Former President Olusegun Obasanjo has voiced concerns regarding Nigeria’s rising debt, noting a significant deterioration in the country’s financial situation since he left office 17 years ago. In remarks reported by News Central TV, Obasanjo highlighted the stark contrast between the debt levels at the start and end of his administration.
“When I came in, we had a debt overhang of close to $36 billion,” he stated. “By the time I left, with debt relief and necessary clearances, the debt I left was about $3.5 to $3.6 billion.”
These comments reflect a troubling trend in Nigeria’s fiscal management, suggesting that the nation’s current debt levels may exceed those from his time in office. Obasanjo emphasized the substantial progress made during his administration, particularly through significant debt relief efforts that drastically reduced the national debt.
He further illustrated the financial changes during his presidency by noting that while debt levels were greatly reduced, the country’s reserves grew impressively. “At the same time, the reserve that was $3.7 billion went to $45 billion,” he remarked, highlighting the financial stability achieved during that period.
Obasanjo’s insights have ignited discussions on Nigeria’s economic strategies amid escalating debt levels and global economic challenges. Critics argue that effective fiscal management remains essential for the country’s growth and development, underscoring the delicate balance between managing national debt and fostering economic stability in Nigeria’s evolving financial landscape.
