Former President Olusegun Obasanjo has criticised President Bola Tinubu’s position on government borrowing, describing debt as “worse than leprosy” and warning that excessive borrowing could place a lasting burden on future generations.
Obasanjo made the remarks on Friday, October 30, 2026, at the Ajibosin Platform, a public forum in Abeokuta, Ogun State, themed “Leveraging Artificial Intelligence to Solve Grassroots Problems and Accelerate National Development”.
Reacting to Tinubu’s earlier assertion that borrowing was not leprosy, provided the government could repay its loans, Obasanjo described the position as “absolute nonsense”.
“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.
Tinubu had made the original remark in April during a meeting with Plateau State leaders at the Presidential Villa, Abuja. On Thursday, the President again defended his administration’s borrowing plans, arguing that long-term financing was necessary to address Nigeria’s infrastructure deficit and support economic growth.
The debate has intensified following the Federal Government’s request for National Assembly approval to secure additional external loans of $20.52 billion and €1.045 billion under its 2026–2027 borrowing plan. The proposed financing is intended to support projects in areas including infrastructure, agriculture, healthcare, education and security.
Obasanjo also questioned Nigeria’s economic performance, recalling that when he established his farm 47 years ago, the naira exchanged at ₦1 to $1.85. He questioned how the currency had weakened to around ₦1,500 to the dollar and criticised Nigeria’s dependence on the World Bank and International Monetary Fund.
His comments come amid wider discussions about how Nigeria can strengthen its economy and support businesses beyond access to credit. TheDailyNewsHub previously examined this issue in its report, Nigerian Businesses Need More Than Loans to Grow, Says Oyedele.