Former Nigerian President, Olusegun Obasanjo, has criticized the policies of President Bola Tinubu’s administration, particularly focusing on the implementation of the fuel subsidy removal and the unification of the exchange rate.
Obasanjo, spoke through a statement by his spokesman Kehinde Akinyemi at the Paul Aje Colloquium (tPAC) in Abuja, stated that while these decisions were necessary, their execution was flawed, resulting in economic hardship for Nigerians.
Obasanjo emphasized the importance of production and productivity as the way forward for Nigeria’s economic progress, highlighting the need for belief and trust in government leadership.
He criticized the closure of the gap between the black market and official exchange rates, citing it as a contributing factor to the impoverishment of the economy and its citizens.
Furthermore, Obasanjo addressed criticisms regarding his stance on the refurbishment of the Port Harcourt refinery in Rivers State, dismissing detractors as “sycophants and spin doctors.”
He defended his decision based on a thorough study of the situation, referencing a previous attempt in 2007 to partly privatize the refineries during his tenure.
Reflecting on President Tinubu’s one-year anniversary in office, Obasanjo proposed a 25-year development agenda and stressed the need for a change in leadership characteristics, attributes, and attitudes to regain investor confidence.
He cited examples of foreign investment diverted from Nigeria to other African countries due to a lack of trust in the current administration’s economic policies.
Obasanjo emphasized the importance of consistency and continuity in economic policies to ensure stability and predictability, urging a shift from transactional to transformational leadership in government.
He highlighted the need for honesty, transparency, and integrity in government dealings to incentivize both domestic and foreign investment.
Regarding the refinery issue, Obasanjo’s comments came amidst delays in its operationalization, questioning how Nigeria arrived at its current economic and security crises.
He attributed the nation’s challenges to poor policies, lack of sustainable strategies, corruption, incompetence, and personal greed among government officials.
Obasanjo called for a multi-faceted approach to address Nigeria’s challenges, emphasizing the importance of understanding past mistakes to pave the way for a more secure and prosperous future.
He reiterated the need for decisive leadership and comprehensive policies to steer the nation towards sustainable development and progress.
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