Former President Olusegun Obasanjo has raised fresh concerns over Nigeria’s growing debt profile, warning that the country could slide into deeper financial trouble if the current administration fails to rein in what he described as excessive and poorly managed public spending.

Speaking during an interview on Advocate for Good Governance, Obasanjo said Nigeria’s economic direction requires urgent discipline, especially at a time when the nation is already under heavy debt pressure and citizens are grappling with inflation and rising living costs.

According to him, any government that inherits a heavily indebted economy must prioritise fiscal responsibility, careful planning, and accountability rather than expanding expenditure without clear justification.

He warned that continued borrowing without transparent repayment strategies or measurable developmental impact could worsen Nigeria’s financial vulnerability and place an unnecessary burden on future generations.

Obasanjo expressed concern that some of the country’s borrowing decisions appear disconnected from long-term development goals, stressing that loans should only be taken when they are tied to productive investments that improve citizens’ welfare.

He also criticised what he described as reckless spending habits within government, arguing that wasteful financial practices at the top eventually trickle down to affect ordinary Nigerians.

In one of his strongest remarks, the former president compared the current spending approach to that of a “drunken sailor,” insisting that such behaviour is dangerous for a country already struggling with debt sustainability.

He said leadership, especially in difficult economic times, demands restraint, discipline, and a clear focus on managing public resources in a way that strengthens the economy rather than weakening it.

“Nigeria is already carrying a heavy debt burden, and that should make any responsible government careful with spending,” Obasanjo said. “When a country is in serious debt, the first duty of leadership is to control expenses and manage resources wisely.”

He further stressed that every borrowing decision must be tied to visible development outcomes, not routine administrative spending that offers little or no benefit to the public.

Obasanjo added that poor financial decisions made today will inevitably shape the economic reality of future generations, urging leaders to prioritise accountability and sustainable economic planning.

His comments add to ongoing national debates about Nigeria’s debt trajectory, fiscal policies, and the long-term impact of government spending choices on economic stability.