Fashola blamed the former President while speaking on Channels Television on Friday.
He claimed Obasanjo should have invested in capital projects across the country, instead of paying off external debts.
According to the Minister, if he had the $12 billion like the Olusegun Obasanjo government in 2005, he would have built rails and more roads.
Fashola said that rather than deploy the funds prudently, the Obasanjo government decided to pay the country’s creditors to the detriment of the country.
According to Fashola, that is why Nigeria has continued to borrow.