Debt worse than leprosy, Obasanjo counters Tinubu

Former President Olusegun Obasanjo has harshly criticised President Bola Tinubu's stance on government borrowing, arguing that excessive debt could inflict a devastating burden on future generations. In a recent speech at the Ajibosin Platform in Abeokuta, Ogun State, Obasanjo likened debt to leprosy, emphasizing that while he recognized borrowing could be manageable if the government had the means to repay it, the notion that debt was not inherently harmful was "absolute nonsense."

The former leader's remarks come in the wake of Tinubu's recent request to the National Assembly for fresh external loans totaling $20.52 billion and €1.045 billion under the Federal Government's 2026-2027 Supplementary External Borrowing Plan. These funds are intended to support various critical sectors, including infrastructure, agriculture, healthcare, education, water supply, security, employment generation, and financial management reforms.