Former President Olusegun Obasanjo had lamented Nigeria’s rising debt, adding that when he was in power between 1999 and 2007, he made efforts to clear one of African top oil-producing countries.
The former president said he travelled throughout Europe and America to clear Nigeria’s debt, but his successors, including President Bola Tinubu, were unable to sustain the momentum of his administration’s foundation.
Obasanjo stressed that Nigeria made a lot of money from oil, and his government increased the country’s external reserve. He said the country made a lot of money from oil during his time and after he left office, but “between 2007 and 2024, all that amount of money had gone”.
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”When I came in, we had a debt overhang of close to 36 billion dollars. By the time I left, with debt relief and clearing what we had to clear, the quantum of debt that I left was about 3.5 / 3.6 billion dollars from over 36 or around 36 billion. At the same time, the reserve that was 3.7 went to 45 billion dollars.”
Recall that Obasanjo left the office on May 29, 2007. The late Umar Musa Yar’Adua and former President Goodluck Jonathan first succeeded him. However, the table turned in 2015, when his part, the Peoples Democratic Party (PDP) lost to the All Progressives Congress (APC). After the 2015 general election, former President Muhammadu Buhari became the next successor, and he handed over to President Tinubu on May 29, 2023, after completing eight years in office.
See the video of Obasanjo’s interview here:
https://twitter.com/i/status/1849549606603915596
