Obasanjo Critiques Tinubu's Borrowing Comments in Ogun

Former President Olusegun Obasanjo criticized President Bola Tinubu's remarks regarding borrowing, which Tinubu described as not being "leprosy." Obasanjo labeled this view as "absolute nonsense" during a public forum in Abeokuta, Ogun State, on Friday. He warned that mounting debt could adversely affect generations of Nigerians, arguing that while leprosy destroys individuals, debt has the potential to destroy entire generations.

Obasanjo recalled the naira's value 47 years ago, when it was N1 to $1.85, contrasting it with the current exchange rate of N1,500 to the dollar. He expressed concerns about the political leadership's capacity to improve Nigerians' lives and criticized Nigeria's reliance on foreign institutions like the World Bank and International Monetary Fund (IMF), asserting that their policies do not cater to Nigeria's unique circumstances.

Obasanjo cautioned against adopting foreign economic prescriptions without considering local contexts.