Former President Olusegun Obasanjo has spoken out against President Bola Tinubu's recent comment on borrowing, saying that debt is worse than leprosy because it destroys generations. Obasanjo made this statement at the Ajibosin Platform, a public forum held in Abeokuta, Ogun State, on Friday. The forum was themed "Leveraging Artificial Intelligence to Solve Grassroots Problems and Accelerate National Development." Obasanjo's comments were in response to Tinubu's statement in April that his administration would continue to borrow when necessary.
Tinubu had said that borrowing should not be viewed negatively, stating that "borrowing is not leprosy, we just have to work hard to be able to pay for it." This statement was made during a meeting with Plateau leaders and APC National Chairman, Prof. Nentawe Yilwatda, at the State House. Tinubu's remarks came amid growing public concern over Nigeria's increasing debt burden and the share of national revenue committed to debt servicing. Obasanjo strongly disagreed with Tinubu's assessment, saying that debt has a more devastating impact than leprosy.
Obasanjo recalled that when he started his farm 47 years ago, the naira exchanged at N1 to $1.85, and questioned what the country had done to now have N1,500 to a dollar. He expressed disappointment in the country's economic situation, asking, "What has Nigeria done in 47 years that we now have 1,500 naira to the dollar? What have we done?" Obasanjo's comments reflect his concerns about the country's economic management and the impact of debt on its citizens.
The former president also criticized Nigeria's dependence on the World Bank and the International Monetary Fund (IMF), arguing that these institutions were not designed for Nigeria and were not built by Nigerians. Obasanjo warned against adopting foreign economic prescriptions without considering Nigeria's realities, saying, "World Bank and IMF were not designed for us. They were not built by us. They were built before we became independent."
Historian and public policy scholar, Dr. Umar Ardo, also spoke at the event, warning that artificial intelligence cannot confer sovereignty on a society that has not secured control over its own institutions, priorities, and resources. Ardo delivered a lecture on the anniversary theme, insisting that AI may produce answers but cannot produce right solutions for Africa if ownership and control remain abroad.
Ardo shared his experience of using AI as an intellectual assistant to interrogate ideas and organize material for his book, The Nigerian Development Doctrine. While AI can extend human intellectual capacity, Ardo said it also exposed its limits, particularly in producing solutions tailored to a specific society's needs. He emphasized that AI cannot replace human judgment, political responsibility, or institutions.
Obasanjo and Ardo's comments reflect broader concerns about Nigeria's economic management, debt burden, and the role of technology in national development. The Ajibosin Platform aims to promote discussions on critical issues affecting the country and explore innovative solutions to drive progress. Key issues discussed at the forum include the need for Nigeria to take control of its economic destiny and develop solutions tailored to its unique challenges.
Key points
- Obasanjo criticizes Tinubu's borrowing comment, saying debt destroys generations.
- Nigeria's debt burden and economic management are major concerns.
- Experts warn against relying solely on foreign institutions and technology for solutions.
