Obasanjo Critiques Tinubu's Borrowing Stance at Forum

On October 30, 2026, former President Olusegun Obasanjo responded to President Bola Tinubu's assertion that government borrowing should not be viewed negatively, calling it "absolute nonsense." Speaking at the Ajibosin Platform in Abeokuta, Ogun State, Obasanjo argued that debt from borrowing is more harmful than leprosy. He highlighted the negative impact of Nigeria's rising debt burden and the significant portion of national revenue allocated to debt servicing.

Obasanjo referenced the decline in the naira's value as a consequence of poor economic management over decades, recalling that when he established his farm 47 years ago, the exchange rate was one naira to $1.85. He also expressed concerns about Nigeria's reliance on international financial institutions like the World Bank and IMF, stating they were not designed with African nations in mind.

Obasanjo cautioned against depending on foreign-trained economic experts whose recommendations may not suit Nigeria's unique conditions.