Former President Obasanjo: I Departed With $70 Billion In Nigeria’s Treasury, Now It’s All Gone

Former President Obasanjo: I Departed With $70 Billion In Nigeria’s Treasury, Now It’s All GoneFormer Nigerian President Olusegun Obasanjo has raised alarms over the nation’s escalating debt, years after leaving office in 2007. He revealed that he left Nigeria with approximately $70 billion in reserves, comprising $45 billion in the national reserve and $25 billion in a designated “excess crude” account.....KINDLY READ THE FULL STORY HERE▶

Obasanjo criticized the current leadership, stating that the quality of governance has significantly declined. He noted that when he took office, Nigeria faced a debt burden of nearly $36 billion, which he successfully reduced to around $3.5 to $3.6 billion before his departure.

In an interview with News Central Television, he reflected, “When I assumed office in 1999, the reserve was $3.7 billion, and we were spending $3.5 billion just to service debts. By the time I left eight years later, we had achieved debt relief. The debt I left was about $3.5 to $3.6 billion, significantly reduced from the initial $36 billion.”

He further elaborated on the reserves, stating that they had increased from $3.7 billion to $45 billion during his tenure, along with the additional $25 billion in the excess crude account. “This brings the total to $70 billion,” he said.

Obasanjo lamented that from 2007 to 2024, all these funds have vanished, and the current debt level exceeds what it was when he took office in 1999.

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