Former President Olusegun Obasanjo has criticised President Bola Tinubu's defence of government borrowing, warning that Nigeria's rising debt burden could mortgage the future of generations yet unborn.
Obasanjo, who secured about $30bn in debt relief for Nigeria during his administration, argued that excessive borrowing had consequences far beyond those associated with leprosy, which affects individuals.
He made the remarks on Friday at the third Ajibosin Annual Symposium held at the Olusegun Obasanjo Presidential Library, Abeokuta, Ogun State.
The event focused on the use of artificial intelligence to address grassroots challenges and promote national development.
Reacting to Tinubu's recent assertion that borrowing was not leprosy and that the government only needed to work towards repayment, the former President dismissed the argument, questioning the country's economic direction and the capacity of its leaders to manage public finances.
Obasanjo also faulted the influence of the World Bank and International Monetary Fund on Nigeria's economic policies, arguing that their recommendations often failed to reflect the country's realities.
He cited agricultural subsidies in developed countries as an example of what he described as unequal economic prescriptions.
He further expressed concern over the depreciation of the naira, recalling that when he established his farm 47 years ago, the exchange rate was about N1 to $1.85.
He questioned how the currency had deteriorated to approximately N1,500 to the dollar, adding, “Debt is worse than leprosy, because leprosy destroys only one person. Debt destroys generations.”
The former President also cautioned Nigeria against adopting artificial intelligence without adequate control and safeguards, warning that technology developed and controlled by foreign interests could be exploited against African countries.
Delivering the symposium lecture, historian and political commentator, Dr Umar Ardo, similarly warned that Africa risked another phase of economic exploitation if it failed to control its data, technological infrastructure and intellectual property.
Ardo argued that Africa had historically supplied human resources and raw materials while foreign powers controlled the technology and profited from the arrangement.
He warned that the same pattern could emerge in the AI era, with African-generated data becoming another resource exploited by foreign companies unless the continent develops the capacity to own, manage and benefit from its technological assets.
