Tinubu’s government hasn’t found formula to rescue economy – Obasanjo

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OBASANJO

Former President Olusegun Obasanjo has knocked the administration of President Bola Tinubu over poor implementation of the removal of subsidy from petroleum products as well as the floating naira.

This is just as the former President also called for a 25-year roadmap agenda to bring the country out of its various challenges.

Obasanjo said that though the policies were necessary but were however wrongly implemented.

The ex-president said this in a speech delivered at the Paul Aje Colloquium in Abuja at the weekend.

According to a statement made available to journalists on Sunday by his Special Assistant on Media, Kehinde Akinyemi, Obasanjo condemned the country’s position in dealing with the coup in the Republic of Niger.

Obasanjo did also not spare those who are against his position on the much-touted refurbished refinery at Port Harcourt, Rivers State, describing them as “sycophants and spin doctors”.

He declared that such people failed to remember that the attempt that was made in 2007 to partly privatise the refineries was made after a thorough study of the situation, hence his knowledge and a better understanding of the situation before making his decision late last year.

The former president also recommended ways out of the situation in the country, including a 25-year development agenda.

“Today, the government has taken three decisions, two of which are necessary but wrongly implemented and have led to the impoverisation of the economy and of Nigerians. These are the removal of subsidy, 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.”

He added, “The economy does not obey orders, not even military orders. I know that. If we get it right, in two years, we will begin to see the light beyond the tunnel. 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.

“Total Energy has gone to invest 6 billion dollars 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 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 security is taken care of on a sustainable long-term basis, they will start to test the water. With the right economic policies, attribute of integrity, and honesty of purpose, all should be well with all hands on deck and the government should become a catalyst for development, growth, and progress.”

On the economy, Obasanjo said, “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 government is seen as pursuing the right policy, the private sector will go for production and productivity. Change is possible but it must begin with the leadership.”