Former President Olusegun Obasanjo has voiced his criticism regarding the removal of petrol subsidies by President Bola Tinubu’s administration, describing the implementation as “wrongly and thoughtlessly” executed.
Obasanjo made these remarks on Saturday during a virtual colloquium themed ‘Nigeria’s Development: Navigating the Way Out of the Current Economic Crisis and Insecurity’.
Obasanjo highlighted that the federal government’s decision, along with the unification of exchange rates, has further impoverished Nigerians.
He said, “Today, the government has taken three decisions, two of which are necessary but wrongly and thoughtlessly implemented and have led to the impoverishment of the economy and of Nigerians. These are the removal of subsidy, closing the gap between black market and official rates of exchange, and the third is dealing with a military coup in Niger Republic.”
Addressing the issue of attracting foreign investments, Obasanjo criticized the current administration’s approach, asserting that it has failed to inspire confidence and trust among potential investors. He noted that investors are reluctant to commit to Nigeria, citing Total Energy’s decision to invest $6 billion in Angola instead of Nigeria due to inconsistent policies.
“The way forward is production and productivity, which belief and trust in government leadership will engender. No shortcut to economic progress but hard work and sweat,” Obasanjo stated. “Economy does not obey orders, not even military orders. If we get it right, in two years, we will begin to see the light beyond the tunnel.”
Obasanjo emphasized the need for a change in leadership characteristics and attitudes to gain the confidence of investors, suggesting that Nigeria must present itself in a more serious and reliable manner to the global community. “They know us more than we know ourselves. And now they are laughing at us, not taking us seriously. We have to present ourselves in such a way that we will be taken seriously.”
He proposed that Nigeria adopt a 25-year social economic development agenda, agreed upon by all political parties and enshrined in law by the national and state assemblies.
The agenda should prioritize education for all, food and nutrition security through agribusiness, energy for all, health for all, industrialization and manufacturing, and advancements in science, technology, innovation, and artificial intelligence.
Obasanjo concluded with a call for consistency and continuity in policy to ensure stability and predictability, arguing that “Tinkering with the exchange rate is not the answer. The answer is consistency and continuity in policy to ensure stability and predictability.”
