{
  "id": 19181103,
  "title": "'Our entire generation will pay' — Obasanjo fumes over Nigeria's increasing debt",
  "url": "https://urgent.news/2026/11/09/our-entire-generation-will-pay-obasanjo-fumes-over-nigerias",
  "topic": "world",
  "section": "World",
  "published": "2026-11-09T16:31:02.000Z",
  "source": {
    "name": "Daily Post Nigeria",
    "slug": "daily-post-nigeria",
    "url": "https://dailypost.ng/2026/11/09/your-entire-generation-will-pay-obasanjo-fumes-over-nigerias-increasing-debt/"
  },
  "original_language": "en",
  "account": "Former President Olusegun Obasanjo has expressed concern that Nigeria's growing debt burden will be shouldered by the current generation, their children, and grandchildren unless immediate action is taken to tackle the issue. During the 7.0 Presidential Youth Mentorship Retreat held in Abeokuta, Ogun State, Obasanjo highlighted that Nigeria's debt has surged from $36 billion during his administration to a staggering $147 billion. He emphasized that the cost of servicing this debt has also risen significantly, warning that the country might face a shortage of resources for development and be forced to deplete its capital to meet financial obligations.\n\nObasanjo recounted that his administration spent approximately $3.6 billion annually on debt servicing, yet the debt level remained stagnant. With the present debt of $147 billion, he projected that Nigeria could be allocating up to $15 billion each year towards debt servicing, describing this trend as a grave threat to the nation's economic future. He also questioned the utilization of funds borrowed by successive administrations, urging Nigerians to demand accountability for the projects and investments financed through these loans.\n\nRecalling that Nigeria's debt was reduced to less than $4 billion following the debt relief secured during his tenure, Obasanjo expressed worry that the country had reverted to massive borrowing within two decades. He also pointed out that his administration left Nigeria with over $65 billion in foreign reserves and more than $25 billion in the Excess Crude Account, totaling more than $90 billion in financial buffers. Obasanjo questioned how the country had progressed from such reserves to relying heavily on borrowing and urged Nigerians, particularly the youth, to closely monitor the country's economic trajectory.\n\nThe former president stressed that the consequences of the rising debt would not be limited to the present generation, stating that Nigerians, their children, and grandchildren would ultimately bear the burden. \"Debt is more than leprosy. Leprosy destroys one person; debt destroys generations,\" he cautioned. \"If that doesn’t worry anybody, it should worry you, because that money will be paid. You will pay, your children will pay, your generation will pay, and that’s what it is.\" Obasanjo urged participants at the retreat to reflect on the country's economic challenges, the decisions that led Nigeria to its current situation, and the measures needed to reverse the trend.",
  "summary": "Former President Olusegun Obasanjo has warned that Nigeria's increasing debt burden will be paid by the present generation, their children and their grandchildren if urgent steps are not taken to address it. Obasanjo stated this on Monday while speaking at the 7.0 Presidential Youth Mentorship Retreat, themed 'African Youth Renaissance', held at the Youth Development […] 'Our entire generation…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}