Former President Olusegun Obasanjo voices worry about Africa’s growing debt, stating that the continent’s next generations will bear the burden. He cautions that mismanagement may hinder future debt relief efforts.
Obasanjo points out the alleged mismanagement of debt relief during his tenure, contributing to Nigeria’s current substantial debt.
At an event with Future Africa Leaders, he emphasizes the leadership crisis in Africa and warns that the coming generations will inevitably inherit the current debt challenges.
Nigeria’s public debt is reported at N87.91tn as of September 2023. At the event, Obasanjo commends Pastor Chris Oyakhilome for efforts in building leaders, urging leaders to set examples, be bold, learn from mistakes, and have realistic dreams.
The Debt Management Office reveals that Nigeria’s total public debt comprises N31.98tn in external debt and N55.93tn in domestic debt as of the third quarter of 2023.
Obasanjo’s administration secured debt relief for Nigeria in 2003, culminating in an $18bn relief deal with the Paris Club in 2006.
In a related development, Obasanjo expresses hope for improved socio-economic conditions in Nigeria in four years through prayers and thanksgiving during the Christian Association of Nigeria’s Thanksgiving service in Ogun State.
The concerns over Africa’s debt, mismanagement, and leadership challenges underscore the need for strategic measures to address economic issues and ensure sustainable development.
