FORMER President Olusegun Obasanjo said the administration of President Bola Tinubu had yet to find the right way to handle the economy.
He also said the removal of fuel subsidies by the president was in order but said it was wrongly implemented, leading to suffering in the land.
According to Obasanjo, two out of the three decisions made by Tinubu were wrongly implemented.
In a statement made by his Special Assistant on Media, Kehinde Akinyemi, on Sunday, Obasanjo hinted that the third decision was the position in dealing with the coup in Niger.
The former president made this remark at a colloquium, ‘Nigeria’s Development: Navigating the Way Out of the Current Economic Crisis and Insecurity,” delivered at the Paul Aje Colloquium (PAC) in Abuja, at the weekend.
Obasanjo also took a swipe at those against his position on the much-touted refurbished refinery at Port Harcourt, Rivers State, describing them as “sycophants and spin doctors.”
He declared that such people failed to remember that the attempt that was made in 2007 to partly privatise the refineries was made by him after a thorough study of the situation, hence his knowledge and better understanding of the situation before making his decision late last year.
On what could be described as his position on 365 days of the President Bola Ahmed Tinubu administration, Obasanjo also posited ways out of the situation in the country, including a 25-year development agenda.
“Today, government has taken three decisions, two of which are necessary but wrongly implemented and have led to impoverisation of the economy and of Nigerians.
“These are removal of subsidy, closing the gap between black market and official rates of exchange and the third is dealing with military coup in Niger Republic.
“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,” Obasanjo said.
He stated: “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. It requires a change of characteristics, attributes and attitude by the leadership at all levels to gain the confidence and trust of investors who have alternatives.”
He added: “Total Energy has gone to invest 6 billion dollars in Angola instead of Nigeria. If the truth must be stated, the present administration has not found the right way to handle the economy to engender confidence and trust for investors to start trooping in.”
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