According to former President Olusegun Obasanjo, Nigeria’s growing debt load is a serious issue for both the current and upcoming generations.
Obasanjo revealed this during the recent “Boiling Point Arena” Zoom interactive session.
By the conclusion of the second quarter of 2024, Nigeria’s debt had increased by N12.6 trillion in just three months, to N134.3 trillion ($91.3bn).
According to former President Olusegun Obasanjo, Nigeria’s growing debt load is a serious issue for both the current and upcoming generations.
Obasanjo revealed this during the recent “Boiling Point Arena” Zoom interactive session.
By the conclusion of the second quarter of 2024, Nigeria’s debt had increased by N12.6 trillion in just three months, to N134.3 trillion ($91.3bn).
Compared to the N121.7 trillion recorded in the first quarter of this year, this represents a 10.35% growth.
“Yes, I was able to secure debt forgiveness for the nation prior to my departure from office,” Obasanjo responded, “but our current debt profile is a problem for both this generation and the next.”
Obasanjo pointed to South Korea and Singapore as instances of countries whose advancements were founded on integrity-driven and merit-based leadership.
He believes that fighting corruption from the top is the most effective strategy.
“Top-down approaches are the most effective way to combat corruption. Merit-based appointments are made by South Korean presidents, and this has become the nation’s tradition,” he stated.
