"I Left Nigeria Better Than I Met It": Obasanjo Speaks on How He Rescued Nigeria from Immense Debt

"I Left Nigeria Better Than I Met It": Obasanjo Speaks on How He Rescued Nigeria from Immense Debt

  • Former president Olusegun Obasanjo asserted his administration was highly effective in stabilizing Nigeria's economy
  • Obasanjo reminisced about leading Nigeria to debt relief, reducing debt from $3.7 billion to approximately $3.6 billion
  • Obasanjo also advised youth attendees, particularly corps members from Lagos and Ogun states, to embrace dynamism and idealism

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.

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Obasanjo speaks on his administration
Obasanjo speaks on his administration Photo credit: Chesnot
Source: Getty Images

Obasanjo highlighted his role in liberating Nigeria from substantial debt, emphasizing his pride in overseeing the beginning of 25 years of uninterrupted democracy, which commenced during his tenure as the democratic leader in 1999, The Guardian reported.

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

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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.

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"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."

Obasanjo speaks to youths

Obasanjo also encouraged young people to embrace dynamism, idealism, and curiosity, urging them not to take anything for granted.

Obasanjo directed his advice particularly to corps members from Lagos and Ogun states who participated in the three-day boot camp, urging them to commit themselves to advancing national development.

Obasanjo, who defined success as leaving a place better than one found it, asserted that he achieved this during his tenure with a record of notable accomplishments.

Reno Omokri reacts as Obasanjo visits Oluremi Tinubu

Former presidential aide Reno Omokri said it is obvious that Labpor Party (LP) presidential candidate Peter Obi was used during the 2023 general election.

Omokri stated this after former President Olusegun Obasanjo paid a visit to the First Lady, Senator Oluremi Tinubu, during the Sallah Celebration.

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He said Obasanjo announced his support for President Bola Ahmed Tinubu first by wearing a cap with Tinubu’s logo.

Source: Legit.ng

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Ezra Ukanwa (Editor) Ezra Ukanwa is a first-class graduate of Anchor University, Lagos. He holds a master's degree in mass communication. Ezra currently serves as the Current Affairs and Politics Editor for Legit.ng, where he covers events and provides insightful analysis and reportage on national issues. He was named best Campus Journalist (Anchor University Communications Award, 2019). Kindly contact him at: ezra.ukanwa@corp.legit.ng or +2349036989944