Former President Olusegun Obasanjo has voiced criticisms of three key policies of the current administration, stating that although two were necessary, their implementation was flawed, leading to negative economic consequences.
Speaking at the Paul Aje Colloquium in Abuja, Obasanjo outlined his concerns and proposed solutions for Nigeria’s economic and security challenges.
Obasanjo’s critique, relayed through his Special Assistant on Media, Kehinde Akinyemi, targeted the removal of fuel subsidies and the alignment of black market and official exchange rates. He argued that both policies, while essential, were poorly executed, exacerbating the country’s economic woes. He also commented on the government’s handling of the coup in Niger, which he viewed as a misstep.
Addressing the refurbished Port Harcourt refinery, Obasanjo labeled his detractors as “sycophants and spin doctors,” defending his 2007 decision to partially privatize the refineries based on thorough analysis.
He stated the current administration’s failure to build investor confidence, citing TotalEnergy’s $6 billion investment in Angola as a missed opportunity for Nigeria.
Obasanjo proposed a 25-year socio-economic development agenda, focusing on education, food security, energy, industrialization, and technological innovation. He stressed the need for transparency, consistency in policies, and a shift from transactional to transformational leadership to regain investor trust.
On security, Obasanjo recommended a dual approach of rehabilitation and stringent measures against criminals, emphasizing the importance of education and employment as fundamental rights for all Nigerians.
Obasanjo called for a long-term, legally binding development plan, suggesting it would function akin to a national constitution, with periodic reviews to ensure progress.
