Former President Olusegun Obasanjo has criticized the current administration’s fiscal approach, warning that excessive spending in a heavily indebted economy could worsen Nigeria’s financial instability.
Obasanjo made the remarks during an interview on Advocate for Good Governance, a public affairs programme where he spoke extensively on governance, debt management, and national economic discipline. The former president, who has frequently weighed in on Nigeria’s economic direction, expressed concern over what he described as unsustainable financial practices by the government.
During the interview, Obasanjo reflected on the state of the economy and cautioned against reckless expenditure amid rising debt levels. He argued that leadership requires prudence, especially when a country is already struggling with repayment obligations and limited fiscal space. According to him, poor financial discipline at the top level of government could undermine development efforts and deepen economic hardship for citizens.
In his words, Obasanjo said: “Look, you come in as a government that is deep in debt and then you are spending money like a drunken sailor. So what do you expect.”
He further implied that governance must be guided by responsibility and accountability, stressing that borrowing without a clear repayment strategy or measurable development outcomes places a heavy burden on future generations. Obasanjo’s comments come amid ongoing national debates about rising public debt, budget deficits, and concerns over inflation and cost of governance….Read_More…