PRESIDENT OLUSEGUN AREMU OBANSANJO (1999-2007)
When Chief Obasanjo was sworn in on May 29, 1999 as the President of Nigeria after his February 27 (1999) triumph at the polls, Nigerians were expectant of better things ahead. He came, met huge debt of about $35billion (year 2000 figure), with Paris Club Consortium being our biggest creditor with $30 billion payable to them (There was actually nothing to show on ground to justify the ridiculous debt); Our External Reserve was a paltry $3.7 billion, with the country in need of progress, institutions, industries, and need to fight corruption.
President Olusegun Obasanjo almost immediately admitted that Nigeria cannot sustain the huge debt and still move forward, he had a high powered economic team led by Dr Ngozi Okonjo Iweala, who doubled as his Finance Minister, to seek for debt relief particularly from our biggest creditors, Paris Club.
The effort paid off in 2005 when Paris club announced that they have forgiven Nigeria of $18 billion out of the $30 billion we owed them. As at May 29, 2007, Obasanjo left a Nigeria with external debt of almost zero. Our total debt was $3.348 billion, which included debts incured by the 36 states of the federation.
In 2004, President Obasanjo created an account to save excess crude revenue accrued to the country, called Excess Crude Account. The idea behind the ECA is to save for the rainy day. For those that may not understand, the ECA works with the set oil benchmark for each fiscal year. If the Budget (Appropriation Act) for a given fiscal year set Oil benchmark at $50 per barrel and oil is sold at $60 per barrel, the extra $10 earning will be paid into the Excess Crude Account (of Extra Crude Account according to Prof Tamuno David West).
According to Madam Oby Ezekwesili, "its primary purpose was to protect the budget against shortfalls and insulate the economy from shocks resulting from volatility in crude oil prices".The Account was $0 as at time of creation in 2004, but rose to $22 billion in December 2007 ($9.8b earned between 2004 and 2006, and $12.3 billion earned in 2007 alone).
In fact, the 36 Governors under the Nigeria Governor's Forum had insisted that the ECA be shared, and even went to court. Obasanjo administration was not moved.
In the area of External Reserve, the Obasnjo government performed extremely well by taking our reserve for meager $3.7 billion to a whopping $45 billion.
All these he achieved when oil price was $30 (as at 2003) and it was at $90 when he left. He was faced with militancy in the Niger Delta region, and some pockets of crises across the nation.
He created anti-corruption institutions such as EFCC and ICPC, which recorded relative success, as well as indicted powerful government officials including a former Senate President Adolphus Wabara, former minister Fabian Osuji, former Vice President Atiku Abubakar, former Governors, LGA Chairmen etc.
Obansanjo deregulated telecommunication sector, under his administration banking sector boomed as Banks were recapitalised, he unsuccessfully made attempt to deregulate petroleum sector (was resisted), as well as selling the Refineries to private individuals-which was reversed by his successor.
Most importantly, Obasanjo government successfully FOUGHT the scourge of adulterated drugs by strengthening NAFDAC through the former DG and Amazon Prof Dora Akunyili of blessed memory.
DEMERIT
Despite the good deeds of President Olusegun Obasanjo, he had lots of flaws. His government deliberately refused to strengthen the political environment. He disobeyed court order at will especially the Supreme Court order that instructed him to release allocations belonging to the 20 LGAs of lagos state, which he seized due to political disagreement with Lagos state government under Bola Tinubu.
The government promoted illegality by backing the illegal removal of Governors that he wasn't favorable to. Among them were Chief Rasheed Ladoja (Oyo state) who was impeached in a hotel by 18 members of OYSHA instead of minimum 22 as required by the law; Joshua Driye (Plateau state), who was impeached by 5 out of 24 members of PSHA, Mr Peter Obi (Anambra), who was illegally impeached within SEVEN MONTHS of winning his mandate in Supreme Court. The Court reversed all aforementioned impeachment.
Obasanjo also dignified godfatherism and exalted godfathers including late Pa Lamidi Adedibu of Amala Politics in Oyo state, Olusola Saraki (Kwara) and Anthony Aninih (Edo) state. Under President Obasanjo, election was neither free nor fair as there was political thuggery, ballot box snatching, electoral fraud of various kind including open fraud perpetrated by INEC in 2003 and 2007 General elections. Political democracy within PDP was lost as the will of Baba must stand.
Most painful is the fact that Chief Obasanjo refused to fixed power even after spending a whopping $16 billion. I recall the former minister of state for power Chief Liyel Imoke once said Nigerians should not expect constant power for the next FIFTY YEARS.
nairaland
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