Former President Chief Olusegun Obasanjo has voiced strong criticisms against President Bola Tinubu’s administration, particularly concerning its handling of fuel subsidy removal, the naira’s flotation, and the military coup in Niger Republic. Obasanjo, speaking at the Paul Aje Colloquium in Abuja, emphasized that while the policies of subsidy removal and foreign exchange adjustment were necessary, their implementation was flawed, exacerbating economic hardship for Nigerians.
Efforts to obtain a response from the President’s media office were unsuccessful. However, a source from the Presidency commented, “It is his personal opinion, he is entitled to that but we don’t want to reply to him.”
Obasanjo also addressed criticisms from those opposing his stance on the Port Harcourt refinery. He labeled them as “sycophants and spin doctors” who failed to recall his attempt in 2007 to partially privatize the refineries after a comprehensive study.
Reflecting on Tinubu’s administration’s first year, Obasanjo offered solutions to Nigeria’s economic challenges, including a 25-year development plan. He noted that current economic decisions, while necessary, were poorly executed and had impoverished both the economy and the populace. He highlighted the need for increased production and productivity, urging for leadership that inspires trust and confidence.
Obasanjo stressed that economic progress requires hard work and consistency, not just orders. He pointed out that the current administration has failed to instill confidence in investors, citing TotalEnergy’s decision to invest $6 billion in Angola rather than Nigeria. He called for a shift from transactional to transformational leadership to restore investor trust.
Emphasizing policy stability and transparency, Obasanjo asserted that mere adjustments in exchange rates would not suffice. Instead, he advocated for continuity in policy to ensure stability and predictability, which would, in turn, attract both domestic and foreign investments.
Addressing the controversial Port Harcourt refinery, Obasanjo reminded that his 2007 privatization efforts, reversed by his successor, were based on thorough analysis. He criticized the current administration’s failure to effectively address fuel scarcity, noting the persistence of outdated solutions.
For Nigeria’s future, Obasanjo proposed a comprehensive 25-year socio-economic development agenda, legally endorsed by both the National and State Assemblies. This plan, he suggested, should be implemented in five-year phases, starting with universal education, followed by food and nutrition security, energy access, industrialization, and advancements in science and technology.
On security, Obasanjo advocated for a balanced “stick and carrot” approach, combining strict measures against criminals with rehabilitation for those willing to reform. He stressed the necessity of compulsory education up to secondary level and the eradication of illiteracy within ten years. He warned that without addressing the educational needs of over 20 million out-of-school children, Nigeria risks fueling the ranks of drug addicts, extremists, and other societal misfits.
In conclusion, Obasanjo called for genuine servant leadership and a shift in attitudes among the country’s leaders to foster a conducive environment for development and growth, ultimately leading Nigeria towards a more secure and prosperous future.
