“When I Started My Farm, 47 Years Ago, Naira To The Dollar Was One Naira To $1.85. 47 Years–Obasanjo

According to a report by Premium Times on Saturday, October 31, 2026, former President Olusegun Obasanjo has expressed concern over the Bola Tinubu administration’s continued dependence on domestic and foreign loans to fund the national budget and implement development projects across different sectors, warning that excessive borrowing could place an unbearable burden on future generations of Nigerians.

Obasanjo, who served as Nigeria’s democratically elected president from 1999 to 2007, questioned the country’s growing reliance on borrowed funds and financial assistance from international institutions.

He maintained that continuously obtaining loans without addressing underlying economic challenges could worsen the nation’s financial situation rather than provide lasting solutions.

The former president particularly criticised Nigeria’s dependence on foreign financial organisations, including the World Bank and the International Monetary Fund (IMF).

According to him, these institutions were not established to resolve Nigeria’s economic difficulties, suggesting that the country should reconsider its approach to financing development and managing its economy.

Obasanjo made his position known on Friday while speaking in Abeokuta, the Ogun State capital, during an event organised by the Ajibosin Platform.

The public gathering focused on the theme, “Leveraging Artificial Intelligence to Solve Grassroots Problems and Accelerate National Development,” bringing attention to the importance of technology in addressing challenges and promoting national progress.

During his address, the former Nigerian leader also expressed dissatisfaction with the country’s economic management, particularly the significant depreciation of the naira against the United States dollar over several decades.

He questioned the economic decisions and policies that had contributed to the country’s present financial condition.

Obasanjo recalled that the exchange rate was considerably stronger when he established his farm 47 years ago, noting that the naira’s value against the dollar had deteriorated dramatically over the years.

He used the comparison to highlight what he considered a failure to achieve meaningful economic progress despite the country’s numerous years of economic activities and development efforts.

“When I started my farm, 47 years ago, naira to the dollar was one naira to $1.85. Forty-seven years ago. What has Nigeria done in 47 years that we now have 1,500 naira to the dollar? What have we done?” he asked.

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