Obasanjo says debt is worse than leprosy, calls Tinubu's borrowing remark 'nonsense'
Former President Olusegun Obasanjo has criticised President Bola Tinubu's attitude to government borrowing, reportedly describing the President's past comparison of debt to leprosy as nonsense.
What he said
Speaking at a public forum in Abeokuta, Ogun State, on Friday, 30 October 2026, Obasanjo said debt was worse than leprosy because leprosy destroys only one person, while debt destroys generations. He was responding to a remark Tinubu made in April, when the President said borrowing was not leprosy and that the country simply had to work hard to repay its loans.
Other points
Obasanjo reportedly recalled that when he started his farm 47 years ago, one naira was worth more than a dollar, compared with about ₦1,500 to the dollar today, and asked what Nigeria had done with that time. He questioned whether the country's leaders understood its needs, criticised Nigeria's reliance on the World Bank and International Monetary Fund, and said Nigeria was advised not to subsidise its farmers while rich countries support theirs. He also warned against relying too heavily on foreign-trained economists whose advice may not suit Nigeria. The forum was focused on using artificial intelligence to solve grassroots problems.
Background
Obasanjo, who led Nigeria from 1999 to 2007, is credited by supporters with securing relief from much of the country's foreign debt in 2005. His comments came a day after Tinubu published an essay defending his government's new external loans, arguing that debt should be judged by what it builds and pointing to falling inflation and rising reserves. The President has asked the Senate to approve new borrowing of about $20.5 billion and €1 billion, which opposition figures including Atiku Abubakar have criticised.
What happens next
The Presidency had not responded to Obasanjo's remarks at the time of the report, and the debate over debt is likely to feature strongly in the 2027 campaign.
- Obasanjo says debt destroys generations, while leprosy destroys one person.
- He questioned reliance on the World Bank and IMF.
- His remarks came a day after Tinubu defended new loans.
