Former President Olusegun Obasanjo has criticised the federal government’s spending habits, warning that Nigeria’s growing debt profile could worsen if fiscal discipline is not urgently enforced.
Cityspy reports that Obasanjo made the remarks during an interview on Advocate for Good Governance, where he spoke on governance, debt management, and the country’s economic challenges.
He expressed concern over what he described as excessive and unguarded spending by the government at a time when the nation is already under significant financial strain.
According to him, any administration that inherits a heavily indebted economy should prioritise prudence, accountability, and efficient use of public resources rather than expanding expenditure.
Obasanjo stressed that leadership requires discipline, especially during periods of economic hardship marked by inflation and rising cost of living, noting that citizens are already feeling the impact of poor economic conditions.
He warned that continued reckless spending could deepen Nigeria’s economic troubles and increase the burden on future generations who would eventually be responsible for repaying the debts.
The former president also questioned the rationale behind continuous borrowing without clear, measurable plans on how such funds would improve citizens’ welfare or drive national development.
He insisted that public funds must be directed toward productive projects capable of strengthening the economy and delivering tangible benefits to Nigerians.
Describing the situation, Obasanjo likened the government’s spending pattern to that of a “drunken sailor,” arguing that an administration facing heavy debt obligations should act with greater restraint and responsibility.
He said government borrowing must be tied to meaningful development outcomes, not routine expenditures that offer little or no long-term value.
Obasanjo added that fiscal irresponsibility at the leadership level ultimately affects every citizen and undermines the country’s economic future.
READ ALSO:
- NDLEA Nabs 67-Year-Old UK-Based Grandma With 13kg Cocaine Hidden In Fake Plantains
- FCMB Records N177.3bn Profit, Shareholders Approve N23bn Dividend
- Tinubu Reaffirms Commitment to Religious Harmony, Says He Looks Forward to Hosting Pope Leo XIV
- SERAP demands Akpabio, Abbas explain ₦1.3bn budgeted for ‘fictitious’ council
- PFIPC Scandal Deepens as Presidency Alleges Insider Collusion, Orders DSS, Police, EFCC Probe
