By Olusegun Olanrewaju
Former President Olusegun Obasanjo has described President Bola Tinubu’s policies on fuel subsidy removal and exchange rates as necessary but wrongly implemented.
Obasanjo’s position is coming as Tinubu’s government marshalled activities to mark his first anniversary.
The ex-president came down hard particularly on three of the decisions of the administration, including fuel subsidy, exchange rates mechanism, and regional coup management, with particular reference to the Niger Republic version.
Obasanjo, in a statement issued in Abeokuta yesterday by his media aide, Kehinde Akinyemi, was quoted to have spoken at a Colloquium on: ‘Nigeria’s Development: Navigating the Way Out of the Current Economic Crisis and Insecurity’ delivered at the Paul Aje Colloquium (PAC) in Abuja.
The Ota farmer berated the Tinubu administration, saying “The present Administration has not found the right way to handle the economy to engender confidence and trust for investors to start trooping in.”
His further words, “Today, the government has taken three decisions, two of which are necessary but wrongly implemented, and have led to the impoverisation of the economy and Nigerians.
”These are removal of subsidy, closing the gap between the black market and official rates of exchange, and the third is dealing with a military coup in Niger Republic.”
According to him, “The way forward is production and productivity which belief and trust in government leadership will engender. No shortcut to economic progress but hard work and sweat.
“The 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.
The former president added, “Total Energy has gone to invest $6 billion 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.
“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.
“There must be honesty and transparency in government dealings and contracts, and not lying with deception about these issues.
“When the government is seen as pursuing the right policy, the private sector will go for production and productivity.”
