He said that both the current and upcoming generations are burdened by the circumstance.

This was said by Obasanjo during a Zoom interactive show on Sunday called “Boiling Point Arena.”

By the conclusion of the second quarter of 2024, Nigeria’s debt had increased by ₦12.6 trillion in just three months, to ₦134.3 trillion ($91.3 billion).

Compared to the ₦121.7tn recorded in the first quarter of the year, this is a 10.35% growth.

“Yes, I was able to secure debt forgiveness for the nation before I left office,” Obasanjo remarked in reflection of his term, “but our current debt profile is a problem for both this generation and the next.”

The former president continued by expressing hope that transformative leadership may alter the course of the country.

He cited Singapore and South Korea as instances of countries whose development was founded on integrity-driven and merit-based leadership.

According to Obasanjo, Singapore places more emphasis on integrity than South Korea does on selecting leaders based on merit.

“Top-down approaches are the most effective way to combat corruption. Merit-based selections are made by South Korean authorities, and this has been ingrained in the nation’s culture.

“Lee Kuan Yew talked to students from the Olusegun Obasanjo Leadership Institute about leadership based on integrity and trust when I brought them to meet him. “Service, not self-enrichment, must be the focus of leadership,” Obasanjo stated.

A critical mass of people who are dedicated to denying illicit riches is the only way to abolish corruption in government, he added, criticizing those who see leadership as a tool for personal gain.