Former President Olusegun Obasanjo has criticised the Tinubu administration’s spending and borrowing approach, warning that Nigeria’s rising debt could lead to a serious economic crisis.
Speaking on _Advocate for Good Governance_, Obasanjo said the government was spending heavily without clear plans for repayment or for improving citizens’ welfare. He argued that such spending was ill-advised at a time when the country already faces financial pressure.
“It is dangerous for a government to continue spending recklessly while the country’s debt burden keeps increasing,” he said. “Such actions could create more economic problems and place extra pressure on future generations who would eventually bear the burden of repayment.”
Obasanjo said any government inheriting a high debt burden should prioritize financial discipline and careful management of public funds rather than increasing expenses. He described the current spending pattern as similar to “a drunken sailor” and said it was wrong for an administration that met huge debts to continue spending without restraint.
He urged that loans be tied to projects with clear development benefits and repayment plans.
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“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,” he said.
Obasanjo added that leadership requires wisdom and accountability, especially during periods of inflation and rising cost of living that are already straining households.
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