Former President Olusegun Obasanjo has expressed disapproval of President Bola Tinubu’s economic policies.
The former president made the remarks in a statement released on Sunday by his media aide, Kehinde Akinyemi.
The ex-president who ruled the country between 1999 and 2007 said that while some decisions were necessary, they were poorly implemented.
News About Nigeria reports that Obasanjo’s comments come as Tinubu marks his one-year anniversary in office.
In the statement, Obasanjo listed three key decisions made by the administration: fuel subsidy removal, exchange rate adjustments, and handling the military coup in the Niger Republic.
He said that these decisions, although necessary, were poorly executed, leading to economic hardship and Nigerians’ impoverishment.
Obasanjo criticised the government’s approach to the economy, saying it has failed to inspire confidence and trust among investors.
He noted that Total Energy has opted to invest $6 billion in Angola instead of Nigeria, indicating a lack of faith in the country’s economic leadership.
The former president went on to say that economic progress requires hard work, productivity, and a change in leadership attitude.
He urged the government to adopt a transformational and servant leadership approach, ensuring consistency, stability, and predictability in economic policies.
Obasanjo stressed the importance of honesty, transparency, and integrity in government dealings to attract investors and drive growth.
He said, “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 the existing investors are disinvesting 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 if security is taken care of on a sustainable long-term basis, they will start to test the water. With the right economic policies, attributes of integrity, and honesty of purpose, all should be well, with all hands on deck and the government becoming a catalyst for development, growth, and progress.
“To conclude on the economy, “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 incentivise domestic and foreign investment. There must be honesty and transparency in government dealings and contracts, 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.”
Recall that Tinubu ordered a “low-key” official ceremony to mark his one year in office.
The government is likely to celebrate the anniversary on May 29.
According to the Minister of Information and National Orientation, Mohammed Idris, “The anniversary is going to be low key, there would be no major ceremony but sectorial briefing by the ministers.
“The essence is to ensure that government funds are kept for the people.”
