Former president Chief Olusegun Obasanjo has criticized President Bola Tinubu’s administration for its mishandling of fuel subsidy removal, naira flotation, and the military coup in Niger Republic.
Obasanjo argued that while subsidy removal and the government’s forex policy were desirable, they were poorly executed. He made these remarks during a colloquium titled “Nigeria’s Development: Navigating the Way Out of the Current Economic Crisis and Insecurity” held at the Paul Aje Colloquium in Abuja over the weekend.
Efforts to obtain a response from the President’s Media office were unsuccessful, but a source from the Presidency dismissed Obasanjo’s remarks as his personal opinion, stating, “He is entitled to that, but we don’t want to reply to him.”
Obasanjo also criticized those opposing his stance on the refurbished refinery in Port Harcourt, labeling them as “sycophants and spin doctors.” He reminded that his decision to partially privatize the refineries in 2007 was well-considered, highlighting his extensive knowledge of the situation before making his recent decision.
Regarding President Bola Ahmed Tinubu’s 365 days in office, Obasanjo proposed solutions to the country’s challenges, including a 25-year development agenda. He pointed out that the government’s decisions to remove subsidies, narrow the gap between black market and official exchange rates, and address the Niger Republic military coup were necessary but poorly implemented, resulting in economic impoverishment.
Obasanjo emphasized the need for production, productivity, and trust in government leadership to achieve economic progress, cautioning against shortcuts. He urged a change in leadership characteristics and attitudes to regain investors’ confidence, citing TotalEnergy’s $6 billion investment in Angola instead of Nigeria as evidence of lost opportunities.
He criticized the current administration’s mishandling of the economy, stressing that inconsistency in policies, lack of transparency, and deception discourage domestic and foreign investments. Obasanjo underscored the importance of integrity and honesty in government dealings to foster economic stability and predictability.
He lamented the delayed refinery operations, questioning how Nigeria arrived at its current situation and advocating for a thorough review of past and present actions by both the government and the governed.
In conclusion, Obasanjo called for transformational leadership and a genuine commitment to national development, growth, and progress, asserting that the right economic policies and transparent governance would attract investments and spur productivity in Nigeria.
