Former President Olusegun Obasanjo has shared his thoughts on Nigeria’s growing debt profile.
He described the situation as a burden for both present and future generations.
Obasanjo stated this while speaking during a Zoom interactive programme tagged “Boiling Point Arena” on Sunday,
Henzodaily reports that Nigeria’s debt had surged by ₦12.6tn in three months, reaching ₦134.3tn ($91.3bn) by the end of the second quarter of 2024.
This marks a 10.35% increase from the ₦121.7tn recorded in the first quarter of the year.
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.”
Speaking further, the former president expressed optimism that the nation’s trajectory could change if there was transformative leadership.
He pointed out South Korea and Singapore as examples of nations whose progress was rooted in merit-based and integrity-driven leadership
Obasanjo stated that South Korea focus on appointing leaders based on merit while Singapore’s concentrates on integrity
“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.