OBJ - Nigeria Was Debt-Free When
I Left In 2007
Former President Olusegun
Obasanjo has scored his
administration high, saying he
achieved all that he set out to do
as President between 1999 and
2007.
Obasanjo said this in Lagos on
Tuesday after delivering a lecture
titled, ‘Leadership foundation and
underpinning’ as the guest
speaker at the forum of the
Nigeria Leadership Initiative.
He said after observing that
Nigeria was at the precipice and
under heavy debt, he focused on
holding the country together,
securing debt relief and
improving the image of the
country.
When asked if he had regrets
concerning his two cycles of
political leadership of the country,
Obasanjo said, “When I was
military Head of State, my main
concern was how do we forge a
united country and a self reliant
country? So, the constitution was
very important. We established a
constitution that helped us to
achieve that.
“When I came back in 1999, some
people came to me and said I will
be the last president of Nigeria.
There were different groups at
that time; there were the Egbesu
Boys, the OPC and the Arewa.
Some people thought the centre
would not hold together. The
need then again was how do we
hold the people together and how
do we pay off our debts?”
He added, “Nigeria was a pariah
state, which nobody wanted to
touch. But by the time we left,
Nigeria was the darling of the
world. So (for that) I don’t think
there was anything I wanted to
achieve that I didn’t achieve.”
He however admitted that his
administration did not succeed in
fixing the power sector, but
blamed it on paucity of funds.
“If I had had money, I would
have started working on power
earlier than we started. People
have forgotten that when I came
in, there was little funds to do
much. But then we started the
National Integrated Power Project
and the oil companies that were
supposed to assist us were not
forthcoming. I think it was only
Agip that built something,” he
said.
To buttress the achievement of
his administration, Obasanjo said
when he became President in
1999, Nigeria’s reserve was $
3.7bn and the country was
spending $3bn every year to pay
interest on debts.
“At the time we owed about $
35bn. But by the time I left, our
reserve was about $45bn. We had
paid all our debts. Our debt sum,
all that we owed was about $3bn.
And we had about $35bn in what
we call the excess crude account
for a rainy day. And when we left
they said the rain has come and
cleared the account,” he said.
Obasanjo also stressed the need
for training of leaders in Africa to
effectively respond to the global
challenges and opportunities of
the 21st Century.

.

It was also ranked the #3 most corrupt country in the world...

AND TODAY YOU ARE CAMPAIGNING FOR MORE DEBTS BY ASKING THE PRESIDENT TO APPROVE LOAN FOR AMAECHI.

So the $16b he squandered on that phony power project fell from the sky, or he found it by the wayside...#Na So

You also spent over 300 billion on roads that looked worse after

owobokiri: You also spent over 300 billion on roads that looked worse after

And that was in the first 3yrs of his regime.
This man is suffering from dementia. That he forgot does not mean we will also.

Being debt free is not the same thing as being in good financial state. A third world country like Nigeria trying to develop and with the population we have, is not expected to be debt free. America is not debt free. The few countries in the world that are debt free are low population countries. What is important is how much development you put in place, not how debt free you left the country. Nigeria would have been better off with constant power, world class hospitals, transformed education, an industrial revolution and $50 billion debt when he left, than being debt free.

Ask him what he did for Nigerians after 8 years in power with high oil earnings and it has always been the same answer; paid Nigerias debt nd 'gave Nigerians GSM'...That is it. You paid your foreign handlers their thank you package for killing you opponents and helping you to Aso Rock and we wont hear word again.

theoctopus: Being debt free is not the same thing as being in good financial state. A third world country like Nigeria trying to develop and with the population we have, is not expected to be debt free. America is not debt free. The few countries in the world that are debt free are low population countries. What is important is how much development you put in place, not how debt free you left the country. Nigeria would have been better off with constant power, world class hospitals, transformed education, an industrial revolution and $50 billion debt when he left, than being debt free.

Not debt free means you get saddled with $ Billions in interest payments every year and this holds you back in terms the same development you are talking about.

Debt free gives frees us Billions to do other things like the same world class infrastructures you are talking about.

Your primary concern should be the fact that we are not only heavily in debt today, we are also saddled with billions fleecing away via theft from subsidy fraud to pension fraud, oil theft, gross wastage and incompetence, administrative fraud via the likes of Oduah and the list goes on.

Your dullard president can not do anything in terms of development without borrowing from left and right, even his budget comes with over N500 billion budget deficit loans and borrowings..

I do know you are ignorantly and foolishly defending your reetardeen, but do it with a little common sense and that's even if you are capable...

owobokiri: Ask him what he did for Nigerians after 8 years in power with high oil earnings and it has always been the same answer; paid Nigerias debt nd 'gave Nigerians GSM'...That is it. You paid your foreign handlers their thank you package for killing you opponents and helping you to Aso Rock and we wont hear word again.

We know he saved Nigerian taxpayers $Billions by eradicating our debt and leaving behind a very green and healthy bank account which today is history.

We know he built more power plants than any government in the history of Nigeria.

We know he helped our society and economy greatly by bringing in Cellular phone activities

We know he brought us in from the cold by eradicating our pariah and despot status

We know till this very second, he's a powerful force on the world stage unlike the weak, uninspiring and incompetent president we have today


Stay away from ignorance...

Baba I may not be your fan but on this I am with you. Jonathan is taking us to another slavery cause of debt again.

owobokiri: Ask him what he did for Nigerians after 8 years in power with high oil earnings and it has always been the same answer; paid Nigerias debt nd 'gave Nigerians GSM'...That is it. You paid your foreign handlers their thank you package for killing you opponents and helping you to Aso Rock and we wont hear word again.

How I wish we could say one thing tangible GEJ has done like the GSM

@@@

globalaid(m): 12:23am

Baba I may not be your fan but on this I am with you. Jonathan is taking us to another slavery cause of debt again.

the same with lagos state

agbameta:


Not debt free means you get saddled with $ Billions in interest payments every year and this holds you back in terms the same development you are talking about.

Debt free gives frees us Billions to do other things like the same world class infrastructures you are talking about.

Your primary concern should be the fact that we are not only heavily in debt today, we are also saddled with billions fleecing away via theft from subsidy fraud to pension fraud, oil theft, gross wastage and incompetence, administrative fraud via the likes of Oduah and the list goes on.

Your dullard president can not do anything in terms of development without borrowing from left and right, even his budget comes with over N500 billion budget deficit loans and borrowings..

I do know you are ignorantly and foolishly defending your reetardeen, but do it with a little common sense and that's even if you are capable...

Why are you bothering yourself with that person.

Please stop this GSM as an achievement. No one can claim credit for this global phenomenon. The whole world has GSM. Every country got it at t he same time. Nigeria later than many others. Besides ours is one of the worst in terms of quality and cost to consumers. Obasanjo, you are a man with little or nothing in accomplishment other than you ruined Nigeria for 12 years.

Obj is a clown and his supporters foolish.

jerseyboy: Please stop this GSM as an achievement. No one can claim credit for this global phenomenon. The whole world has GSM. Every country got it at t he same time. Nigeria later than many others. Besides ours is one of the worst in terms of quality and cost to consumers. Obasanjo, you are a man with little or nothing in accomplishment other than you ruined Nigeria for 12 years.

Wonderful. I was about to make the same remark about the gsm thing. From the first day I heard 'obasanjo brought gsm to Nigeria' I was like---> wat.da.444kk. even if Abacha was still alive till the gsm boom we would have got it at about the same time, we may have had different service providers though. Other than this, OBJ did well for a president.

Nigeria is in debt, America is in debt, Russia is in debt. . . abeg WHO DEM DEY OWE?

We all know what Obj did or did not do. But kindly show us any thing of benefit that Gej has done.

n.oxide:


Wonderful. I was about to make the same remark about the gsm thing. From the first day I heard 'obasanjo brought gsm to Nigeria' I was like---> wat.da.444kk. even if Abacha was still alive till the gsm boom we would have got it at about the same time, we may have had different service providers though. Other than this, OBJ did well for a president.

Nigeria is in debt, America is in debt, Russia is in debt. . . abeg WHO DEM DEY OWE?

Hello sir! Restart your brain.... The countries you mentioned are living in luxury. How pathethic is it for u to be in heavy debt and you still suffering. Im sure your brain knws that the growing Nigeria debt is not tantamount to developments in Nigeria.

kfasian: AND TODAY YOU ARE CAMPAIGNING FOR MORE DEBTS BY ASKING THE PRESIDENT TO APPROVE LOAN FOR AMAECHI.

Give me your source? By the way. Didn't the President approve loan for Lagos State Government and his home state

Beside Amaechi has asked the Minister or whoever is in charge to reward the contract to any contractor of their choice.

OBJ has never asked GEJ to help Amaechi borrow any money whatsoever. Do you know the losers in all these? Both of us that are not in Govt.

tpacalipse: We all know what Obj did or did not do. But kindly show us any thing of benefit that Gej has done.

Gbam. Nigeria is More like a country without a president.

tpacalipse: We all know what Obj did or did not do. But kindly show us any thing of benefit that Gej has done.

So all these numerous projects that are always being highlighted on nairaland are not of benefit?
May you remain blind to GEJ's achievements.

solomon111: So all these numerous projects that are always being highlighted on nairaland are not of benefit?
May you remain blind to GEJ's achievements.

Name one or two....

ilugunboy:

Name one or two....

No need for that.
Go and click on sincere9gerian's profile and read till you're satisfied.