Former Nigerian President Obasanjo Speaks on How He Rescued Nigeria from Immense Debt

Abeokuta, Ogun state – Former president Olusegun Obasanjo asserted that his administration was among the most effective in Nigeria’s history, particularly in stabilizing the country’s economy before he departed from office in 2007.

Obasanjo, speaking in Abeokuta at the Safe Online Youth Fellowship Bootcamp hosted by NerdzFactory Company and supported by Meta at the Youth Development Centre in the Olusegun Obasanjo Presidential Library (OOPL), reminisced about the significant achievements of his administration from 1999 to 2007.

Obasanjo emphasised the need for a comprehensive, long-term economic agenda to address the country’s challenges, Premium Times reported.

He stated:

“When I assumed office as President, one of my primary goals was to secure debt relief because we were expending $3.5 billion annually servicing our debt, which was not diminishing. “Today, I can confidently say that I left Nigeria in a better economic state than I found it.

“When I took office, the foreign reserves stood at $3.7 billion, and our debt servicing costs were substantial. By the time I completed my tenure, we had reduced our debt burden to approximately $3.6 billion following debt relief initiatives.

“Moreover, I left behind a reserve of over $50 billion and successfully secured excess crude oil earnings totaling more than $25 billion for the nation.”

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