Former President Olusegun Obasanjo has publicly rebuked President Bola Ahmed Tinubu’s stance on borrowing, declaring that Nigeria’s mounting debt “is worse than leprosy.” The comment was made in response to Tinubu’s recent remarks defending the need for additional loans to fund government projects.
Obasanji, who led Nigeria from 1999 to 2007, warned that the country’s debt burden poses a severe threat to its economic stability. “Debt is worse than leprosy,” he said, urging the current administration to reconsider its borrowing strategy.
President Tinubu, who took office in May 2023, has argued that borrowing is necessary to bridge fiscal gaps and support development initiatives. Obasanji’s criticism highlights a growing debate within Nigeria’s political elite over the sustainability of continued external and domestic borrowing.
Nigeria’s public debt has risen sharply in recent years, reaching levels that have drawn concern from economists and international observers. The high debt service costs have strained the national budget, limiting resources available for essential services and infrastructure.
The former president’s remarks underscore the tension between the need for financing and the risks of an expanding debt profile, a theme that is likely to shape policy discussions in the months ahead.
<small>Source: Punch Nigeria — read the original story there.</small>