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Former President Olusegun Obasanjo has predicted that coming generations will be left with no other option than to pay the debts accrued as a result of mismanagement by previous administrations.
The former President is reputed for securing a debt relief amounting to some $18 billion for Nigeria from the Paris and London Club during his reign in 2003 - a gesture also extended to his counterpart from Algeria during the same period.
He also paid another $18 billion to make the nation debt-free, thus setting the country on the path of economic recovery.
However, all these gains have been gradually eroded since his exit from power in 2007, with Nigeria currently having a foreign debt portfolio bigger than it ever does.
Commenting on this development, the Otta farmer blamed previous administrations for the regressions, adding that it would be almost impossible for any administration to get a similar gesture in the continent.
According to a statement by his Media Aide, Kehinde Akinyemi, on Wednesday, January 3, 2024, Obasanjo made this known while speaking during an engagement with 2023 awardees of the Future Africa Leaders Foundation, an initiative of Pastor Chris Oyakhilome.
The former President noted that debts were a trap that no individual or nation should fall into as it could spell the death knell of any economy.
While identifying leadership as the number one problem militating against the African continent, Obasanjo said, “The coming generations will have no choice but to pay the current debt being incurred by different countries in the continent.”
He also heaped praise on Pastor Oyakhilome for his efforts to build leaders, stating that the nation can use more people like him to resolve the leadership crisis facing the continent.
Speaking during the questions and answers session, he highlighted the qualities of a leader, saying, “A leader should be able to set good examples, be bold and courageous when making decisions, accept mistakes and learn from them as well as have a realistic dream.”