Former Nigerian President, Chief Olusegun Obasanjo, has shared insights on how he achieved debt forgiveness for Nigeria between 1999 and 2007, expressing disappointment over current leadership challenges. In an interview with News Central TV, Obasanjo explained that his administration’s commitment to fighting corruption and implementing credible reforms convinced international lenders of Nigeria’s dedication to sustainable development. This led to debt forgiveness, allowing the nation to redirect funds to improve public services.
Obasanjo also highlighted the importance of strong financial management, citing that his administration grew reserves to $45 billion and created an additional $25 billion in the excess crude account, compared to the $36 billion debt he inherited. However, he lamented that subsequent administrations have drained these reserves, attributing the issue to “poor leadership, economic mismanagement, and pervasive corruption.”
He emphasized that effective leadership requires vision and planning, noting that Nigeria cannot afford to advance only to regress due to inadequate policies and unchecked corruption. Obasanjo urged Nigerians to value leadership, noting that lasting progress depends on responsible and forward-thinking governance.
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