Former President Olusegun Obasanjo has launched a fresh attack on President Bola Tinubu over his administration’s borrowing policy, describing the President’s claim that borrowing is not leprosy as “absolute nonsense”.
Obasanjo argued that the consequences of excessive borrowing were far worse than leprosy, warning that while the disease affects individuals, debt could destroy entire generations.
The former President made the remarks on Friday at the Ajibosin Platform, a public forum held in Abeokuta, Ogun State, with the theme, “Leveraging Artificial Intelligence to Solve Grassroots Problems and Accelerate National Development”.
Taking a swipe at Tinubu, Obasanjo said the President was wrong to downplay the dangers of borrowing, particularly at a time when Nigeria was struggling with mounting debt obligations.
He said, “And for anybody to say debt is no leprosy, is absolute nonsense. Debt is worse than leprosy. Because leprosy destroys only one person. Debt destroys generations.”
Tinubu had sparked debate in April when he declared that his administration would continue to borrow whenever necessary, insisting that borrowing should not be regarded as something inherently bad.
The President made the statement at the State House during a meeting with Plateau State leaders led by Governor Caleb Mutfwang and APC National Chairman Nentawe Yilwatda.
“If we have to borrow, we borrow. Borrowing is not leprosy, we just have to work hard to be able to pay for it,” Tinubu had said.
But Obasanjo, in his latest intervention, questioned the economic direction of the country, particularly the sharp decline in the value of the naira over the years.
Recalling the exchange rate when he established his farm 47 years ago, the former President said the naira was then worth more than the dollar.
“When I started my farm, 47 years ago, naira to the dollar was one naira to $1.85. Forty-seven years ago. What has Nigeria done in 47 years that we now have 1,500 naira to the dollar? What have we done?” he asked.
He also expressed doubts about the capacity of Nigeria’s political leaders to understand the country’s problems and implement policies capable of improving the lives of citizens.
“What do our leaders know? And what do they not know? And from what they know, what can they do for us?” he queried.
The former President also criticised Nigeria’s reliance on the World Bank and International Monetary Fund (IMF), arguing that policies prescribed by the international financial institutions were not necessarily suitable for the country.
Obasanjo maintained that the institutions were established before Nigeria gained independence and should not be allowed to dictate the country’s economic direction without considering its peculiar circumstances.
He recalled how Nigeria was discouraged from supporting agriculture through subsidies, despite what he described as extensive agricultural support provided to farmers in developed countries.
“World Bank and IMF were not designed for us. They were not built by us. They were built before we became independent. And that’s the people who would determine what we do,” he said.
He further cautioned against blindly implementing economic policies recommended by foreign-trained experts, insisting that Nigeria must develop solutions that reflect its own realities.
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