Obasanjo’s Second Term was Nigeria’s Most Successful Period of Economic Growth – El-Rufai

Former Kaduna State Governor Nasir el-Rufai has said that the second term of former President Olusegun Obasanjo was the “most successful” in terms of economic growth, job creation, and inflation rate in Nigeria.

POLITICS NIGERIA reports that El-Rufai while speaking at the Africa In the World conference in Stellenbosch, South Africa, on Friday, attributed this success to “proper integrated planning” and “luck.”

He also emphasized the need for proper planning to aid the economic growth of any country, saying that Nigeria’s planning commission has not been as effective as it should be.

El-Rufai said that during Obasanjo’s second term, the country returned to proper planning and also got lucky with rising oil prices.

“We had an excess crude account (ECA) that was based on a fiscal rule that any surpluses above a certain benchmark price of crude oil goes to that savings account,” he said. “And with that, we were able to get rid of all our foreign debt.”

El-Rufai said that Nigeria’s fiscal health was at its best in 2007, such that when the global financial crisis took place in 2008, “Nigeria did not feel anything.”

“Nothing was felt in Nigeria because Nigeria had a big savings account; we had huge reserves and we were able to absorb the shock without any internal problems unlike most countries,” he said.

The Kaduna politician added that long-term and coordinated planning, as well as the inclusion of all stakeholders, are crucial to achieving accelerated economic growth.

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One Comment

  1. You said well sir , our beloved ex- governor but it is sad that just like all politicians are symchopants, you did not tell this truth to Buhari when he was failing in his economic policies.

    Same thing is going on with Tinubunomics, Nigerians are suffering but most of his kitchen cabinet will not tell him (Tinubu) the truth.

    Khaki boys, enough of these demon cracy, come & liberate us.

    Things are not working at all. We need a fresh breath & I don’t see demon cracy as the solution we need.

    We have lost Hope in these KALOKALO politics.

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