Former President Olusegun Obasanjo Criticizes President Bola Tinubu’s Economic Policies

Former President Olusegun Obasanjo has voiced concerns over President Bola Tinubu’s economic policies, specifically highlighting the adverse effects of fuel subsidy removal and exchange rate adjustments.

In a statement issued by his media aide, Kehinde Akinyemi, on Sunday, Obasanjo assessed the performance of the current government over the past year.

Obasanjo criticized the implementation of these policies, arguing that they are deterring foreign investors from Nigeria. “The present administration has not found the right way to handle the economy to engender confidence and trust for investors to start trooping in,” he stated.

According to Obasanjo, the administration’s three key decisions—removing the fuel subsidy, closing the gap between black market and official exchange rates, and addressing a military coup in Niger Republic—were necessary but poorly executed.

He believes these actions have contributed to the impoverishment of the economy and Nigerian citizens.

He emphasized the importance of production and productivity, coupled with trust in government leadership, as the path forward. “No shortcut to economic progress but hard work and sweat,” Obasanjo said, stressing that economic success cannot be achieved through orders, even military ones.

Obasanjo also pointed out that major investors, like Total Energy, are choosing other countries such as Angola over Nigeria for substantial investments. He called for a shift from transactional to transformational leadership to regain investor confidence. “If the existing investors are disinvesting and going out of our country, how do we persuade new investors to rush in?” he asked.

He further highlighted the need for consistency and continuity in policy to ensure stability and predictability, which he sees as crucial for incentivizing both domestic and foreign investment. Obasanjo urged for honesty and transparency in government dealings and contracts to restore trust and promote economic growth.

In conclusion, Obasanjo called for a change in leadership attributes, advocating for integrity and honesty of purpose to create a conducive environment for investment. He expressed optimism that with the right policies and leadership, Nigeria could achieve development, growth, and progress.

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