Former Nigerian President Olusegun Obasanjo has voiced concerns over Nigeria’s growing debt, stating that he left the country’s coffers with approximately $70 billion when he exited office in 2007. Speaking in an interview with News Central Television, Obasanjo detailed that his administration left behind a $45 billion reserve and an additional $25 billion in an “excess crude” account.
Obasanjo recounted inheriting nearly $36 billion in debt when he assumed office in 1999, which his administration reduced to around $3.5 billion by the time he left. He explained that by maintaining conservative budgeting and leveraging debt relief, his government built up substantial reserves.
Reflecting on Nigeria’s current financial state, Obasanjo expressed disappointment, noting that all the funds left in 2007, along with subsequent revenues, have been depleted. He lamented the nation’s debt surpassing levels seen before his tenure, attributing it to a lack of quality leadership in recent years.
News Editor