Before Obasanjo's administration Nigeria's GDP growth had been painfully slow since 1987, and only managed 3% between 1999/2000. However, under Obasanjo the growth rate doubled to 6% until he left office, helped in part by higher oil prices. Nigeria's foreign reserves rose from $2 billion in 1999 to $43 billion on leaving office in 2007. He was able to secure debt pardons from the Paris and London club
amounting to some $18 billion and paid another $18 Billion to be debt free. Most of these loans were secured and spent by past corrupt officials.
In 2005 the international community gave Nigeria's government its first pass mark for its anti-corruption efforts. However, a growing number of critics within Nigeria have accused Obasanjo's government of selectively targeting his anti-corruption drive against political opponents and ethnic militants, ignoring growing concerns about wide-scale corruption within his own inner political circle.
Obasanjo made frequent changes to his cabinet of Federal Ministers and Ministers of State during his two terms of office, and periodically split or combined ministries. He made a major cabinet reshuffle in June 2000, and in January 2001 dissolved his cabinet. In December 2004 he named 12 new ministers. in June 2005 he made another major cabinet reshuffle. In January 2007 a few months before leaving office he made yet another drastic overhaul.
Obasanjo was embroiled in controversy regarding his "Third Term Agenda," a plan to modify the constitution so he could serve a third, four-year term as President. The bill was not ratified by the National Assembly. Consequently, President Obasanjo stepped down after the April 2007 general election.
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