Politics

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

Published

6 months ago

October 26, 2024

Ekwutos Blog

Former President Olusegun Obasanjo

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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.”

Politics

APC more divided than PDP – Damagum declares as he receives defectors

Published

13 minutes ago

April 18, 2025

Ekwutos Blog

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The National Chairman of the Peoples Democratic Party, PDP, Umar Iliya Damagum, has said that the All Progressives Congress, APC, is more divided than the PDP.

Damagum stated this while welcoming some members of the All Progressives Congress, APC, and New Nigeria Peoples Party, NNPP, who defected to the PDP in Nguru and Bade Local Government Areas of Yobe State.

According to him, the PDP is always a formidable opposition force, noting that the party knows how to address any internal issues if they arise.

“If there is a crisis, we know how to solve it. We are united, and our leadership is intact.

“We have one chairman and one secretariat, while the ruling party cannot even hold a NEC meeting for almost two years. You can’t compare the two,” he said.

He pointed out that the ruling party has not been able to hold a National Executive Committee (NEC) meeting in nearly two years.

“I don’t know why the media continues to report crises within our party,” he added.

Damagum reiterated that the PDP remains a strong and united brand, adding, “We are the party to beat.”

He maintained that the party’s doors are open to those who left in the past, as it prepares to build a credible force for the 2027 elections.

Politics

2027 GENERAL ELECTION: Peter Obi is a “Social Media Candidate” – Wike

Published

2 hours ago

April 18, 2025

Ekwutos Blog

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‎According to Politics Nigeria Newspaper, the Minister of the Federal Capital Territory (FCT), Nyesom Wike, has dismissed the chances of Labour Party’s presidential candidate, Peter Obi, in the 2027 general election, labelling him a “social media candidate.”
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‎Wike made the remark during a media interactive session held yesterday in Abuja, where he spoke on a range of political developments and national issues.
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‎The former Rivers State governor said Obi’s support base is largely online.
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Politics

SouthEast youths plan 5 million-man rally for Tinubu and former governor of Abia state, Orji Uzor Kalu, ‎

Published

3 hours ago

April 18, 2025

Ekwutos Blog

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‎The Coalition of South East Youth Leaders (COSEYL) has announced plans to organise a 5 million-man grand endorsement rally in support of President Bola Tinubu and Abia North senator, Senator Orji Uzor Kalu ahead of the 2027 general election.

‎This is contained in a statement jointly signed by the coalition’s President General, Comrade Goodluck Ibem and Publicity Secretary, Comrade Okey Nwaoru.
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‎The apex sociopolitical youth group in the South East geopolitical zone said the decision was taken after a meeting of its leadership.
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‎“The rally is scheduled to take place in Abia State, and we will mobilise 5 million citizens from across the South East geopolitical zone.
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