Former Nigerian President Olusegun Obasanjo has expressed his Unhappiness over the increasing debt levels of the country, highlighting the stark contrast to the financial situation when he left office in 2007.
In an interview, Obasanjo recalled that upon his departure, he had managed to leave Nigeria with approximately $70 billion in assets, including $45 billion in reserves and $25 billion allocated in an “excess crude” account.
Reflecting on the state of leadership in Nigeria, he lamented the decline in financial management since his tenure. He noted that when he assumed office in 1999, the country was burdened with a debt of nearly $36 billion, which he successfully reduced to around $3.5 billion by the time he exited.
He stated, “When I took office in 1999, the reserve stood at $3.7 billion, and we were spending $3.5 billion just to service debts. By the end of my administration, we had achieved significant debt relief. The debt I inherited was close to $36 billion, but through diligent management, I left approximately $3.5 to $3.6 billion in debt.”
Obasanjo continued, “Meanwhile, the reserves grew from $3.7 billion to $45 billion, alongside an ‘excess crude’ fund of about $25 billion, which stemmed from conservative budgeting practices. Altogether, we were looking at a total of $70 billion.”
He lamented, “Now, it’s 2024, and I see that all that financial cushion has vanished. Not only has that amount disappeared, but all the revenues generated during that time have also been squandered. Today, we find ourselves in a more precarious debt situation than when I first took office in 1999.”
