.

He also criticised those who view leadership as a means to personal gain, adding that corruption in government could only be eradicated by creating a critical mass of individuals committed to refusing illicit gains.

“The fight against corruption must be consistent. It’s not a one-regime affair. It must be a daily commitment. If one administration lets its guard down, corruption spreads like a hydra-headed monster,” he warned.

Obasanjo further emphasised the need for constitutional amendments to address Nigeria’s systemic challenges, stating that sustainable development and national integrity hinge on transparency, accountability, and divine purpose.

“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 said.

Nigeria’s debt had surged by N12.6tn in three months, reaching N134.3tn ($91.3bn) by the end of the second quarter of 2024.

This marks a 10.35% increase from the N121.7tn recorded in the first quarter of the year.

Ad

X whatsapp