Thursday, June 1, 2023

HomePolitics'Emulate Obasanjo's Approach When It Comes To Debt Management' - Afe Babalola...

‘Emulate Obasanjo’s Approach When It Comes To Debt Management’ – Afe Babalola advises Tinubu

  • Afe Babalola, the founder of Afe Babalola University, advises President-elect Asiwaju Bola Ahmed Tinubu to pursue debt forgiveness for Nigeria, inspired by former President Olusegun Obasanjo’s approach.

  • Babalola highlights the devaluation of the Nigerian naira and suggests that attracting investors would be futile.

  • The advice was given during a lecture on smart infrastructure, where Professor Bamidele Adebisi emphasized the importance of technology for societal development.

Renowned legal practitioner and founder of Afe Babalola University, Ado-Ekiti (ABUAD), Afe Babalola (SAN), has offered counsel to President-elect Asiwaju Bola Ahmed Tinubu, urging him to adopt the debt management strategy employed by former President Olusegun Obasanjo during his administration.

Babalola emphasized the need for Tinubu to prioritize seeking debt forgiveness for the nation upon assuming office.

He drew attention to the fact that Nigeria’s national currency, the naira, has significantly depreciated in value, making it futile to pursue foreign investors.

Speaking at a recent event held at the Alfa Belgore Hall of ABUAD, Babalola expressed his views to journalists after attending a lecture titled “Smart Infrastructure: Catalyst for Sustainable Development,” presented by Professor Bamidele Adebisi from the University of Manchester.

The esteemed educationist, recognizing Nigeria’s current status as one of the most indebted nations, asserted, “We owe trillions of dollars and continue to accumulate more debt, even as the current administration’s tenure draws to a close.

It has come to our attention that the incoming president is actively seeking potential investors for our country.

However, considering the devaluation of our national currency, I strongly advise focusing on debt forgiveness instead.”

During the lecture on smart infrastructure, Professor Adebisi emphasized the indispensable role of technology in societal development.

He asserted that leveraging technology as a tool can drive progress and pave the way for sustainable growth.

As Nigeria anticipates a new administration, the counsel provided by Afe Babalola serves as a reminder to approach economic challenges strategically and to learn from past experiences.

Embracing innovative solutions and harnessing the potential of technology can contribute to the nation’s development and progress.


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