Politics
Obasanjo Highlights Rising Debt Despite Leaving $70 Billion in Nigeria’s Reserves
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.”
The embattled National Chairman of the African Democratic Congress, David Mark, on Friday held a closed-door meeting with leaders of the Peoples Redemption Party in Abuja. The private consultation is seen as a fresh round of political moves as the ADC continues to battle a lingering leadership crisis and growing internal divisions.
Top figures from both parties were said to be present at the meeting, including PRP National Chairman Hakeem Baba-Ahmed and senior ADC officials. The development is already drawing attention as opposition parties continue realignments ahead of the 2027 political season, with many watching closely for possible alliances and next steps in the party crisis.
Politics
“ADC is a Holy Party, Cannot be used to Scam Nigerians Again” – Hon Success Opara tells David Mark
ADC Party in Turmoil: Hon Success Opara Slams Leadership, Warns Against Scamming Nigerians
Abuja, Nigeria – The African Democratic Congress (ADC) is facing internal strife as Hon Success Opara, a prominent party official, has warned against attempts to use the party to deceive Nigerians. Opara specifically criticized the leadership of David Mark, stating that the party cannot be used to scam citizens again.
“ADC holy Party cannot be used to scam Nigerians again,” Opara said, emphasizing that those forming coalitions are hindering the party’s growth and denying youths opportunities to thrive.
“Those who are forming coalition don’t want to give the youths the chance to strive in the party,” she added.
Opara’s statement highlights the deepening divisions within the ADC, with concerns over leadership and the party’s direction.
The factional National Chairman of the African Democratic Congress (ADC), Nafiu Bala Gombe, has announced that the party under his leadership will bar individuals above the age of 55 from contesting for political positions.
Gombe made the disclosure during an interview with BBC Hausa, where he outlined a vision centred on generational change and greater youth participation in politics.
“The African Democratic Congress (ADC) is a party that belongs to all Nigerians. What we are doing now is to ensure the party moves forward properly.
“We have decided that we will give the youths a real chance. The time has come for young people to take the lead in politics.
“If you are over 55 years old, you are not going to contest for positions in the ADC under our leadership.
“We want to bring in fresh blood, new ideas, and energy from the youth. Nigeria’s future depends on the young generation.
“The old ways have not worked well for the country. We need to open the door wide for youths to participate fully as candidates, leaders, and decision-makers,” he said.
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