Former President Olusegun Obasanjo said Nigeria’s future is burdened by debt, blaming years of mismanagement by past administrations.
“The coming generations will have no choice but pay the current debt being incurred,” Obasanjo said.
Speaking at an event for young leaders on Wednesday, Obasanjo lamented the squandered opportunity of previous debt relief, secured during his own presidency in 2003. “With the level of mismanagement,” he stated, “it would be almost impossible for any administration to get a similar gesture in the continent.”
He likened debt to a dangerous trap, an “albatross on any economy,” and urged responsible leadership to avoid it. “Leadership is the number one problem facing the continent,” he said, stressing the need for a new generation of responsible stewards.
The event was hosted by Pastor Chris Oyakhilome’s Future Africa Leaders Foundation. Obasanjo commended Oyakhilome’s initiative to nurture ethical leaders.
During a Q&A session, Obasanjo outlined qualities vital for effective leadership: setting exemplary conduct, making bold decisions with courage, acknowledging mistakes and learning from them, and fostering realistic dreams.
