Former President Olusegun Obasanjo has launched a scathing attack on President Bola Tinubu over his recent comment on Nigeria's rising debt profile and his plan to borrow more billions of dollars.
Speaking on Friday at the Ajibosin Annual Symposium held in Abeokuta, Ogun State, Obasanjo described Tinubu's statement that "borrowing is not leprosy" as absolute nonsense and a dangerous justification for fiscal recklessness.
According to Obasanjo, "For anybody to say debt is no leprosy is absolute nonsense. Debt is worse than leprosy because leprosy destroys only one person, whereas debt destroys generations yet unborn."
The former president warned that Nigeria's future is being mortgaged by excessive borrowing without clear repayment plans or visible impact on the lives of ordinary citizens.
This reaction follows President Tinubu's request to the National Assembly seeking approval for fresh external loans of $20.52 billion and €1.045 billion, which he said would fund critical projects in infrastructure, electricity, transportation, healthcare, and national security.
Opposition leaders and economic experts have also condemned the move, accusing the Tinubu administration of borrowing recklessly and plunging Nigeria deeper into a debt crisis while failing to show accountability for previous loans.
You must be logged in to post a comment.