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Former President Obasanjo Voices Concerns Over Nigeria’s Growing Debt
In a recent interview , former Nigerian President Olusegun Obasanjo expressed grave concerns over the escalating debt of Nigeria, highlighting a stark contrast between his tenure and the current fiscal situation. Obasanjo, who served from 1999 until 2007, reflected on the economic conditions during his administration, revealing that he left Nigeria with a substantial financial cushion.
At the end of his presidency, Obasanjo noted that Nigeria’s debt had been significantly reduced. He recounted inheriting a debt overhang of approximately $36 billion, which he managed to decrease to between $3.5 billion and $3.6 billion. Additionally, he transformed the country’s foreign reserves from a mere $3.7 billion upon taking office to an impressive $45 billion by 2007