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Former President Olusegun Obasanjo has criticized President Bola Tinubu’s administration for its approach to removing the fuel subsidy. Obasanjo argued that the government should have considered the potential hardships the subsidy removal would impose on the public and developed strategies to mitigate those effects.
In an interview with the Financial Times, Obasanjo expressed his concerns: “There’s a lot of work that needs to be done. You can’t just announce the removal of the subsidy without addressing its consequences. Due to inflation, the subsidy we thought was removed has effectively returned.”
He emphasized the need for investor confidence in Nigeria and called for a shift from a transactional to a transformational economy.
On the issue of repairing Nigerian refineries, Obasanjo questioned the credibility of repeated promises: “How many times have they promised to fix the refineries, and at what cost? The problems with government refineries persist and have even worsened. Without resolving these issues, progress is unlikely.”
Obasanjo also expressed concern about youth unrest driven by unemployment and lack of opportunities, warning that Nigeria could be facing serious unrest if these issues are not addressed. “Our youth are discontented due to a lack of skills, empowerment, and employment. We are sitting on a potential powder keg, and my hope is that action will be taken before it’s too late,” he cautioned.
