Former President Olusegun Obasanjo has taken a swipe at the financial spending pattern of the President Bola Ahmed Tinubu led administration, warning that the country’s rising debt profile could plunge the nation into serious and unmanageable crisis situation.
This was even as he particularly warned against borrowing by the government without a clear plan on how to repay or how the money will improve the lives of the people.
Obasanjo noted that the Tinubu administration continues to spend heavily without caution, stressing such careless spending particularly at a time when the country is already battling serious financial pressure does not argue well for the wellbeing of the nation.
Former President Obasanjo, who spoke during an interview on Advocate for Good Governance, during which he discussed issues affecting the country, including governance, debt management, and the economy, stressed that any government that takes over power while the nation is deeply indebted should focus more on financial discipline and careful management of public funds instead of increasing expenses.
Obasanjo emphasised that leadership requires wisdom and accountability, especially in difficult economic periods when citizens are already struggling with hardship caused by inflation and the rising cost of living.
He further said; “It is dangerous for a government to continue spending recklessly while the country’s debt burden keeps increasing. Such actions could create more economic problems and place extra pressure on future generations who would eventually bear the burden of repayment”.
Obasanjo particularly raised concerns about borrowing without clear plans on how the loans would improve the lives of citizens or how the debts would be repaid, insisting that
governments must ensure that public funds are properly managed and directed toward projects that can improve development and strengthen the economy.
The former president noted that the Tinubu administration’s spending pattern is akin to a drunken sailor, stressing that it was wrong for an administration that met huge debts on ground to continue spending without restraint.
In the words of Obasanjo; “Nigeria is already carrying a heavy debt burden, and that should make any responsible government careful with spending.
“When a country is in serious debt, the first duty of leadership is to control expenses and manage resources wisely.
“Public funds must be handled with discipline because waste at the top affects every citizen. If government continues to spend without control, it will only make the economic situation worse.
“The impact of poor financial decisions today will be carried by future generations. Leadership is about accountability, especially when the economy is under pressure. Loans should be tied to real development, not just routine spending that brings no clear benefit,” he stated.
