Nigeria’s mounting debt load has been characterised by former President Olusegun Obasanjo as a major burden for both the current and upcoming generations.
During Sunday’s “Boiling Point Arena” Zoom interactive event, Obasanjo voiced his concerns about the country’s growing debt load.
At the end of the second quarter of 2024, Nigeria’s debt had increased by N12.6 trillion in just three months, according to the PUNCH, to N134.3 trillion ($91.3 billion).
This is a 10.35% rise over the N121.7 trillion that was registered during the year’s first quarter.
“Yes, before I left office, I was able to secure debt forgiveness for the nation,” Obasanjo remarked in reflection of his term, “but our current debt profile is a problem for both this generation and the next.”
The former president remained upbeat about Nigeria’s future in spite of these worries, urging strong anti-corruption efforts and transformative leadership to better the country’s course.
Obasanjo pointed to South Korea and Singapore as instances of countries whose advancements were founded on integrity-driven and merit-based leadership.
He pointed out that Nigeria can learn from Singapore’s emphasis on integrity under former Prime Minister Lee Kuan Yew and South Korea’s emphasis on selecting leaders based on merit.
“Top-down approaches are the most effective way to combat corruption. Merit-based selections are made by South Korean authorities, and this has been ingrained in the nation’s culture.
“I introduced Lee Kuan Yew to students from the Olusegun Obasanjo Leadership Institute, and he talked to them about integrity and trust as the foundation of good leadership.”
Obasanjo stated that service, not personal profit, must be the focus of leadership.
He also attacked those who see leadership as a way to further their own interests, saying that the only way to end corruption in government was to build a critical mass of people who are determined to forgo illegal advantages.
Consistency is essential in the battle against corruption. It is not a matter of one government. The commitment must be made every day. He cautioned that corruption spreads like a hydra-headed monster if one administration shows weakness.
To solve Nigeria’s systemic problems, Obasanjo stressed the necessity of constitutional revisions, saying that accountability, transparency, and divine purpose are essential to national integrity and sustainable growth.
“Only by acting consistently, exercising leadership based on accountability, and collaborating with citizens who share a common vision for the country can we achieve national progress,” he stated.
