Obasanjo: Future generations would bear Africa’s huge debt burden | Only prayers can save Nigeria

Former President Olusegun Obasanjo says it would be difficult for Africa’s coming generations to secure debt relief due to the mismanagement of previous debt waivers.

Obasanjo spoke on December 31, 2023 during the ceremony of the Future Africa Leaders Award (FALA) 2023.

The award is an initiative of Chris Oyakhilome, founder of Loveworld Inc.

Obasanjo said the level of mismanagement of previous debt reliefs would make future debt forgiveness for Nigeria doubly difficult.

According to a statement issued on Wednesday by Kehinde Akinyemi, Obasanjo’s media aide, the former president said debts are a trap that no nation should fall into as it constitutes an albatross on any economy.

“With the level of mismanagement of the previous debts written off for the country, it will be almost impossible for any administration to get a similar gesture in the continent,” the former president was quoted as saying by his aide.

“The coming generations will have no choice but pay the current debt being incurred by different countries on the continent.”

The former president commended Oyakhilome for his efforts in building leaders, adding that Nigeria needs people like him to address the leadership crisis.

PARIS CLUB DEBT FORGIVENESS

Obasanjo was Nigeria’s president from 1999 to 2007. During his tenure, he embarked on a diplomatic campaign to cancel the country’s debt.

Upon his assumption of office in 1999, the country’s external debt was $28.04 billion, with the Paris Club accounting for a chunk of that percentage.

At the end of his tenure in 2007, the nation’s debt burden had been reduced to $2.11 billion.

Obasanjo pursued debt relief for the country midway through his tenure in 2003.

In October 2005, Nigeria and the Paris Club announced a final debt relief agreement worth $18 billion — an overall reduction of Nigeria’s debt stock by $30 billion.

Nigeria made a final payment in April 2006 and the country was cleared of its Paris Club debt.

This is often regarded as one of the achievements of the Obasanjo-led administration.

‘PRAYERS CAN SAVE NIGERIA’

In a related development, the former president said Nigeria’s socio-economic woes could be ameliorated in another four years with prayers and thanksgiving.

Obasanjo spoke at the 5th thanksgiving service organised by the Christian Association of Nigeria (CAN) Ogun chapter, during his conferment as the Asiwaju Onigbagbo of Ogun.

“Think about it. If you can breathe the free air of God, you should have cause to thank God,” he said.

“So, things are bad, they may be good in a space of what… four years? And who knows for Nigeria, things that are bad today, may be good tomorrow.

“That is our prayer and that is why we must never stop thanking God. In all situations, give thanks to God.”