Olusegun Obasanjo Expresses Concern Over Nigeria's Rising Debt

 

Former Nigerian President Olusegun Obasanjo has voiced his concerns regarding the country's increasing debt levels, reflecting on the financial situation during his administration, which ended in 2007.

In a recent interview, Obasanjo highlighted that he inherited a debt of approximately $36 billion when he assumed office in 1999. By the time he left, thanks to debt relief initiatives, this figure had been reduced to about $3.5 to $3.6 billion. He noted that during his tenure, Nigeria's foreign reserves increased from $3.7 billion to $45 billion, alongside an additional $25 billion held in a designated "excess crude" account.

Obasanjo stated, “I came in 1999 and met $3.7 billion in the reserve... By the time we left eight years later, with debt relief... the quantum of debt that I left was about $3.5 to $3.6 billion.” He expressed disappointment that, despite the progress made during his administration, Nigeria's current debt situation has deteriorated significantly.

Reflecting on the financial trajectory since he left office, Obasanjo lamented that all the savings and resources accumulated during his presidency have vanished. He emphasized that Nigeria's debt now surpasses what it was when he took office in 1999, underscoring the need for urgent fiscal reform and responsible financial management in the country.