Former President Olusegun Obasanjo has criticised President Bola Tinubu’s stance on borrowing, describing the comparison of debt with leprosy as absolute nonsense.
Obasanjo made the remarks on Friday at the Ajibosin Platform, a public forum held in Abeokuta, Ogun State, where discussions centred on leveraging artificial intelligence to address grassroots challenges and drive national development.
In April, Tinubu defended his administration’s decision to borrow when necessary, insisting that borrowing should not be treated as something shameful.
“ If we have to borrow, we borrow. Borrowing is not leprosy, we just have to work hard to be able to pay for it,” the president had said.
However, reacting to the statement, Obasanjo argued that the consequences of excessive borrowing extend beyond individuals and could burden future generations.
“And for anybody to say debt is no leprosy, is absolute nonsense. Debt is worse than leprosy. Because leprosy destroys only one person. Debt destroys generations,” he said.
The former president also expressed concern over Nigeria’s economic decline, particularly the depreciation of the naira, recalling that the currency exchanged at N1 to $1.85 when he established his farm 47 years ago.
“When I started my farm, 47 years ago, naira to the dollar was one naira to $1.85. Forty-seven years ago. What has Nigeria done in 47 years that we now have 1,500 naira to the dollar? What have we done?” he queried.
He further questioned the knowledge and decision-making capacity of Nigeria’s political leaders, asking, “What do our leaders know? And what do they not know? And from what they know, what can they do for us?”
“World Bank and IMF were not designed for us. They were not built by us. They were built before we became independent. And that’s the people who would determine what we do,” he said.
He cautioned against blindly implementing economic recommendations from foreign-trained experts without considering Nigeria’s unique circumstances.
The post ‘Debt Is Worse Than Leprosy, Destroys Generations’ — Obasanjo Slams Tinubu’s Continued Borrowing appeared first on Information Nigeria.