By Uzair Adam
Former President Olusegun Obasanjo has shared the strategies he employed to secure significant debt relief for Nigeria during his administration from 1999 to 2007.
Among these strategies was the establishment of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC).
Obasanjo explained that upon taking office, Nigeria was burdened by a debt of about $36 billion, with annual servicing costs of $3.5 billion, while the nation’s reserves were just $3.7 billion.
He reiterated the need for debt relief, expressing concern over the economic toll of continuously paying interest and penalties without reducing the principal debt.
In discussions with international lenders, Obasanjo presented a transparent plan, promising that funds saved from debt forgiveness would be used for development.
The creation of the ICPC and EFCC demonstrated his administration’s commitment to fighting corruption and increasing accountability.
These efforts helped convince creditors of Nigeria’s readiness for reform, leading to eventual debt forgiveness.
Reflecting on Nigeria’s current state, Obasanjo expressed disappointment over perceived declines in ethical leadership and economic planning, warning that without genuine reforms, further debt relief may remain unattainable.
He added that responsible governance is important to avoid a repeat of past financial struggles.