Nigeria’s Debt: Ex-President Olusegun Obasanjo Speaks Out on Country’s Financial State
Olusegun Obasanjo, the former President of Nigeria, has expressed his concerns about the country’s staggering debt, which has continued to accumulate since his departure from office in 2007. In a recent interview with News Central Television, he revealed the country’s previous financial state.
According to Obasanjo, when he first took office in 1999, he inherited a significant debt burden, with a reserve of approximately $3.7 billion. However, he managed to reduce this debt to a manageable level, leaving office with a debt of $3.5 to $3.6 billion.
Obasanjo also highlighted the country’s “excess crude” account, which had a total of $25 billion at its peak. This, combined with the reserve, brought the total amount of funds available to $70 billion. However, he lamented that all of this money has been depleted since his departure, and the country is now indebted by even more than when he first took office.
The former President attributed the current state of affairs to poor leadership quality, stating that the country has not been managed effectively. He emphasized that it is vital for the nation to address its financial challenges and prioritize its development.
