Debt Is Worse Than Leprosy — Obasanjo Tackles Tinubu Over Borrowing Comment

Former President Olusegun Obasanjo has criticised President Bola Tinubu over his defence of government borrowing, describing debt as more damaging than leprosy because its consequences can affect generations.

Obasanjo made the remarks on Friday at the Ajibosin Platform, a public forum held in Abeokuta, Ogun State, themed “Leveraging Artificial Intelligence to Solve Grassroots Problems and Accelerate National Development.”

Reacting to Tinubu’s earlier statement that borrowing was not leprosy, the former president described the position as “absolute nonsense.”

“And for anybody to say debt is no leprosy, is absolute nonsense. Debt is worse than leprosy. Because leprosy destroys only one person. Debt destroys generations,” Obasanjo said.

Tinubu had defended his administration’s borrowing policy in April, saying the government would continue to obtain loans when necessary to finance development projects.

“If we have to borrow, we borrow. Borrowing is not leprosy, we just have to work hard to be able to pay for it,” the President had said during a meeting with Plateau State leaders at the Presidential Villa in Abuja.

Obasanjo also questioned Nigeria’s economic performance, particularly the depreciation of the naira against the United States dollar.

Recalling the exchange rate when he started his farm 47 years ago, he said the naira was then exchanging at N1 to $1.85.

“What has Nigeria done in 47 years that we now have 1,500 naira to the dollar? What have we done?” he asked.

The former president further questioned the capacity of political leaders to make decisions capable of improving the lives of Nigerians.

He also criticised Nigeria’s dependence on the World Bank and the International Monetary Fund (IMF), arguing that their policies were not necessarily designed to address the country’s specific economic realities.

“World Bank and IMF were not designed for us. They were not built by us. They were built before we became independent. And that’s the people who would determine what we do,” he said.

Obasanjo’s comments came amid renewed public debate over the Federal Government’s request for legislative approval to secure fresh external loans, including $20.52 billion and €1.045 billion.

Tinubu, in a statement released on Friday, defended the proposed borrowing, arguing that the focus should be on the infrastructure and economic value the loans would generate rather than the amount borrowed.

He listed major road projects, electricity grid upgrades and port modernisation among the investments expected to support economic growth and create opportunities for future generations.

The exchange highlights differing positions on the government’s borrowing strategy and the long-term implications of public debt for Nigeria’s economy.