According to a report by Premium Times on Saturday, October 31, 2026, former President Olusegun Obasanjo has faulted the Bola Tinubu administration over its continued reliance on domestic and foreign loans to fund the national budget and implement projects across different sectors, warning that excessive borrowing could place future generations at serious economic risk.
Obasanjo, who served as Nigeria’s democratically elected president from 1999 to 2007, expressed concern about the country’s growing dependence on borrowed funds to meet its financial obligations.
He maintained that continuously accumulating debts without addressing the underlying economic challenges could create difficulties for generations yet unborn.
The former president also questioned Nigeria’s reliance on international financial institutions, particularly the World Bank and the International Monetary Fund (IMF), arguing that their interventions might not provide lasting solutions to the country’s economic problems.
He insisted that Nigeria should reconsider its dependence on these organisations for economic direction and assistance.
Obasanjo made the remarks on Friday in Abeokuta, the Ogun State capital, while speaking at the Ajibosin Platform, a public discussion organised around the theme, “Leveraging Artificial Intelligence to Solve Grassroots Problems and Accelerate National Development.”
During the gathering, the former Nigerian leader also expressed reservations about the ability of the country’s political leaders to make appropriate decisions that would improve the welfare of citizens.
He questioned whether those occupying positions of authority possessed the necessary understanding and commitment to develop policies capable of addressing Nigeria’s challenges.
He further argued that the historical circumstances surrounding the establishment of the World Bank and IMF raised questions about their suitability as institutions responsible for determining the economic direction of an independent Nigeria.
According to him, the country should critically examine the influence these international organisations have on its economic decisions.
Obasanjo said the institutions were established before Nigeria attained independence and were not originally created to address the country’s specific developmental challenges.
“World Bank and IMF were not designed for us. They were not built by us. They were built before we became independent. And that’s the people who would determine what we do,” he added.
SOURCE: Gashinangashinan
