Former Kaduna State governor Nasir El-Rufai says Nigeria cleared its debt, recorded economic growth, and job creation under the administration of former President Olusegun Obasanjo, elected on the Peoples Democratic Party’s platform.

Speaking at the Africa In the World conference in Stellenbosch, South Africa, on Friday, Mr El-Rufai, a former FCT minister, said Mr Obasanjo’s second term, between 2003-2007, recorded the “most successful economic growth.”

“If you look at Nigeria’s economic trajectory, the most successful four to five-year period of economic growth, job creation, and reduced inflation was the period of the second term of President Obasanjo in 2003 to 2007, when, for the first time, the country went back into proper integrated planning, and we also got lucky,” Mr El-rufai said.  

“Oil prices began to rise, but we did not waste the windfall because we had planned. We had an excess crude account (ECA) that was based on fiscal rule that any surpluses above a certain benchmark price of crude oil goes to that savings account. And with that, we were able to get rid of all our foreign debt,” he added. 

Mr El-Rufai’s assertion comes days after Finance Minister Wale Edun said Nigeria last recorded economic growth under former President Goodluck Jonathan ten years ago. 

Messrs El-Rufai and Edun’s assertions debunk claims of economic growth and development by their party man, President Muhammadu Buhari’s regime. 

Mr Buhari assumed office in 2015, succeeding Mr Jonathan. He served two terms between 2015 and 2023, plunging Nigeria into huge debt and economic conundrum. 

With borrowings of Mr Buhari’s regime, Nigeria’s debt profile hit N46 trillion, according to the Debt Management Office.

Former Emir of Kano, Sanusi Lamido Sanusi, recently berated Mr Buhari for piling debt for the country. Also, President Bola Tinubu condemned debt accumulation by the regime as “a path to destruction.”