Obasanjo also blamed fuel subsidy removal, the harmonisation of foreign exchange markets and dealing with military coup in Niger for Nigeria’s economic hardship
By Kehinde Okeowo
Former Nigeria President, Olusegun Obasanjo has advised incumbent President, Bola Ahmed Tinubu on how to tackle Nigeria’s economic woes.
According to him, ramping up activities around production and productivity will make Nigeria prosperous again.
The ex-president made this known on Sunday via a statement by his Media Aide, Kehinde Akinyemi, who quoted a Colloquium he delivered in Abuja titled: “Nigeria’s Development: Navigating the Way Out of the Current Economic Crisis and Insecurity”
Obasanjo blamed fuel subsidy removal, the harmonisation of foreign exchange markets and dealing with a military coup in Niger for Nigeria’s economic hardship.
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However, while proffering solution to the problems Nigeria is facing, the former military head of state urged the Tinubu-led government to focus on production, noting that there is no shortcut to economic progress.
Obasanjo said: “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.
“The economy does not obey orders, not even military orders. I know that. If we get it right, we will begin to see the light beyond the tunnel in two years. It requires a change of characteristics, attributes and attitude by the leadership at all levels to gain the confidence and trust of investors who have alternatives,” he said.
President Bola Tinubu’s administration announced fuel subsidy removal and the Harmonization of Foreign exchange markets last year.
After the implementation of the directives by relevant government agencies, fuel pump price surged by 176.02 per cent on a year-on-year basis to N701.24 per litre compared to N255.06 last year.
Similarly, the country’s Naira dropped to N1482.81 per dollar last Friday from N465.50 per dollar on June 14, 2023.
