Former President Olusegun Obasanjo has described Nigeria’s growing debt profile as a significant burden for both present and future generations.

Speaking during a Zoom interactive programme tagged “Boiling Point Arena” on Sunday, Obasanjo expressed concern over the nation’s rising debt profile.

The PUNCH reported Nigeria’s debt had surged by N12.6tn in three months, reaching N134.3tn ($91.3bn) by the end of the second quarter of 2024.

This marks a 10.35% increase from the N121.7tn recorded in the first quarter of the year.

Reflecting on his tenure, Obasanjo said, “Yes, I was able to secure debt forgiveness for the nation before I left office, but our present debt profile is a problem for both this and the next generation.”

Despite these concerns, the former President maintained optimism about Nigeria’s future, calling for transformative leadership and a robust fight against corruption to improve the nation’s trajectory.

Obasanjo cited South Korea and Singapore as examples of nations whose progress was rooted in merit-based and integrity-driven leadership.

He noted that South Korea’s focus on appointing leaders based on merit and Singapore’s emphasis on integrity under former Prime Minister Lee Kuan Yew are models Nigeria can emulate.

“The best way to fight corruption is from the top. In South Korea, their leaders make appointments based on merit, and that has become the country’s legacy.

“When I took students from the Olusegun Obasanjo Leadership Institute to meet Lee Kuan Yew, he spoke to them about leadership grounded in trust and integrity. Leadership must be about service