Former President Olusegun Obasanjo has described Nigeria’s growing debt profile as a significant burden for both present and future generations.

Speaking during a Zoom interactive programme tagged “Boiling Point Arena” on Sunday, Obasanjo expressed concern over the nation’s rising debt profile.

The PUNCH reported Nigeria’s debt had surged by N12.6tn in three months, reaching N134.3tn ($91.3bn) by the end of the second quarter of 2024.

This marks a 10.35% increase from the N121.7tn 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.”

Despite these concerns, the former President maintained optimism about Nigeria’s future, calling for transformative leadership and a robust fight against corruption to improve the nation’s trajectory.

Obasanjo cited South Korea and Singapore as examples of nations whose progress was rooted in merit-based and integrity-driven leadership.

He noted that South Korea’s focus on appointing leaders based on merit and Singapore’s emphasis on integrity under former Prime Minister Lee Kuan Yew are models Nigeria can emulate.

“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.

“The fight against corruption must be consistent. It’s not a one-regime affair. It must be a daily commitment. If one administration lets its guard down, corruption spreads like a hydra-headed monster,” he warned.

Obasanjo further emphasised the need for constitutional amendments to address Nigeria’s systemic challenges, stating that sustainable development and national integrity hinge on transparency, accountability, and divine purpose.

“National progress is only achievable through consistency in action, leadership built on accountability, and the collective effort of leaders and citizens committed to a shared vision for the nation,” he said.

Source: https://punchng.com/Nigerias-debt-profile-burden-for-current-next-generations-Obasanjo

Despite Tilumbunomics Audio Reforms:

Nigeria spent $3.5 billion (50% of our total expenditure) on external debt servicing between Jan and Sep 2024. The man who tamed the Atlantic Ocean increased our external debt servicing cost by 40% in just one year.

This means more reforms are coming so that he could pay for these deficits (shege pro max tariffs)

.

He who comes to equity must come with cleans hands.

Baba too is one of the reasons we are where we are today and the next generations will continue to be.

He paid almost all debts

Another Paris club refund conduit pipe loading. Paying money did not borrow

OBJ

U remove subsidy , start spending money anyhow while d citizens suffer. No infrastructure.all federal roads are not motorable. So, what are they borrowing money to do.

Okete001:
He who comes to equity must come with cleans hands.

Baba too is one of the reasons we are where we are today and the next generations will continue to be.

How

Obasanjo Ole!

You burrowed and stole half of the debt when you didn't have to.

When will you apologize to Nigerians?

Baba partner in crime is busy castrating a truth sayer in Ekiti.

I pray all these people that destroy Nigeria will see persecution before they die.

If only you didn't pollute inec and made it one of the most corrupt federal agency,
2, use effcc to presecute and jail perceived enemies,
3, abuse executive power by selecting court judgement to obey,
4, corrupting the legislatures both at state and federal level to have your way,

5, allowing your friends and cronies get juicy government contracts and appointments without due process,
6, wasting billion of dollars in electric power projects that has left the country underdeveloped and in perpetual darkness,
7, forcing a successor down every Nigerians throat through an extremely flawed election

Maybe, just maybe Nigeria might have been a better place.
I can bodly say you are the cause of the sorry state of the country.

as he left for NOW!

adenigga:


Source: https://punchng.com/Nigerias-debt-profile-burden-for-current-next-generations-Obasanjo

He didn't pay anything.

He pretended to pay and then burrowed twice the amount.

LordYon08:
He paid almost all debts

We need FOA to find and publish how much each president burrowed and spent.

It shall not be well with Tinubu and his entire family for the hardship this bastard has plunged Nigerians into.

I wish we all can go after these politicians sooner than later else it will keep going from worse to worse.

These politicians are terrible humans and bastards. They keep looting and looting yet Nigerians can't challenge them.

The baba should keep quiet for a while. Does he not see his former boss, Gen Yakubu Gowon? That's a pure elder stateman.

Okete001:
He who comes to equity must come with cleans hands.

Baba too is one of the reasons we are where we are today and the next generations will continue to be.

He did also get us debt forgiveness though. Most of our debt got wiped out and we paid off the rest.

veraponpo:
The baba should keep quiet for a while. Does he not see his former boss, Gen Yakubu Gowon? That's a pure elder stateman.

People like you are the major problems we have in Nigeria.

It's obvious you benefit from the current rot.

The reason why we borrow and have been borrowing
1. Government revenue from taxation is not sufficient for a nation our size. Most people do not pay tax because the economy is largely informal

2. Revenue from oil is also not sufficient for a nation our size and has been over the last 40 years at least 80% of government revenues

3. A lack of commitment to fighting corruption by most governments.

Okete001:
He who comes to equity must come with cleans hands.

Baba too is one of the reasons we are where we are today and the next generations will continue to be.

Baba has his flaws, but he left enough for Nigeria to build on. What have Yaradua, GEJ, Buhari and Tinybu delivered since 2007

I know OBJ had the opportunity to improve Nigeria, and he tried in his own way, but his main weakness was his desire for another round of four years (3rd term), so he was unable to plan for the best succession. He had to rush, so he chose an already-deceased man to succeed him.

Obj can actually discuss our debt because he has earned our respect in this regard. He employed Ngozi Okonjo and Charle Soludo to get us debt relief, and he paid others, only for President Jonathan, Buhari, and Tinubu to increase our debt again.

Reckless managers of the economy.
OBJ still remains the best of them all since 1999.
Clearing up our debts and even overpaid hence the Paris Refund. That doesn't mean he didn't have his own shortcomings and drawbacks.

OBJ is himself a significant burden to Nigeria, past, current and next. Shift + Del please.

This fellow had the chance to put Nigeria on a great path of prosperity, instead he gave us that poorly thought out 1999 constitution, instituted do or die, mass scale corruption, and played a fast one on the North by installing a dying Yaradua and a spineless GEJ, thinking to rule by proxy. He didn't see competent and healthy people from the North or South East or even Duke from Cross Rivers to force on us, because he calculated that those ones would have a mind of their own. His only goal is to be father and saviour of Nigeria but he failed horribly at it and started writing letters. Today, he's very angry that Tinubu is going to make him look very useless by the time he's done restructuring Nigeria, a thing OBJ was supposed to do.

veraponpo:
The baba should keep quiet for a while. Does he not see his former boss, Gen Yakubuu Gowon? That's a pure elder stateman.

Don't compare Obasanjo to Gowon, Obasanjo is an intellect, competent than Gowon in Leadership and Nation building

Okete001:
He who comes to equity must come with cleans hands.

Baba too is one of the reasons we are where we are today and the next generations will continue to be.

This post is specifically about debt profile.
OBJ isn't perfect but how is he responsible for today's debt burden if he secured debt relief from the humongous debts Babangida and Abacha left behind only for Buhari and TInubu to balloon it

Honestly

It is quite unfortunate how other worlds have reduced Africa to chaff. Africa bears the burden of the developed worlds. The idea of monetary value disparity is the hallmarks of this. How one dollar exchanges for multiple naira is a wonder. The same one dollar value can feed you in Africa but can't feed you in America.
Our leaders failed us by accepting to play a second fiddle to particularly Europe. Malaysia Ringgit has maintained the same exchange rate to a dollar for almost a decade. This is done by their leadership. Over the same period naira has lost its value over a thousand times.
Africa indirectly bear the burden of the lifestyles of the Europeans.

veraponpo:
The baba should keep quiet for a while. Does he not see his former boss, Gen Yakubu Gowon? That's a pure elder stateman.

obj is better than the calamity in Asorock. We can still point at his achievement unlike Tinubu

Olodo say what you know

Okete001:
He who comes to equity must come with cleans hands.

Baba too is one of the reasons we are where we are today and the next generations will continue to be.

Image123:
OBJ is himself a significant burden to Nigeria, past, current and next. Shift + Del please.

This fellow had the chance to put Nigeria on a great path of prosperity, instead he gave us that poorly thought out 1999 constitution, instituted do or die, mass scale corruption, and played a fast one on the North by installing a dying Yaradua and a spineless GEJ, thinking to rule by proxy. He didn't see competent and healthy people from the North or South East or even Duke from Cross Rivers to force on us, because he calculated that those ones would have a mind of their own. His only goal is to be father and saviour of Nigeria but he failed horribly at it and started writing letters. Today, he's very angry that Tinubu is going to make him look very useless by the time he's done restructuring Nigeria, a thing OBJ was supposed to do.

obj is better than Buhari and the calamity in Asorock presently. Even my 90 years old grandfather confirmed it..