Former President Olusegun Obasanjo warns that Nigeria’s debt has skyrocketed since his time in office.
Obasanjo recounted how he reduced the debt from nearly $36 billion to $3.5 billion, but now, 17 years later, the country faces new financial challenges.
Former President Olusegun Obasanjo recently shared his concerns about Nigeria’s growing debt, highlighting a troubling trend since he left office 17 years ago.
In a recent interview, he reflected on his time in power from 1999 to 2007, a period marked by significant economic transformation.
“When I came in, we had a debt overhang of close to $36 billion,” he recalled.
Obasanjo took pride in his administration’s efforts to reduce that figure dramatically
By the end of his tenure, thanks to effective debt relief measures, he managed to lower the national debt to about $3.5 billion.
However, Obasanjo’s tone shifted as he addressed the current financial landscape.
He expressed disappointment that Nigeria’s debt situation has worsened, with figures indicating the country now owes more than it did when he first took office.
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This alarming trend raises questions about Nigeria’s economic policies and the effectiveness of its fiscal management.
He also highlighted a significant achievement from his presidency: while the debt decreased, the country’s reserves grew impressively.
“The reserves went from $3.7 billion to $45 billion,” he noted, emphasising the financial stability that was achieved during his administration.
Obasanjo’s insights have renewed discussions on Nigeria’s economic strategies amid rising debt levels in a challenging global economy.
Critics argue that strong fiscal management is essential for Nigeria’s growth and development.
His reflections serve as a powerful reminder of the delicate balance between managing national debt.
Also, they highlight the importance of ensuring economic stability in an ever-changing financial landscape.
