Obasanjo warns future generation about rising African debts

Former Nigerian President Olusegun Obasanjo delivered a sobering message to young Africans on Wednesday, declaring that the continent’s current debt burden will likely be shouldered by future generations.

In a meeting with awardees of the Future Africa Leaders Foundation, Obasanjo voiced his pessimism about debt forgiveness, citing past mismanagement of previous debt relief efforts.

He noted that with the level of mismanagement of the previous debts written off for the country, it will be almost impossible for any administration to make similar gestures on the continent.

Obasanjo declared that the debts were a trap that no individual or nation should fall into, as they constitute an albatross for any economy.

Read Also: Alleged N37bn fraud: Buhari’s minister, Umar-Farouk snubs EFCC invitation

“With the level of mismanagement of the previous debts written off for the country, it will be almost impossible for any administration to make similar gestures on the continent,” Obasanjo stated in a release issued by his media aide, Kehinde Akinyemi.

The former president, who asserted that leadership was the number one problem facing the continent, said, “The coming generations will have no choice but to pay the current debt being incurred by different countries in the continent.”

His comments cast a shadow over the hopes of many African nations struggling under the weight of mounting debt, raising concerns about the economic prospects and financial security of future generations.

Obasanjo’s warning serves as a stark reminder of the need for responsible fiscal management across the continent. He implicitly criticized past failures to utilize debt effectively for development and urged current and future leaders to prioritize responsible borrowing and strategic investments that can yield sustainable economic growth.

The Future Africa Leaders Foundation, was established by Pastor Chris Oyakhilome of the Christ Embassy Church.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now