Nigeria’s Rising Debt: Insights from Obasanjo

Obasanjo Warns: Nigeria’s Debt Crisis Deepens

Former President Olusegun Obasanjo has expressed concern over Nigeria’s rising debt despite his administration’s efforts to reduce it.

He mentioned that he left about $70 billion in reserves when he left office in 2007, with a significant reduction in the country’s debt profile, particularly after securing debt forgiveness from the Paris Club and other creditors.

However, he noted that subsequent administrations have accumulated more debt, placing a financial strain on the nation.

Obasanjo’s comments highlight growing worries about Nigeria’s fiscal management, as the country faces mounting external and domestic debt amid economic challenges.

The former president has been a vocal critic of high debt levels, urging for prudent management of resources and sustainable economic policies to avoid jeopardizing the nation’s financial stability.