Former President Olusegun Obasanjo has strongly criticised President Bola Tinubu’s defence of government borrowing, arguing that mounting national debt poses a greater danger to Nigeria than leprosy because its consequences extend across generations.
Obasanjo described Tinubu’s assertion that borrowing was not leprosy as “absolute nonsense”, insisting that the burden of accumulated debt could undermine the future of generations yet unborn.
He made the remarks on Friday, October 30, at the Ajibosin Platform, a public forum held in Abeokuta, Ogun State, with the theme “Leveraging Artificial Intelligence to solve grassroots problems and accelerate National Development,” Daily Trust reports.
The former president was reacting to comments made by Tinubu in April, when the president defended his administration’s decision to continue borrowing whenever necessary.
Tinubu had made the remarks at the State House during a meeting with Plateau State leaders led by Governor Caleb Mutfwang and the All Progressives Congress (APC) National Chairman, Nentawe Yilwatda.
“If we have to borrow, we borrow. Borrowing is not leprosy, we just have to work hard to be able to pay for it,” the president had said.
However, Obasanjo rejected the comparison, arguing that while leprosy affects an individual, debt creates a burden that can be transferred from one generation to another.
“And for anybody to say debt is no leprosy, is absolute nonsense. Debt is worse than leprosy. Because leprosy destroys only one person. Debt destroys generations,” he said.
His criticism comes amid growing concerns over Nigeria’s public debt profile and the increasing amount of government revenue required to meet debt servicing obligations.
Obasanjo also questioned the country’s economic direction, pointing to the naira’s dramatic depreciation against the dollar as evidence of Nigeria’s poor economic performance over the years.
READ ALSO: Tinubu Defends Borrowing, Says Infrastructure Investments Will Benefit Future Generations
Recalling the exchange rate when he established his farm 47 years ago, he expressed disappointment at the extent of the currency’s decline.
“When I started my farm, 47 years ago, naira to the dollar was one naira to $1.85. Forty-seven years ago. What has Nigeria done in 47 years that we now have 1,500 naira to the dollar? What have we done?” he asked.
The former president further challenged the capacity of Nigeria’s political leadership to develop practical solutions to the country’s economic difficulties.
“What do our leaders know? And what do they not know? And from what they know, what can they do for us?” he asked.
He also faulted Nigeria’s dependence on foreign financial institutions, particularly the World Bank and International Monetary Fund (IMF), arguing that their economic recommendations were not necessarily suited to the country’s circumstances.
Obasanjo recalled that Nigeria had been discouraged from providing agricultural subsidies despite the financial support extended to farmers in developed countries.
“World Bank and IMF were not designed for us. They were not built by us. They were built before we became independent. And that’s the people who would determine what we do,” he said.
He warned against the unquestioning adoption of economic policies recommended by foreign-trained experts, maintaining that Nigeria needed homegrown solutions that reflected its economic realities and development priorities.