Obasanjo Warns FG Against $21bn Borrowing, Says Debt Destroys Generations
By Tams Jonah, ABUJA –Â Former President Olusegun Obasanjo has criticised the Federal Government’s proposed $21 billion borrowing plan, warning that excessive public debt could mortgage the future of generations of Nigerians.
Obasanjo described debt as more destructive than leprosy, arguing that while the disease affects an individual, the consequences of excessive borrowing could extend across generations.
“What do our leaders know, and what do they not know? And from what they know, what can they do for us? 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’s remarks reflect his longstanding concerns about Nigeria’s borrowing culture and the implications of accumulating debt without corresponding economic benefits.
His comments come amid discussions surrounding the Federal Government’s proposed $21 billion external borrowing plan, which has raised questions about the country’s debt sustainability, fiscal priorities and capacity to meet future repayment obligations.
The debate over public borrowing has remained a major issue in Nigeria, particularly as debt servicing continues to place pressure on government revenue and limit resources available for critical sectors such as education, healthcare, infrastructure and social development.
Obasanjo’s intervention has renewed attention on the responsibility of political leaders to ensure that borrowed funds are invested in productive ventures capable of generating economic growth and improving citizens’ living conditions.
His central argument is that government borrowing should not become a burden transferred to future generations without clear benefits to justify the debt.
