Elder statesman and founder of Afe Babalola University, Ado-Ekiti (ABUAD), Aare Afe Babalola, SAN, has expressed deep concern over Nigeria’s growing debt burden, warning that the country’s economic reputation is deteriorating and discouraging foreign investment.
Babalola stated this at the weekend in Ado-Ekiti during the 2025 International Leadership Conference on Leadership, Governance, Sustainable Change and Wealth Creation (2.0), jointly hosted by ABUAD, Nigeria, Trinity Western University (TWU), Vancouver, Canada, & African Centre for Leadership, Strategy and Development (CentreLSD)
Speaking at a conference themed ‘Shaping Transformational Leaders for a Changing World: Tackling Insecurity, Governance and Development’, the legal icon described the theme of the event as “most appropriate at this time of our development,” noting that the nation’s financial situation had become alarming.
The nonagenarian lamented that the country’s worsening debt profile was undermining investor confidence, adding that the local financial sector is equally feeling the strain, citing complaints from banks that the Central Bank of Nigeria (CBN) has been unable to honour government promissory notes.
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He, therefore, called for urgent reforms and responsible fiscal management to restore economic stability, investor confidence, and sustainable development in Nigeria.
“The theme of this Conference is most appropriate at this time of our development. The record shows that Nigeria, as of today, is a big debtor country; Nigeria’s total public debt is put at N152.4 trillion or $99.7billion.
“Consequently, most business companies from other countries do not want to invest in this debtor country. As I am talking to you now, I know as a fact that our banks are complaining that the Central Bank is not honouring Promissory Notes issued by the government on the allegation that the Federal Government is in debt and cannot pay the Central Bank.
“The main function of a government is contained in Section 14 of the Constitution. For avoidance of doubt, it reads as follows: The Federal Republic of Nigeria shall be a State based on the principles of democracy and social justice.
“It is hereby, accordingly, declared that: Sovereignty belongs to the people of Nigeria from whom the government, through this Constitution, derives all its powers and authority.
“The security and welfare of the people shall be the primary purpose of government. The participation by the people in their government shall be ensured in accordance with the provisions of this constitution,” he said.
In his lecture titled, ‘Transformational Leadership in an Insecure and Disruptive Era: Building Ethical, Resilient and Impactful Leaders for Africa’, a development expert and founding Executive Director of African Centre for Leadership, Strategy and Development (CentreLSD), Otive Igbuzor identified transformational leadership as a major tool necessary to combat bad governance, corruption, unemployment, gender inequality and environmental degradation in Nigeria and Africa at large.
Igbuzor, who noted that Nigeria and Africa require a new generation of leaders who can challenge conventional approaches and promote innovations, explained that transformational leadership will enable the government to reward merit, integrity and innovation rather than mediocrity and patronage.
He added that Nigeria must be guided by the imperatives of ethical leadership, innovative education, institutional Integrity, Inclusive Governance and continental collaboration, calling on the federal government to institutionalise leadership training across schools and universities in ensuring that leadership formation becomes as essential as literacy.
In her address, the Vice Chancellor of ABUAD, Professor Smaranda Olarinde, noted that the conference was timely, as it emphasises the vital importance of international, regional and public-private partnership in tackling the underlying challenges such as insecurity, hunger, poverty, infrastructural decay and economic uncertainties.
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