National Outcry: Obasanjo Reveals He Left $70 Billion And Additional $45 Billion Behind But It’s Gone Without A Trace

National Outcry: Obasanjo Reveals He Left $70 Billion And Additional $45 Billion Behind But It’s Gone Without A Trace

Former Nigerian President Olusegun Obasanjo has raised alarms over the country’s escalating debt since he left office in 2007. He revealed that upon his departure, he left Nigeria with approximately $70 billion in its coffers, which included a $45 billion…..CONTINUE READING  reserve and an additional $25 billion set aside in an “excess crude” account.

In a recent interview with News Central Television, Obasanjo criticized the current leadership’s performance, claiming it has contributed to the nation’s financial woes. He highlighted that during his administration, Nigeria faced a debt burden of nearly $36 billion, which he successfully reduced to about $3.5 to $3.6 billion by the time he stepped down.

Obasanjo recounted, “When I took office in 1999, the reserve was just $3.7 billion, and we were spending $3.5 billion just to service our debts. By the time I left eight years later, we had successfully negotiated debt relief. The amount of debt I left was around $3.5 to $3.6 billion from the initial $36 billion.”

He further noted that Nigeria’s reserves had grown from $3.7 billion to $45 billion during his tenure, alongside a $25 billion excess crude fund. Together, these funds totaled about $70 billion.

However, Obasanjo lamented, “Today, from 2007 to 2024, all of that money is gone. Not only that, but all the revenues generated during that period have also vanished. Today, we owe more than we did when I first came into government in 1999.”