Breaking: Obasanjo Criticizes Tinubu, Highlights Three Policies Damaging The Economy

Breaking: Obasanjo Criticizes Tinubu, Highlights Three Policies Damaging The Economy
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Former President Olusegun Obasanjo has expressed concerns over certain policies implemented by President Bola Tinubu. Obasanjo remarked that while the removal of fuel subsidies and adjustments to exchange rates were necessary, they were poorly executed.

In a statement by his media aide, Kehinde Akinyemi, Obasanjo highlighted three key areas where the administration’s decisions have been detrimental: fuel subsidy removal, exchange rate management, and the response to the military coup in Niger Republic.

Obasanjo’s comments come as Tinubu marks his first year in office. He argued that the current administration has failed to manage the economy in a way that instills confidence and trust among investors. According to Obasanjo, “The government has taken three decisions—two of which, although necessary, were wrongly implemented and have led to the impoverishment of the economy and Nigerians. These include the removal of subsidies, the unification of black market and official exchange rates, and the handling of a military coup in Niger Republic.”

Obasanjo emphasized that economic progress requires hard work, productivity, and trustworthy leadership. “The economy does not obey orders, not even military ones. With the right approach, we could see improvements within two years, but this demands a change in leadership characteristics and attitudes to gain investor confidence,” he stated.

He pointed out that significant investments, such as Total Energy’s $6 billion project, are going to Angola instead of Nigeria, signaling a lack of investor confidence in Nigeria’s current economic policies. Obasanjo urged for a shift from transactional to transformational leadership, emphasizing that integrity and transparency in government dealings are crucial.

Obasanjo concluded that consistent and stable economic policies are essential for attracting and retaining investment. “Tinkering with the exchange rate is not the answer. Consistency and predictability in policy, along with honesty and transparency in government, are crucial for economic stability and growth,” he said.