Former President Chief Olusegun Obasanjo has expressed his views on President Bola Tinubu’s administration, particularly regarding the handling of fuel subsidy removal, the flotation of the naira, and the military coup in Niger Republic.
Speaking at a colloquium titled “Nigeria’s Development: Navigating the Way Out of the Current Economic Crisis and Insecurity,” Obasanjo highlighted several critical points.
“Today, the government has taken three decisions, two of which are necessary but wrongly implemented and have led to impoverishment of the economy and Nigerians. These are the removal of subsidies, closing the gap between the black market and official rates of exchange and the third is dealing with the military coup in Niger Republic.
“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.
“Economy does not obey orders, not even military orders. I know that. If we get it right, we will begin to see the light beyond the tunnel in two years. It requires a change of characteristics, attributes and attitudes by the leadership at all levels to gain the confidence and trust of investors who have alternatives.
“TotalEnergy 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.
“They know us more than we know ourselves. And now they are laughing at us, not taking us seriously. We have to present ourselves in such a way that we will be taken seriously. If existing investors are divesting and going out of our country, how do we persuade new investors to rush in?
‘’We can be serious if we choose to be, but we need to change from transactional leadership in government to transformational and genuine servant leadership.
“With change by us, the investors will give us the benefit of the doubt, and security is taken care of on a sustainable, long-term basis, they will start to test the waters. With the right economic policies, attribute of integrity and honesty of purpose, all should be well, with all hands on deck and the government become a catalyst for development, growth and progress.
“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 to incentivize 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.”
The former president also defended his position on the refurbished refinery in Port Harcourt, dismissing critics as “sycophants and spin doctors.”
He reminded them that the attempt to partly privatize the refineries in 2007 was based on thorough study and understanding of the situation.
In conclusion, Obasanjo advocated for a 25-year development agenda and urged the government to become a catalyst for growth and progress.
