Obasanjo Criticizes Tinubu’s Handling Of Subsidy Removal, Forex Policy

Former President Olusegun Obasanjo has criticized President Bola Tinubu’s administration for its handling of fuel subsidy removal, the flotation of the naira, and the response to the military coup in Niger Republic.

Speaking at the Paul Aje Colloquium in Abuja, Obasanjo acknowledged that while the subsidy removal and the government’s forex policy were necessary, their implementation was flawed.

Obasanjo emphasized that the government’s actions, although well-intentioned, have led to economic hardship for Nigerians due to poor execution.

He stated, “The removal of subsidies and closing the gap between the black market and official exchange rates were necessary but wrongly implemented, impoverishing the economy and Nigerians.”

Obasanjo stressed the importance of production and productivity, along with trust in government leadership, to achieve economic progress.

He pointed out that economic stability requires consistent and transparent policies, criticizing the current administration for not fostering investor confidence.

The former Head of State criticisms of his stance on the refurbished refinery in Port Harcourt.

He defended his decision to attempt partial privatization of refineries in 2007, arguing that reversing this decision has led to ongoing problems.

Advocating for a 25-year socio-economic development agenda, Obasanjo called for a plan that includes education, food security, energy, industrialization, and technological innovation.

He suggested this plan be agreed upon by all political parties and enacted into law to ensure continuity and stability.

Obasanjo proposed several measures to navigate Nigeria out of its current crises which include:

Education:

Making education compulsory for all Nigerian children and eradicating illiteracy within ten years.

Agribusiness:

Ensuring food and nutrition security.

Energy:

Providing energy for all citizens.

Industrialization:

Promoting industrial and manufacturing sectors.

Technological Innovation:

Emphasizing science, technology, and artificial intelligence.

He also highlighted the need for a conducive environment for the private sector and a balanced approach to security, combining strict measures for criminals with rehabilitation efforts.

Observers of the scene however described  Obasanjo’s comment as a reflection of a critical perspective on the current administration’s policies, urging for more strategic and well-executed approaches to economic and social challenges in Nigeria.