How Obasanjo Cleared Nigeria’s Huge Foreign Debt As President – Fayose

By Bada Abraham

Former Ekiti State Governor Ayo Fayose has claimed that former President Olusegun Obasanjo left $50 billion in the country’s foreign reserves. He told TVC news that Obasanjo’s foreign money reserves help the Nigerian currency. He said the current president, Bola Tinubu, is attempting to restore order. He claims that subsequent governments to General Obasanjo had spent down the country’s foreign exchange reserves.

“Whatever you say about Obasanjo, he left this country with close to about 50 billion dollars in foreign reserve and he cleared all our debts,” he remarked. The extra crude account has been exhausted completely today. Nothing prevents Nigeria from spending in dollars; what matters is whether or not the country’s foreign reserves are sufficient to maintain the value of its currency when those dollars are spent. Can you please explain the whereabouts of the foreign exchange reserve? It’s all but gone now. Second, the majority of Nigerians prefer foreign imports, while we produce nothing at all.