Former President Olusegun Obasanjo unleashed a fierce critique against President Bola Tinubu. He dismissed government borrowing as absolute nonsense.
Speaking in Abeokuta, the elder statesman declared that public debt is worse than leprosy. Obasanjo argued during his address that leprosy affects a single patient.
In contrast, heavy borrowing mortgages the future and ruins entire generations.
Questioning Nigeria’s Historical Economic Trajectory
Expanding on his critique, the former leader contrasted past economic realities with current hardships. He questioned Nigeria’s sharp economic regression over the decades.
Obasanjo recalled how the naira traded stronger than the US dollar 47 years ago. He started his farming business during that era.
According to Obasanjo, currency depreciation reflects profound failure in long-term planning.
Skepticism Toward Bretton Woods Institutions
Furthermore, Obasanjo cautioned leaders against blindly following international institutions. He mentioned the World Bank and the IMF.
He noted those bodies were established before Nigeria gained independence. Standardized global models rarely suit developing African nations.
Instead, Obasanjo advocated for homegrown economic solutions that prioritize internal production.
The Context of the Clash and Public Reactions
This exchange stems from an ongoing debate over Nigeria’s external debt profile. President Tinubu previously defended his loan strategy.
Tinubu maintained that borrowing is acceptable if a nation can repay. However, Obasanjo’s sharp rebuttal reignited nationwide conversations.
Analysts and citizens continue debating fiscal responsibility and national debt management.
