Obasanjo Criticizes Tinubu Over Fuel Subsidy Removal and Exchange Rate Unification

Former President Olusegun Obasanjo has expressed his disapproval of President Bola Tinubu’s approach to the removal of fuel subsidy and the unification of the exchange rate. While acknowledging the necessity of these actions, Obasanjo believes that their execution was flawed.

During a colloquium in Abuja, Obasanjo emphasized the significance of effective leadership and proper implementation in order to prevent economic hardships for Nigerians.

He also addressed the criticism surrounding the refurbished refinery in Port Harcourt, dismissing the critics as “sycophants and spin doctors.” Obasanjo defended his stance based on his past decisions and understanding of the situation.

Furthermore, Obasanjo outlined the challenges that Nigeria’s economy is currently facing and proposed solutions. These solutions include a 25-year development agenda and a shift from transactional to transformational leadership.

He stressed the importance of consistency, transparency, and honesty in government policies and dealings to attract both domestic and foreign investment.

Obasanjo highlighted the need to learn from past mistakes and adopt a multi-faceted approach to address the root causes of Nigeria’s economic and security challenges.

Obasanjo stated, “Firstly, we must acknowledge our history. Our economy has consistently suffered from poor policies, lack of long-term sustainable strategies, discontinuity, adhocry, and corruption driven by personal greed, incompetence, lack of knowledge and understanding, and lack of patriotism.

“For example, the statements and proposed actions made forty-five years ago to address fuel scarcity are the same statements and actions being discussed today. I remember when I made the statement that the refineries would not work, the sycophants and spin doctors of the current administration criticized me, claiming that I was not a petroleum engineer and did not know what I was talking about.

“They conveniently forgot that in 2007, I made the decision to partially privatize the refineries after conducting a thorough study of the situation. However, my successor reversed this decision.”