Former Nigerian President Olusegun Obasanjo expressed his concern over Nigeria’s increasing debt burden, in an exclusive interview with Kayode Akintemi of News Central Television.
Reflecting on the economic state he left in 2007, Obasanjo shared, “I came in 1999 and met $3.7 billion in the reserve. We were spending $3.5 billion just to service debts. By the time we left eight years later, with debt relief and the efforts we put in, the debt was reduced to about $3.5 to $3.6 billion, down from close to $36 billion.”
Obasanjo highlighted the financial reserves he left behind, which included about $45 billion and an additional $25 billion in a designated “excess crude” account. “Together, this amounted to $70 billion. Since I left in 2007, not only has that money been depleted, but all the revenue generated since then has also been spent. Now, Nigeria owes more than it did when we first came to office in 1999,” he added.
The former President, known for his fiscal discipline, described the situation as a result of “poor quality of leadership” that has plagued Nigeria since his departure.
