Former President Olusegun Obasanjo’s Explosive Critique: Dismantles Tinubu’s Misguided Economic Policies

Former President Olusegun Obasanjo has given a candid assessment of President Bola Tinubu’s first year in office, specifically focusing on three key economic policies. His remarks come as Tinubu’s government prepares to commemorate its one-year anniversary amid ongoing challenges and criticisms.

Olusegun Obasanjo’s analysis sheds light on the administration’s handling of critical issues such as fuel subsidies, exchange rate policies, and the response to the military coup in Niger Republic. His comments carry significant weight, given his vast experience and respected voice in Nigerian politics.

Former President Olusegun Obasanjo: Mishandling of Economic Policies and Investor Confidence

According to Olusegun Obasanjo, the Tinubu administration has not found the right approach to handling the economy, resulting in a lack of confidence and trust among investors. He criticized the implementation of policies related to fuel subsidies and exchange rate management, stating that they have led to the impoverishment of the economy and Nigerians.

“The present Administration has not found the right way to handle the economy to engender confidence and trust for investors to start trooping in,” Olusegun Obasanjo said. He emphasized the need for production and productivity, which can only be achieved through belief and trust in the government’s leadership.

Former President Olusegun Obasanjo: Gasoline Subsidies and Exchange Rate Policies under Scrutiny

Olusegun Obasanjo specifically highlighted two economic decisions made by the Tinubu administration that he believes were necessary but implemented incorrectly. The removal of fuel subsidies and the attempt to close the gap between the black market and official exchange rates were cited as policies that have negatively impacted the economy and the well-being of Nigerians.

“Today, the government has taken three decisions, two of which are necessary but wrongly implemented and have led to impoverization of the economy and of Nigerians. These are removal of subsidy, closing the gap between black market and official rates of exchange,” Olusegun Obasanjo stated.

Former President Olusegun Obasanjo: Investor Confidence and Economic Stagnation

Olusegun Obasanjo’s critique extends to the Tinubu administration’s ability to attract and retain investment, which he believes is crucial for economic growth and development. He pointed out that companies like Total Energy have chosen to invest billions of dollars in neighboring countries like Angola instead of Nigeria, citing a lack of confidence in the government’s policies.

“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,” Olusegun Obasanjo said.

Olusegun Obasanjo Call for Transformational Leadership and Policy Consistency

Olusegun Obasanjo emphasized the need for a change in leadership style and attributes, advocating for a shift from transactional leadership to transformational and genuine servant leadership. He stressed the importance of consistency and continuity in economic policies to ensure stability and predictability, which would incentivize domestic and foreign investment.

“Tinkering with the exchange rate is not the answer. The answer is consistency and continuity in policy to ensure stability and predictability. That way, we will be sure of incentivizing domestic and foreign investment,” Olusegun Obasanjo advised.

Former President Olusegun Obasanjo: Transparency, Honesty, and Private Sector Engagement

Olusegun Obasanjo called for honesty and transparency in government dealings and contracts, warning against deception and lies. He also highlighted the importance of engaging the private sector in driving production and productivity, which he believes will be facilitated by the pursuit of the right economic policies.

“When the government is seen as pursuing the right policy, the private sector will go for production and productivity,” Olusegun Obasanjo concluded, emphasizing the need for a collaborative approach between the government and private sector to achieve economic progress.