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Obasanjo Highlights Rising Debt Despite Leaving $70 Billion in Nigeria’s Reserves

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Former President Olusegun Obasanjo

 

Former President Olusegun Obasanjo points out Nigeria’s increasing debt levels, despite leaving $70 billion in reserves at the end of his administration. Discover his insights on the country’s current financial challenges.

Former Nigerian President Olusegun Obasanjo has expressed concern over the size of the country’s debt, years after he stepped down from office in 2007.

Obasanjo recounted that he departed from the leadership of the nation with approximately $70 billion in total, comprising a reserve fund of $45 billion and an additional $25 billion held in a designated “excess crude” account.

In an exclusive interview with Kayode Akintemi of News Central Television, the former President spoke on Thursday.

Obasanjo expressed concern about the country’s poor leadership quality, noting that his administration inherited a debt of nearly $36 billion and managed to reduce it to approximately $3.5 to $3.6 billion by the time he left office in 2007.

He said, “When I arrived in 1999, the reserve was at $3.7 billion. As I’ve mentioned before, we were spending $3.5 billion on debt servicing—that’s what our financial situation looked like.”

When we left eight years later, after securing debt relief, the initial debt burden of nearly $36 billion had been significantly reduced. By the time I departed, this amount was decreased to approximately $3.5 to $3.6 billion from around or over $36 billion.

Simultaneously, the reserve increased from $3.7 billion when I first arrived to $45 billion. During this period, we also accumulated what was referred to as “Excess crude”—this represents the surplus generated beyond our budgeted projections and actual crude sales figures due to conservative budgeting practices. The value of this excess amounted to approximately $25 billion. When combined with the reserves, it totaled around $70 billion overall.

“The key point is that I departed in 2007. From then until 2024, all those funds have been depleted—every last bit of it. Moreover, every cent earned during this period has also vanished. As a result, we are now more indebted than we were when we assumed office in 1999.”

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PRESIDENT TINUBU CONGRATULATES SENATOR IFEANYI ARARUME ON HIS BIRTHDAY

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President Bola Tinubu felicitates Senator Ifeanyi Godwin Ararume, astute politician and accomplished businessman, on his birthday, December 16.

Senator Ararume’s odyssey in politics began in the late 1980s, when he served as the State Treasurer of the Liberal Convention in old Imo State. He later joined the National Finance Committee of the defunct National Republican Convention.

He represented Imo North in the 9th National Assembly. He was first elected in May 1999 and re-elected in April 2003. He also served on several committees and held other official roles.

President Tinubu commends the former senator for his years of service to the nation and contributions to its peace, unity, and progress.

The President describes Senator Ararume as a resolute and shrewd politician, highlighting his courageous and remarkable political journey through the years.

President Tinubu wishes Senator Ararume a happy 67th birthday and prays that God Almighty will grant him more years of good health and strength.

 

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Ndigbo are no longer spectators in the Nigerian project- Minister Dave Umahi dismisses calls for Biafra under Tinubu’s administration

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The Minister of Works, David Umahi, says the all-inclusive style of governance being practiced by President Bola Tinubu has made the agitation for Biafra an unnecessary clamour.

While speaking at the inspection of the Enugu-Anambra road last Saturday, December 13, Umahi said the Tinubu administration had given Ndigbo what they had sought for decades, not through secession, but through what he described as unprecedented inclusion in national governance and development.

He explained that the agitation for Biafra was historically driven by neglect, exclusion and underrepresentation at the federal level, but insisted that the situation had changed under the current administration.

“When a people are fully integrated, respected and empowered within the structure of the nation, the dream they once chased through agitation has already been achieved through cooperation.

The push for Biafran secession over the years was borne out of neglect, exclusion and underrepresentation but today the narrative has changed dramatically under President Bola Tinubu.

The President has deliberately opened the doors of national development to the South-East. Appointments, policy inputs and infrastructure priorities now reflect true federal balance.

Every sector now bears visible Igbo footprints. The emergence of Igbo sons and daughters in strategic positions is a testament to this inclusion.

Biafra was never about breaking Nigeria; it was about being counted in Nigeria. Through inclusion, equity and concrete development, Ndigbo are no longer spectators in the Nigerian project; they are co-authors of its future. When justice finds a people, agitation loses its voice.”he said

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ADC Launches 90-Day Membership Drive, Fixes Dates For Congresses, National Convention

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The African Democratic Congress (ADC) has announced a 90-day nationwide membership mobilisation, revalidation, and registration exercise as part of preparations for its internal party activities ahead of 2026.

The party also approved provisional dates for its congresses and the election of delegates at the polling unit, ward, and local government levels across the country.

In circulars issued by its national secretary, Rauf Aregbesola, the ADC said the congresses are expected to hold between January 20 and January 27, 2026.

The process, the party said, will lead to the emergence of delegates who will participate in its non-elective national convention scheduled for February 2026 in Abuja.

A statement by Bolaji Abdullahi, national publicity secretary of the party, said the decisions were reached at a meeting of the national working committee (NWC) held on November 27, 2025.

Abdullahi said the timetable and activities were approved in line with the resolutions of the NWC and in accordance with relevant provisions of the party’s constitution.

The ADC said further details on the membership exercise, congresses, and convention will be communicated to party members and stakeholders in due course.

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