Former President Obasanjo Warns of Impending Debt Crisis for Future Generations in Nigeria.
In a candid statement on Wednesday, former Nigerian President Olusegun Obasanjo expressed deep concern over the mounting debt burden faced by the country, attributing it to the mismanagement by previous administrations.
Speaking during an engagement with the 2023 awardees of the Future Africa Leaders Foundation, the former president emphasized that the current debts would become an unavoidable financial responsibility for future generations.
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The elder statesman, who played a pivotal role in securing debt relief for Nigeria in 2003, noted that the level of mismanagement of the debts previously written off makes it challenging for any administration to secure a similar gesture in the continent. Obasanjo categorically labeled the debts as a trap, cautioning against falling into such financial pitfalls, citing their detrimental impact on any economy.
During the interaction, Obasanjo identified leadership as the foremost problem facing the African continent. He lauded Pastor Chris Oyakhilome for his efforts in building leaders, emphasizing the need for more individuals like him to address the prevalent leadership crisis.
In response to questions about leadership qualities, the former president outlined the traits of a successful leader, emphasizing the importance of setting good examples, being bold and courageous in decision-making, acknowledging mistakes, and having a realistic vision for the future.
Despite the gloomy economic outlook, Obasanjo offered a glimmer of hope during a separate event at the Christian Association of Nigeria’s 5th Thanksgiving service in Ogun State. The former President asserted that with prayers and thanksgiving, Nigeria’s socio-economic situation could significantly improve within the next four years.
Reflecting on the country’s current challenges, Obasanjo urged gratitude for the “mercy” that has been bestowed upon Nigeria.
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He encouraged the congregation to remain steadfast in their prayers, expressing optimism that adverse conditions today might transform into positive outcomes tomorrow.
As Nigeria grapples with economic uncertainties, Obasanjo’s warning serves as a poignant reminder of the long-term consequences of fiscal mismanagement and the imperative need for responsible governance to safeguard the interests of future generations.
