In a recent interview with Kayode Akintemi on News Central Television, former Nigerian President Olusegun Obasanjo voiced deep concerns over Nigeria’s soaring debt. Reflecting on his administration's financial legacy, Obasanjo recalled leaving office in 2007 with reserves and funds totaling approximately $70 billion, which included a $45 billion foreign reserve and $25 billion in an “excess crude” account.
Obasanjo explained that when he took office in 1999, Nigeria faced a debt burden of nearly $36 billion, which his administration negotiated down to around $3.5 billion by the time he left. “When I assumed office, we had only $3.7 billion in reserves and were spending about $3.5 billion just on debt servicing,” he said. Through debt relief and strategic financial planning, Obasanjo’s administration grew the reserve from $3.7 billion to $45 billion and set aside $25 billion in an excess crude account.
Lamenting the current state of national finances, he remarked, “I left in 2007, and now, between then and 2024, all those reserves and funds are gone. Not only that, but all the revenue accumulated since then has also disappeared, and we’re in more debt than when I first took office.”
