Former President Olusegun Obasanjo has faulted the fiscal policies of the current administration, warning that heavy spending in an economy already burdened by debt could further weaken Nigeria’s financial stability.
Obasanjo made the comments during an interview on Advocate for Good Governance, a public affairs programme where he discussed issues relating to governance, debt management, and economic responsibility. The former president, who has consistently spoken on Nigeria’s economic challenges, expressed worries about what he described as irresponsible spending patterns by the government.
Speaking during the interview, Obasanjo stressed that a country struggling with huge debt obligations must exercise caution in managing public funds. He argued that leaders are expected to show financial discipline, especially at a time when the economy is facing pressure from rising debt, inflation, and limited resources.
According to him, careless spending by government officials could worsen the country’s economic problems and make life even harder for ordinary citizens.
In his words, Obasanjo said: “Look, you come in as a government that is deep in debt and then you are spending money like a drunken sailor. So what do you expect.”
He also suggested that borrowing should only be done responsibly and tied to clear development plans that can produce measurable benefits for the country. According to the former president, taking on more debt without proper repayment plans or visible economic results risks placing a serious burden on future generations.
His remarks come as debates continue across the country over Nigeria’s growing public debt, budget shortfalls, rising inflation, and the increasing cost of governance….See More
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