"The constitution must be held hallowed and sacred. And, on the basis of the constitution in hand, we must start to plan for the next elections," he said.It should be an interesting presidential campaign -- and there's still an entire year before Nigerians go to the polls.
Mr Obasanjo has never publicly said he wanted to stand for re-election saying he would make his decision if the constitution was amended.
In his speech he hit out at the media for unfounded speculation on the subject.
"Many derogatory statements and unfounded allegations have been made about me and my position concerning the so-called third term... I was maligned, insulted and wrongly accused but I remained where I am and what I am and I remained focused," he said.
President Obasanjo said it was now time to heal the wounds caused by weeks of angry debate on the issue and he criticised both sides for using blackmail, intimidation and violence in their campaigns.