Former Nigerian President, Chief Olusegun Obasanjo, has expressed concerns that excessive borrowing could have long-lasting effects on the country's future. Speaking at the Ajibosin Platform in Abeokuta, Obasanjo emphasized that debt could affect generations, unlike leprosy, which only affects individuals. This statement comes after President Bola Tinubu said that borrowing was necessary for the country's development.
Obasanjo strongly criticized President Tinubu's comment that "borrowing is no leprosy," describing it as "absolute nonsense." He highlighted the difference between leprosy, which only affects one person at a time, and debt, which can have far-reaching consequences for generations. Obasanjo's remarks reflect his worries about the management of Nigeria's economy and its potential impact on the country's future.
The former president also questioned the country's economic progress over the past 47 years, citing the significant decline in the value of the naira against the dollar. When he started his farm, the exchange rate was N1 to $1.85, but it has now depreciated to 1,500 naira to the dollar. Obasanjo expressed disappointment in the country's inability to manage its economy effectively.
Obasanjo expressed concerns about the country's dependence on foreign institutions, such as the World Bank and the International Monetary Fund (IMF). He argued that their policies may not be tailored to address Nigeria's specific needs and circumstances. The former president recalled how Nigeria was discouraged from subsidizing agriculture, despite the support provided to farmers in developed countries.
The former president also criticized Nigeria's tendency to adopt economic prescriptions from foreign-trained experts without considering the country's realities. He questioned why a country with a population of 250 million people would rely on the recommendations of young experts who may have limited experience in managing households or understanding the complexities of the country.
Obasanjo questioned the capacity of the country's political leadership to make informed decisions that would improve the lives of Nigerians. He asked, "What do our leaders know? And what do they not know? And from what they know, what can they do for us?" These remarks reflect his concerns about the country's leadership and its ability to address the nation's challenges.
The issue of excessive borrowing and its potential consequences remains a pressing concern for Nigeria. Obasanjo's warnings highlight the need for the government to reassess its economic strategies and prioritize sustainable development. The country's ability to manage its debt and develop a robust economy will be crucial in determining the future of its citizens.
Key points
- Former President Olusegun Obasanjo warns that excessive borrowing could mortgage the future of generations of Nigerians.
- Obasanjo criticizes President Bola Tinubu's stance on borrowing, describing it as "absolute nonsense."
- The former president expresses concerns about Nigeria's dependence on foreign institutions and the adoption of economic prescriptions without considering the country's realities.
