He also accused the President of lack of clear understanding of Boko Haram which gave the militant Islamic sect the opportunity to flourish and deepen insurgency in the north eastern part of the country.
“For quite some time, the covered and hushed-up corruption has had its toll on the economy,” Obasanjo said.
He said the increasing corruption under Jonathan had damaged the economy, warning that “in the future, we will have a budget that cannot be funded.”
“We may have to borrow to pay salaries and allowances. Revenue allocation to states and local governments has already drastically reduced. Capital projects at all levels may have to be drastically cut or stopped,” he added.
He reiterated his call for what he described as the “application of stick and carrot” in finding a solution to the activities of the Islamic sect.
Obasanjo spoke in Abuja during the public presentation of two books – ‘The story of my two worlds: Challenges, experiences’, (an Autobiography of a former President of the Court of Appeal and pioneer Chairman of the Independent Corrupt Practices and other related offenses Commission, Justice Mustapha Akanbi) and ‘A life of service and grace: Shared perspectives’, (a collection of Essays by scholars)
He said, “Boko Haram is not simply a menace based on religion or one directed to frustrate anybody’s political ambition. It is essentially a socio-economic problem that is tainted with religion. It is a gargantuan danger to the nation and to all Nigerians.
“Initially, President Jonathan’s understanding of Boko Haram phenomenon suffered from wrong reading and wrong imputation. That is what led us to where we are today.
“It took even the President more than three years to appreciate and understand that it is a terrible mix of poor education or lack of education; misinterpretation of what Islam and the Quran teach and stand for; poverty, unemployment, injustice, drug, gun trafficking, human trafficking, fallout from Libya, revenge, frustration, struggle against inequality, imitation of international terrorism leading to training and part of the absorption by international terrorists groups and general poor governance, including corruption.
“I have always maintained that the solution to Boko Haram (or any organisation like it) lies in the application of stick and carrot.”
– See more at: http://nigeriacommunicationsweek.com.ng/other-business/gej-promoting-corruption-fueling-boko-haram-obj#sthash.F1dUJXX3.dpuf