Former Nigerian President, Olusegun Obasanjo, has accused ex-President Muhammadu Buhari of reckless spending, resulting in a struggling economy and widespread poverty. Obasanjo, who governed the country from 1999 to 2007, expressed concern over Buhari’s excessive borrowing and spending habits, which have left Nigeria drowning in debt. In an interview with The Cable, Obasanjo highlighted his disappointment in Buhari’s economic understanding and his alarming recklessness.
Obasanjo also criticized Bola Tinubu, the current President, for his frequent international trips, stating that they would not provide any meaningful solutions. Tinubu recently expressed his disapproval of debt accumulation by his predecessor, calling it a “path to destruction.” However, Obasanjo dismissed Tinubu’s efforts to trim down the number of government officials at the United Nations General Assembly, highlighting the insignificance of such actions.
Under Buhari’s leadership, Nigeria’s debt profile reached N46 trillion over an eight-year period, with claims that the loans were obtained for infrastructure development. Obasanjo further expressed concerns about the country’s ability to solve its debt crisis.
These criticisms align with the recent remarks made by former Central Bank of Nigeria’s governor, Sanusi Lamido. Sanusi criticized Buhari for his tolerance of corruption, even alleging that an inexperienced individual managed to acquire a private jet. Additionally, Sanusi highlighted that Nigeria had been living a false life for the past eight years, borrowing extensively both internally and externally. Debt service exceeded 100 percent, indicating that the government borrowed to repay debts, hindering the country’s growth potential.
Tinubu, who has also expressed concerns about debt accumulation, ordered the Central Bank of Nigeria to float the naira in June, allowing banks to determine exchange rates. This decision marked the end of years of dual exchange rates in the country.
