Former Nigerian President Olusegun Obasanjo has criticised President Bola Tinubu over his administration’s borrowing policy, warning that excessive debt could mortgage the future of generations yet unborn.

Obasanjo made the remarks on Friday at the Ajibosin Platform, a public forum held in Abeokuta, Ogun State, where he challenged Tinubu’s assertion that borrowing was not inherently harmful if the government had the capacity to repay its loans.

The former president declared that debt was more damaging than leprosy, arguing that its consequences could extend beyond individuals to affect entire generations.

“And for anybody to say debt is no leprosy, is absolute nonsense. Debt is worse than leprosy. Because leprosy destroys only one person. Debt destroys generations,” Obasanjo said.

His criticism came days after Tinubu sought the National Assembly’s approval for a supplementary external borrowing plan worth approximately $20.52 billion and €1.045 billion to finance projects under the Federal Government’s 2026–2027 borrowing plan. The proposed loans are intended to support infrastructure, agriculture, healthcare, education, security and other development priorities.

Obasanjo also questioned Nigeria’s economic performance over the decades, expressing concern about the depreciation of the naira and the country’s reliance on foreign institutions, including the World Bank and the International Monetary Fund. He urged Nigerian leaders to adopt economic policies that reflect the country’s realities and deliver better living conditions for citizens.