“It will be recalled that a few years ago we rescued Nigeria from its creditors with the deal in which the Paris Club of sovereign creditors wrote off USD 18 billion of debt.
“It was Africa’s largest debt cancellation. Nigeria then used windfall earnings from oil export to pay off another USD 12 billion in debts and arrears,” he said.
The president, who identified corruption as the greatest single challenge facing the country, said it was one of the worst legacies of misrule and bad governance,
“We set up the ICPC and the EFCC to tackle it head on. Today, corruption drains billions of dollars from our economy that cannot afford to lose even a million dollars.
“It seems we are just beginning the fight against corruption afresh. Until recently, it seems corruption had returned with a vengeance, taking seat at the very heart of government.
“We must kick corruption out because it destroys almost everything and I am not talking about corruption of money; corruption of attitude, nepotism, favouritism, they are corruption in different forms, ‘’ he said.
President Olusegun Obasanjo
at an event in Ibadan
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