Nigeria, Oct. 31 -- Former President Olusegun Obasanjo has criticised the Bola Tinubu administration's continued pursuit of domestic and external loans to finance the national budget and execute projects across various sectors, warning that excessive borrowing could destroy future generations.

Mr Obasanjo, who democratically governed Nigeria between 1999 and 2007, argued that the country's continued borrowing and reliance on foreign institutions, particularly the World Bank and the International Monetary Fund (IMF), might not address its economic challenges, insisting that the institutions were not established to solve Nigeria's problems.

The former president spoke on Friday in Abeokuta, the Ogun State capital, at the Ajibosin Platform,...