Former President Olusegun Obasanjo has described Nigeria’s rising debt profile as a major burden for each current and future generations.
Talking throughout a Zoom interactive programme tagged “Boiling Level Area” on Sunday, Obasanjo expressed concern over the nation’s rising debt profile.
The PUNCH reported Nigeria’s debt had surged by N12.6tn in three months, reaching N134.3tn ($91.3bn) by the tip of the second quarter of 2024.
This marks a ten.35% enhance from the N121.7tn recorded within the first quarter of the 12 months.
Reflecting on his tenure, Obasanjo stated, “Sure, I used to be capable of safe debt forgiveness for the nation earlier than I left workplace, however our current debt profile is an issue for each this and the subsequent technology.”
Regardless of these considerations, the previous President maintained optimism about Nigeria’s future, calling for transformative management and a strong combat in opposition to corruption to enhance the nation’s trajectory.
Obasanjo cited South Korea and Singapore as examples of countries whose progress was rooted in merit-based and integrity-driven management.
He famous that South Korea’s concentrate on appointing leaders primarily based on advantage and Singapore’s emphasis on integrity beneath former Prime Minister Lee Kuan Yew are fashions Nigeria can emulate.
“The easiest way to combat corruption is from the highest. In South Korea, their leaders make appointments primarily based on advantage, and that has turn out to be the nation’s legacy.
“After I took college students from the Olusegun Obasanjo Management Institute to fulfill Lee Kuan Yew, he spoke to them about management grounded in belief and integrity. Management should be about service, not self-enrichment,” Obasanjo stated.
He additionally criticised those that view management as a way to private achieve, including that corruption in authorities might solely be eradicated by making a important mass of people dedicated to refusing illicit good points.
“The combat in opposition to corruption should be constant. It’s not a one-regime affair. It should be a every day dedication. If one administration lets its guard down, corruption spreads like a hydra-headed monster,” he warned.
Obasanjo additional emphasised the necessity for constitutional amendments to deal with Nigeria’s systemic challenges, stating that sustainable growth and nationwide integrity hinge on transparency, accountability, and divine function.
“Nationwide progress is simply achievable by means of consistency in motion, management constructed on accountability, and the collective effort of leaders and residents dedicated to a shared imaginative and prescient for the nation,” he stated.