Obasanjo’s Critique on Fuel Subsidy Removal
Former President Olusegun Obasanjo has slammed President Bola Tinubu’s administration, as he criticises it for its poor execution of the fuel subsidy removal and the floating naira policies. Despite acknowledging the necessity of these policies, Obasanjo believes their implementation has been flawed, leading to economic hardships for Nigerians.
Poor Response to Niger Coup
Obasanjo also condemned Nigeria’s approach to the military coup in the Republic of Niger. Speaking at a colloquium in Abuja titled “Nigeria’s Development: Navigating the Way Out of the Current Economic Crisis and Insecurity,” he highlighted the inadequacies in handling the situation.
Economic Missteps
Obasanjo stated, “The government has taken three major decisions: removing the fuel subsidy, closing the gap between black market and official exchange rates, and dealing with the Niger coup. While two are necessary, their poor execution has worsened the economy.” He stressed that economic progress requires production, productivity, and trust in government leadership, with no shortcuts.
Need for Foreign Investments
Obasanjo urged the government to attract more foreign investments. He cited Total Energy’s $6 billion investment in Angola instead of Nigeria as a missed opportunity, reflecting poorly on the current administration. “Investors must see Nigeria as a serious country. With existing investors leaving, attracting new ones becomes challenging,” he said.
Call for Transformational Leadership
He emphasised the need for transformational leadership to replace the current transactional approach. “We need a change in leadership characteristics to gain the confidence of investors. With the right policies and integrity, we can catalyse development and growth,” Obasanjo added.
Long-term Socio-economic Plan
Obasanjo proposed a 25-year socio-economic development agenda, agreed upon by all political parties and legislated by the National and State Assemblies. This plan, he believes, will act like a constitution and focus initially on education for all.
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