If public debt is a curse, why do major economies such as the United States and the United Kingdom continue to borrow? And if borrowing automatically means failure, should former President Olusegun Obasanjo be asking those countries to choose “leprosy” over debt?
These are questions Nigerians deserve to ask amid the ongoing debate over the Federal Government’s borrowing plans.
Debt is not automatically good or bad. What matters is how borrowed funds are used, whether they generate economic value, and whether the country can manage its repayment obligations responsibly.
Obasanjo’s Record Deserves Scrutiny Too
Former President Obasanjo has every right to criticise the current government. But his own record should also be examined when he speaks about public debt and economic management.
When Nigeria returned to democratic rule in 1999, the country eventually secured substantial debt relief. That created an opportunity to invest in infrastructure, education, healthcare and economic development.
Critics argue that despite the relief, Obasanjo’s administration failed to resolve longstanding challenges, including recurring strikes by university lecturers under the Academic Staff Union of Universities (ASUU).
The administration also pursued privatisation and sold major state-owned enterprises, including NITEL and Nigeria Airways. Supporters may defend those policies as necessary reforms, but Nigerians are entitled to ask whether the outcomes justified the sacrifices.
Workers’ Welfare and Unpaid Entitlements
The human cost of economic decisions should not be forgotten. Many workers lost their jobs during Obasanjo’s tenure, including employees of Nigeria Airways.
For families affected by those layoffs, the consequences were personal and lasting. The writer’s own uncle was among the workers who lost his job.
The Federal Government’s reported settlement of former Nigeria Airways workers’ entitlements under President Bola Tinubu also raises questions about how long affected workers had to wait for what they were owed.
Debate Debt With Facts, Not Insults
Nigeria needs a serious debate about borrowing, public spending and economic accountability. That debate should consider the debt levels of other countries, but it must also examine Nigeria’s revenue, borrowing costs, economic growth and ability to repay.
Obasanjo should be free to express his views, but his critics are equally entitled to assess his own record. Nigerians deserve consistency from their leaders, regardless of age, rank or political standing.
The question is not whether borrowing should be condemned outright. It is whether leaders can demonstrate that public money—borrowed or otherwise—is being used to improve the lives of Nigerians.
Opinion: This article reflects the writer’s views. Historical claims, debt figures and the timing of workers’ entitlement payments should be independently verified before publication.
