Former Nigerian President Olusegun Obasanjo has shared his concerns about the country's current financial situation, comparing it to the significant improvements made during his time in office from 1999 to 2007.
In a recent interview with Kayode Akintemi, Obasanjo painted a clear picture of Nigeria's financial journey. When he took office in 1999, the country was struggling with a massive $36 billion debt and had only $3.7 billion in reserves. At that time, Nigeria was spending nearly all its reserves ($3.5 billion) just to pay interest on its debts.
Through careful management and successful debt relief negotiations, Obasanjo's administration dramatically improved the country's finances. By the time he left office in 2007, they had:
- Reduced the national debt to just $3.6 billion
- Built up reserves to $45 billion
- Created a savings account called "Excess Crude" with $25 billion
"We had about $70 billion in total when you add up our reserves and savings," Obasanjo explained. "But now, looking at Nigeria's situation between 2007 and 2024, not only is all that money gone, but we're actually in more debt than we were in 1999."
This stark comparison highlights the challenging financial path Nigeria has taken since 2007, raising important questions about the country's economic management over the past seventeen years.
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