Former President Olusegun Obasanjo has criticised the growing debt crisis in Africa, pointing out that much of the debt is driven by recklessness and corruption.
Speaking at an event with youths from the Future Africa Leaders Foundation, Obasanjo revealed that Nigeria had taken out a loan for a carpet industry that never came to fruition, yet the country still repaid the debt.
The statement was issued by his Special Assistant on Media, Kehinde Akinyemi.
The statement read, “the former president, addressing Africa’s rising debt burden, Obasanjo criticised the recklessness and corruption behind many debts. He shared an example of a Nigerian state where a loan was taken for a carpet industry that never materialised, yet the debt was repaid,” his spokesman stated.
The former president also revealed that his outspoken stance on both national and international matters led to his imprisonment under the military regime of the late Head of State, Gen. Sani Abacha, in 1995. He further explained that his decision to pursue the presidency in 1999 stemmed from a desire to prevent Nigeria from disintegrating. Obasanjo confessed that after retiring from military service at the age of 42 in 1979, he turned to farming.
It is important to note that Obasanjo served as Nigeria’s military head of state from 1976 to 1979. The youth delegation included 10 winners of the distinguished Future Africa Leaders Awards. Obasanjo reflected on his imprisonment as one of the significant challenges he faced, attributing it to his unwillingness to remain silent on critical issues.
He said, “I joined the army and retired at 42, but I was still young, energetic, and dynamic. So, I took up agriculture. During that time, I was imprisoned, something I didn’t want.
“Going to prison is a challenge, but I ended up there because I refused to keep quiet. For me, if there was something to comment on, I spoke out, and that landed me in prison.
“When I came out, the situation in the country was so dire that some people felt it needed saving, and pressure mounted on me to intervene.”
He praised Pastor Chris Oyakhilome, the founder of the Future Africa Leaders Foundation, for his consistent efforts since 2013 in empowering African youths.
“What Pastor Chris Oyakhilome has been doing is marvellous,” he said. “Some may see it as a drop in the ocean, but many drops make the ocean.
I am very pleased with this project and wish him continued success.”
Obasanjo encouraged the award winners to embrace their roles as leaders, saying, “Carry the torch and spread it. You are the leaders of today, not tomorrow. Take positive, disruptive action to make a difference.
