“Debt Destroys Generations” — Obasanjo Warns Nigerians: “You Will Pay, Your Children Will Pay”

According to a report by Daily Post on Monday November 09, 2026, former President Olusegun Obasanjo has warned that Nigeria’s mounting debt could place a heavy financial burden on generations of citizens, including their children and grandchildren, unless urgent measures are taken to reverse the trend.

He issued the warning on Monday while addressing participants at the 7.0 Presidential Youth Mentorship Retreat, themed “African Youth Renaissance”, held at the Youth Development Centre, Olusegun Obasanjo Presidential Library, Abeokuta, Ogun State.

Obasanjo expressed concern that Nigeria’s debt had risen from $36 billion during his administration, which he considered a significant challenge at the time, to approximately $147 billion.

He also highlighted the growing cost of servicing the country’s obligations, warning that Nigeria could be spending as much as $15 billion annually on debt payments under its current debt profile. He recalled that his administration spent about $3.6 billion yearly on debt servicing despite efforts to reduce the national debt.

The former president questioned how successive governments had utilised borrowed funds, urging Nigerians to demand explanations about the projects and investments financed through the loans.

“What have we spent the money that we borrowed on? Where is the spending?” he asked.

Obasanjo recalled that Nigeria’s debt had fallen to below $4 billion following the debt relief secured under his administration. He also claimed that his government left more than $65 billion in foreign reserves and over $25 billion in the Excess Crude Account, bringing the combined reserves to more than $90 billion.

Expressing concern over the country’s return to heavy borrowing, he urged young Nigerians to pay closer attention to economic decisions and their long-term consequences.

“Debt is more than leprosy. Leprosy destroys one person; debt destroys generations,” he said.

He added: “You will pay, your children will pay, your generation will pay and that’s what it is.”

Obasanjo urged participants to examine the policies that had brought Nigeria to its current economic position and consider what was needed to change its direction.

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