Emmanuel Ochayi
Former President Olusegun Obasanjo’s remarks sounded a cautionary alarm, highlighting the mismanagement of Nigeria’s debt relief received during his tenure.
Speaking at an event organized by Pastor Chris Oyakhilome’s Future Africa Leaders Foundation, Obasanjo expressed concerns about the squandering of previously forgiven debts, attributing it to successive administrations.
Join our WhatsApp Channel“With the level of mismanagement of the previous debts written off for the country, it will be almost impossible for any administration to get a similar gesture on the continent,” he stated.
Obasanjo reiterated that debt, in his view, acts as a debilitating trap, especially when mismanaged.
He emphasized leadership as a fundamental issue plaguing the continent, envisioning the burden of current debts affecting future generations. Commending efforts in building leaders, he underscored the importance of setting examples, learning from mistakes, and embracing realistic dreams.
However, economists and university experts criticized the Federal Government’s handling of debts post-Obasanjo’s era. They highlighted an alarming trend of re-accumulating debts, surpassing revenue and leading to significant deficits.
Recommendations were made for stringent fiscal measures, channeling borrowed funds solely into capital projects, and ensuring government expenditure aligns with revenue.
While Obasanjo’s perspective reflects concerns about debt sustainability, some experts suggested his commentary lacked specificity, prompting the need for detailed specifics on actions and leaders responsible for the mismanagement.
