Former President Olusegun Obasanjo has criticized the spending pattern of the current administration, warning that Nigeria’s rising debt situation could become worse if the government continues to spend heavily without caution.
PrimeTimes Nigeria reports that Obasanjo spoke during an interview on Advocate for Good Governance, where he discussed issues affecting the country, including governance, debt management, and the economy.
The former Nigerian leader expressed worry over what he described as careless spending at a time when the country is already battling serious financial pressure.
According to him, any government that takes over power while the nation is deeply indebted should focus more on financial discipline and careful management of public funds instead of increasing expenses.
He said leadership requires wisdom and accountability, especially in difficult economic periods when citizens are already struggling with hardship caused by inflation and the rising cost of living.
Obasanjo stated that it was dangerous for a government to continue spending recklessly while the country’s debt burden keeps increasing.
He warned that such actions could create more economic problems and place extra pressure on future generations who would eventually bear the burden of repayment.
The former president also raised concerns about borrowing without clear plans on how the loans would improve the lives of citizens or how the debts would be repaid.
He maintained that governments must ensure that public funds are properly managed and directed toward projects that can improve development and strengthen the economy.
During the interview, Obasanjo compared the government’s spending pattern to that of a drunken sailor, saying it was wrong for an administration that met huge debts on ground to continue spending without restraint.
He said: “Nigeria is already carrying a heavy debt burden, and that should make any responsible government careful with spending. When a country is in serious debt, the first duty of leadership is to control expenses and manage resources wisely. You cannot keep borrowing without a clear plan on how to repay or how the money will improve the lives of the people.
“Public funds must be handled with discipline because waste at the top affects every citizen. If government continues to spend without control, it will only make the economic situation worse. The impact of poor financial decisions today will be carried by future generations. Leadership is about accountability, especially when the economy is under pressure. Loans should be tied to real development, not just routine spending that brings no clear benefit.”