Obasanjo tackles Tinubu over borrowing policy, says debt worse than leprosy

Former President Olusegun Obasanjo has criticised President Bola Tinubu’s defence of government borrowing, describing his assertion that borrowing is not leprosy as “absolute nonsense”.

Obasanjo argued that excessive borrowing could destroy generations, warning that the consequences of accumulated debt extend beyond individuals to future generations.

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

Tinubu had defended his administration’s borrowing policy in April, insisting that taking loans was necessary when required, provided the government worked towards repayment.

“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.

Reacting to the comment, Obasanjo disagreed with the President’s position, arguing that the impact of debt was far more devastating than the disease.

“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,” he said.

His criticism comes amid renewed debate over the Federal Government’s borrowing plans, following Tinubu’s request to the National Assembly for approval of $20.52bn and €1.04bn in external loans to finance projects and programmes across various sectors.