Politics

Breaking News: Obasanjo Criticizes Tinubu’s Policy Implementation

Published by Tope Fakinlede on May 26th, 2024.

Breaking News: Obasanjo Criticizes Tinubu’s Policy Implementation

Former President Olusegun Obasanjo has criticized President Bola Tinubu’s approach to fuel subsidy removal and exchange rate adjustments. While acknowledging these policies as necessary, Obasanjo argued they were “implemented incorrectly.”

Obasanjo’s critique coincides with the commemoration of Tinubu’s first year in office. Addressing three key areas—the fuel subsidy, exchange rates, and the response to the military coup in Niger Republic—Obasanjo expressed his concerns.

In a statement released in Abeokuta by his media aide, Kehinde Akinyemi, Obasanjo shared his views during a speech at the Paul Aje Colloquium in Abuja titled “Nigeria’s Development: Navigating the Way Out of the Current Economic Crisis and Insecurity.” He argued that Tinubu’s administration has yet to find effective methods to manage the economy, which has resulted in a lack of investor confidence.

Obasanjo stated, “The government has made three critical decisions, two of which are necessary but poorly executed, leading to economic hardship for Nigerians. These include the removal of fuel subsidies and the unification of black market and official exchange rates, as well as the handling of the military coup in Niger Republic. Economic progress requires production and productivity, which depend on trust and belief in government leadership. There are no shortcuts—only hard work and dedication will suffice.”

He added, “Economic policies cannot be enforced by decree, not even military decrees. If we make the right choices, we could start seeing improvements within two years. However, this requires a shift in the leadership’s characteristics, attributes, and attitudes to build investor trust.”

Obasanjo pointed to the example of Total Energy investing $6 billion in Angola instead of Nigeria, highlighting the lack of investor confidence in the