BIGGER DISASTER! Obasanjo Drops Bombshell About Nigeria, SEE What He Revealed That Raised Serious Concern
Former Nigerian President Olusegun Obasanjo has raised serious concerns about the country’ s escalating debt profile, describing it as a fundamental challenge for both current and future generations. Speaking during a recent virtual discussion titled Boiling Point Arena, Obasanjo underscored the grave implications of the nation’ s growing financial obligations.
Nigeria’ s debt surged by ₦12. 6 trillion within just three months, reaching an alarming ₦134. 3 trillion (approximately $91. 3 billion) by the end of the second quarter of 2024. This figure represents a 10. 35 percent increase from the ₦121. 7 trillion recorded in the first quarter of the year.
Reflecting on the situation, Obasanjo lamented the reversal of progress made during his administration, during which he successfully negotiated substantial debt forgiveness for Nigeria. ” 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, ” he said.
Lessons from South Korea and Singapore
Drawing comparisons with nations like South Korea and Singapore, Obasanjo emphasized the importance of leadership based on merit and integrity. According to him, these countries have built enduring legacies by prioritizing competence and accountability in governance.
” In South Korea, their leaders make appointments based on merit, and that has become the country’ s legacy, ” he noted. Obasanjo further argued that fighting corruption effectively requires a top- down approach, with exemplary conduct and accountability starting at the highest levels of leadership.
” The best way to fight corruption is from the top, ” he said, pointing out that South Korea and Singapore have demonstrated how robust leadership can drive sustainable progress.
The ballooning debt has been a source of concern for analysts and policymakers alike. Experts have warned that the rapid accumulation of debt could jeopardize Nigeria’ s economic stability and burden future generations with unsustainable liabilities. The country’ s reliance on borrowing to finance deficits and development projects has been criticized, particularly in the absence of significant growth in revenue streams.
Obasanjo’ s remarks have reignited the debate over the need for fiscal prudence and structural reforms. His reference to past achievements in securing debt relief also highlights what some view as missed opportunities to consolidate economic gains and build resilience.
Obasanjo’ s comments on leadership resonate with his long- standing advocacy for governance reforms. He has consistently called for transparency, accountability, and a merit- driven approach in public administration. His reference to South Korea and Singapore serves as a stark reminder of what can be achieved when nations prioritize competence over patronage.
” The foundation of any nation’ s progress lies in the quality of its leadership, ” Obasanjo said. He stressed that corruption undermines not just governance but also the trust and confidence of the populace in their leaders.
Public Reactions and Government Response
Obasanjo’ s statements have drawn mixed reactions from the public and political stakeholders. While many Nigerians share his concerns about the rising debt burden, others have pointed out that his administration also faced criticism for corruption and governance challenges.
The Presidency, through its Special Adviser on Public Communication and Orientation, Sunday Dare, has criticized Obasanjo’ s comments. Dare accused the former president of lacking moral authority to lecture on corruption and governance, given controversies that marked his tenure.
” You ruled on record as one of the most corrupt administrations in Nigeria’ s history. It is only fair that you apologize to Nigerians before offering advice, ” Dare reportedly said.
This back- and- forth underscores the polarized nature of Nigeria’ s political discourse, where even critical issues like debt and governance are often overshadowed by partisan exchanges.
Experts argue that addressing Nigeria’ s debt crisis requires a multi- faceted approach, including fiscal discipline, diversification of revenue sources, and improved governance. Obasanjo’ s emphasis on meritocracy and integrity in leadership is a call to action for policymakers to prioritize long- term national interests over short- term gains.
![MADNESS? ! Story Of Man Who Slept With A Mad Woman; Checkout What Became Of Him Later [Video]](https://i0.wp.com/heardvoicenewsonline.com.ng/wp-content/uploads/2025/03/Screenshot_20250309-122041.jpg?resize=120%2C86&ssl=1)
