Former President Olusegun Obasanjo has criticized two of the President Bola Tinubu-led administration's policies as necessary but poorly executed. Speaking at the Paul Aje Colloquium (PAC) in Abuja over the weekend, Obasanjo highlighted that these policies have negatively impacted Nigeria’s economy and its citizens.
Obasanjo identified the removal of the fuel subsidy and the alignment of black market and official exchange rates as the two crucial yet mishandled policies. He also pointed out the government's stance on the coup in Niger as the third major decision.
“Today, government has taken three decisions, two of which are necessary but wrongly implemented and have led to the impoverishment of the economy and Nigerians. These are the removal of subsidy and closing the gap between black market and official exchange rates. The third is dealing with the military coup in Niger Republic," Obasanjo remarked.
The former President emphasized the need for a productive and trusting government leadership to achieve economic progress. “The way forward is production and productivity, which belief and trust in government leadership will engender. No short cut to economic progress but hard work and sweat. Economy does not obey orders, not even military orders. I know that. If we get it right, in two years, we will begin to see the light beyond the tunnel," he said.
Obasanjo criticized the current administration's inability to inspire confidence among investors, highlighting a significant investment shift from Nigeria to Angola by Total Energy. He urged a transition from transactional to transformational leadership to restore investor confidence.
“To get out of the current situation, we must reflect on our past and present, and ask, 'How did we get here?' Our economy has consistently suffered from poor policies, lack of long-term sustainable policies, discontinuity, adhocracy, and corruption based on personal greed and lack of patriotism," he added.
Obasanjo also pointed out the recurring issue of fuel scarcity and the inefficiency of Nigeria's refineries, noting his past efforts to address these issues through partial privatization in 2007, which was later reversed by his successor.
Proposing a solution, the former President suggested the development of a comprehensive 25-year socio-economic agenda for Nigeria that would be widely accepted and legislated.
The colloquium provided a platform for critical discussions on navigating Nigeria’s economic crisis and insecurity, with Obasanjo's insights emphasizing the importance of correct policy implementation and visionary leadership.
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