CurrentReport Blog Former Nigerian President Olusegun Obasanjo recently asserted that his administration significantly improved Nigeria’s economic landscape during his tenure, contrasting it with the current state of affairs. Speaking at the Safe Online Youth Fellowship Bootcamp in Abeokuta, Obasanjo reminisced about the achievements of his presidency, highlighting economic reforms as a cornerstone of his legacy.
Obasanjo proudly stated that upon assuming office, his administration inherited a challenging economic scenario characterized by substantial national debt and modest foreign reserves. “When I came in as elected President, I wanted to get debt relief because we were spending $3.5 billion every year servicing debt and the quantum of the debt was not going down,” Obasanjo recalled. He emphasized that under his leadership, Nigeria secured significant debt relief, reducing the country’s debt burden from approximately $36 billion to a mere $3.6 billion by the end of his tenure. Concurrently, Nigeria’s foreign reserves surged to over $50 billion, a marked increase from the $3.7 billion he found upon assuming office.
Obasanjo credited his administration with laying the groundwork for sustained economic stability and democratic continuity. “I made Nigeria better than I found it from an economic perspective,” he asserted, underscoring achievements such as the establishment of an excess crude account valued at over $25 billion during his presidency.
Reflecting on his definition of success, Obasanjo reiterated his belief that leadership entails leaving a place better off than when one found it. He maintained that his administration’s economic policies and reforms left a positive and lasting impact on Nigeria’s economic trajectory.
