Former President Olusegun Obasanjo criticized President Bola Tinubu’s economic policies on fuel subsidy removal and exchange rates, calling them necessary but poorly implemented. He urged the government to adopt consistent and transparent policies to restore investor confidence and drive Nigeria’s economic growth
Obasanjo’s rebuke came during a speech at the Paul Aje Colloquium in Abuja, focusing on Nigeria’s economic crisis and insecurity.
Obasanjo pinpointed three critical areas where he believes Tinubu’s administration has faltered: the removal of fuel subsidies, the unification of exchange rates, and the handling of the military coup in Niger Republic.
He argued that while these policies are crucial, their mismanagement has exacerbated economic hardships for Nigerians.
Highlighting the consequences of the misapplied policies, Obasanjo noted that multinational corporations, like Total Energy, have opted to invest in other African countries such as Angola, bypassing Nigeria due to perceived instability and lack of investor confidence.
He stressed the need for consistency, continuity, and transparency in government policies to foster a conducive environment for investment.
Obasanjo also critiqued the government’s intervention in the Niger Republic’s political turmoil, suggesting that it distracts from addressing domestic economic issues.
He called for a shift from transactional to transformational leadership, advocating for a government that acts as a catalyst for development, growth, and progress.
