Obasanjo Laments: Despite Leaving $70 Billion in Reserves, Nigeria’s Debt Has Increased

Former Nigerian President Olusegun Obasanjo has raised concerns over the country’s current debt levels, contrasting them with the state of the economy when he left office in 2007.Obasanjo noted that, upon leaving office, he left Nigeria with around $70 billion, which included a $45 billion reserve and an additional $25 billion in an excess crude account.Continue Reading>>>...(CONTINUE READING)

In an exclusive interview on Thursday with Kayode Akintemi of News Central Television, the former president shared his disappointment with the country’s leadership and economic management. He explained that when he assumed office in 1999, Nigeria faced a debt of nearly $36 billion, which he managed to reduce to approximately $3.5 to $3.6 billion before stepping down in 2007.

Reflecting on his administration’s economic efforts, Obasanjo said, “When I came into office in 1999, we had $3.7 billion in reserves. We were spending $3.5 billion just to service our debts. By the time I left, with debt relief and strategic payments, we had brought our debt down from almost $36 billion to about $3.5 billion.Continue Reading>>>

“He added that during his tenure, Nigeria’s reserves grew from $3.7 billion to $45 billion, and the excess crude account—savings from oil revenues above budget projections—grew to about $25 billion, totaling $70 billion.Obasanjo lamented that, since his departure in 2007, this reserve has been depleted, along with all the revenue made in the years since.

He pointed out that Nigeria now owes more debt than it did when he first assumed office in 1999, underscoring his concerns about the country’s financial direction.