Obasanjo says debt is worse than leprosy in Nigeria
By the AFREEQUE newsroom, based on Punch
Former Nigerian president Olusegun Obasanjo described public borrowing as more destructive than leprosy, in response to President Bola Tinubu’s defence of borrowing. His remarks came after a request for authorisation of new external loans of $20.52 billion and €1.045 billion, reported by Punch.
Former Nigerian president Olusegun Obasanjo said public debt could be “worse than leprosy”, warning that it could weigh on several generations. He was responding to President Bola Tinubu’s position that borrowing is acceptable when the state is able to repay it, at a public forum held on Friday in Abeokuta, Ogun State, Punch reports.
Olusegun Obasanjo’s remarks came days after Bola Tinubu asked Parliament to authorise new external loans of $20.52 billion and €1.045 billion. The proposed funding is intended to cover infrastructure, agriculture, health, education, water supply, security and job creation projects.
The presidential request was forwarded to the Senate committee responsible for national and external debts. Bola Tinubu had already defended his borrowing policy in April, saying Nigeria should borrow if it could work hard enough to repay its loans, according to Punch.
