Former President Olusegun Obasanjo has warned that Nigeria’s growing debt will become a major burden for future generations.
During a recent Zoom program, Obasanjo highlighted the rising debt and its potential long-term effects on the nation’s future.
Nigeria’s debt surged by N12.6 trillion in just three months, reaching N134.3 trillion by the end of June 2024.
This increase marks a 10.35 percent rise from the N121.7 trillion recorded in the first quarter of 2024.
Obasanjo noted that although he secured debt forgiveness during his tenure, Nigeria’s current debt profile remains a significant problem.
He emphasized that this situation affects both present citizens and future generations who will bear the financial burden.
Drawing comparisons with South Korea and Singapore, Obasanjo credited their progress to merit-based leadership and integrity-driven governance.
He stressed that the best way to fight corruption is to ensure that top leadership appointments are made based on merit.
