Former President Olusegun Obasanjo has voiced strong criticism regarding the manner in which President Bola Tinubu’s administration has removed the fuel subsidy.
In an interview with the Financial Times, on Monday evening, Obasanjo warned that this decision will likely increase the hardship faced by ordinary Nigerians.
Obasanjo emphasized that the government should have focused on mitigating the negative impacts of the subsidy removal rather than rushing the implementation of this policy.
He highlighted that the hasty removal of the subsidy, amid existing inflationary pressures, would not eliminate the financial burden but rather transform it.
“There’s a lot of work that needs to be done. Not just wake up one morning and say you removed the subsidy. Because of inflation, the subsidy that we have removed is not gone. It has come back,” he stated.
The former President also stressed the importance of boosting investor confidence in Nigeria.
He advocated for a transition from a transactional economy to a transformational one, which would encourage long-term growth and stability. “You have to go from transactional economy to transformational economy,” Obasanjo said.
Additionally, Obasanjo expressed his deep concern over the growing restiveness among Nigerian youths, which he attributed to widespread unemployment and a lack of skills and empowerment.
He warned that this situation poses a significant risk to the country’s stability. “Our youth are restive. And they are restive because they have no skill. They have no empowerment. They have no employment. We are all sitting on a keg of gunpowder. And my prayer is that we will do the right thing before it’s too late,” he cautioned.
Furthermore, Obasanjo addressed the challenges facing the Dangote Refinery project. He alleged that powerful cabals within the oil and gas sector are working against the progress of the refinery, as it threatens their profitable business of importing refined petrol.
“Aliko’s investment in a refinery, if it goes well, should encourage both Nigerians and non-Nigerians to invest in Nigeria. If those who are selling or supplying refined products for Nigeria feel that they will lose the lucrative opportunity, they will also make every effort to get him frustrated,” Obasanjo explained.
The former President’s remarks underscore the complexities and challenges of Nigeria’s economic and social landscape, calling for careful and thoughtful policy decisions to foster sustainable development.
