Obasanjo Rejects Tinubu's Borrowing Stance as Absolute Nonsense

Former President Olusegun Obasanjo criticized President Bola Tinubu's approach to national debt during the Ajibosin 3.0 Symposium in Abeokuta. Obasanjo rejected Tinubu's previous assertion that borrowing is not like leprosy, calling the claim absolute nonsense and arguing that debt is worse than the disease because it destroys entire generations rather than a single person.

Obasanjo highlighted Nigeria's economic decline by noting the naira's depreciation from 1.85 to the dollar 47 years ago to approximately 1,500 today. He further criticized the influence of the World Bank and International Monetary Fund, asserting that these institutions were not designed for Nigerians and that their economic prescriptions often ignore local realities, specifically by discouraging essential agricultural subsidies.

During the event, Obasanjo and historian Umar Ardo warned that adopting artificial intelligence without local control over infrastructure and data could create a booby trap for the nation. Ardo cautioned that dependence on foreign-owned AI could reproduce historical patterns of colonial exploitation. Obasanjo added that any technology not under local control remains open to abuse against the country.