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Obasanjo: Tinubu Has Not Found Right Way To Handle Economy

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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