Former President Olusegun Obasanjo has described President Bola Tinubu’s policies on fuel subsidy removal and exchange rates as necessary but “wrongly implemented.”
Obasanjo’s position is coming as Tinubu’s government rolled out activities marking his one year anniversary.
The Ota-farmer zeroed in on three decisions of the administration which include fuel subsidy, exchange rates and the dealing with military coup in Niger Republic.
His media aide, Kehinde Akinyemi, in a statement issued in Abeokuta on Sunday, quoted Obasanjo to have spoken at a Colloquium: “Nigeria’s Development: Navigating the Way Out of the Current Economic Crisis and Insecurity” delivered at the Paul Aje Colloquium (PAC) in Abuja.
He lashed out at Tinubu’s government, saying “the present Administration has not found the right way to handle the economy to engender confidence and trust for investors to start trooping in.”
Obasanjo said “Today, the government has taken three decisions, two of which are necessary but wrongly implemented and have led to impoverization of the economy and of Nigerians. These are 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.
“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.”
To him, “Economy does not obey orders, not even military orders. I know that. If we get it right, in two years, we will begin to see the light beyond the tunnel. It requires a change of characteristics, attributes and attitude by the leadership at all levels to gain the confidence and trust of investors who have alternatives.
He further said “Total Energy has gone to invest 6 billion dollars in Angola instead of Nigeria. If the truth must be stated, the present Administration has not found the right way to handle the economy to engender confidence and trust for investors to start trooping in.
To conclude on the economy, “tinkering with the exchange rate is not the answer. The answer is consistency and continuity in policy to ensure stability and predictability. That way, we will be sure of incentivizing domestic and foreign investment. There must be honesty and transparency in government dealings and contracts and not lying with deception about these issues. When the government is seen as pursuing the right policy, the private sector will go for production and productivity.”
Daily Trust
