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“Nigeria’s Rising Debt is a Threat to Future Generations” – Obasanjo Warns
Former President Olusegun Obasanjo has raised concerns over Nigeria’s escalating debt, warning that it poses a serious challenge for both current and future generations.
He shared his thoughts during a recent Zoom discussion titled Boiling Point Arena, where he reflected on the country’s economic path and leadership choices.
Nigeria’s debt has experienced a significant increase, climbing by a staggering N12.6 trillion within just three months.
As of the end of the second quarter of 2024, the nation’s total debt stood at N134.3 trillion (about $91.3 billion), marking a sharp 10.35% rise from the N121.7 trillion recorded at the close of the first quarter.
Obasanjo, who was instrumental in securing debt relief for Nigeria during his tenure from 1999 to 2007, expressed deep concern over the current state of affairs.
He noted that his administration’s efforts to clear the country’s debt burden have been undermined by the recent trend of heavy borrowing.
“Yes, I was able to secure debt forgiveness for the nation before I left office, but now we’re facing a debt problem that will affect not just this generation, but the next as well,” he stated.
It has been reported that a Nigerian won the 2026 Spelling Bee World Championship, which was held in Shanghai, China. The winner, Chinedu Great Okdediachi, has now returned home to Delta State after his victory.
It can be noted that the student had already emerged as one of the Gold Award winners in the Middle School Group category.
“Congratulations once again, Chinedu! Your success continues to inspire young Nigerians to pursue excellence through education. Welcome home, Champion!”
The young star has made Nigeria proud by winning the international competition.
President Bola Ahmed Tinubu has stated that his administration’s economic reforms have helped stabilise Nigeria’s economy and placed the country on a path toward steady growth.
He said “My reforms have stabilised Nigeria’s economy and put it on a path of steady growth.”
The President added that the reforms are creating more opportunities for development across the country.
However, many Nigerians reacted online, with some questioning the impact of the reforms and saying they have yet to experience the positive effects.
Nigerian politician and FCT Minister, Nyesom Wike, has said that he is aware many civil servants do not like him.
He shared that he understands why he is unpopular among some civil servants, explaining that funds previously spent on unnecessary conferences are now being redirected to road construction projects.
He said “Some people say conferences for corruption and I say what is that? You are going for conferences to do what? These are ways government funds are being diverted. I say put this money in this road here and the people will get the impact.”
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