Former President Olusegun Obasanjo has taken a swipe at President Bola Tinubu over some of his policies.
In a
statement issued in Abeokuta on Sunday, May 26, Obasanjo said this
administration has taken three decisions, two of which are necessary but
wrongly implemented and have led to the impoverization of the economy and
Nigerians.
He
said;
“The
present Administration has not found the right way to handle the economy to
engender confidence and trust for investors to start trooping in.
“Today,
the government has taken three decisions, two of which are necessary but
wrongly implemented and have led to impoverization of the economy and of
Nigerians. These are removal of subsidy, closing the gap between black market
and official rates of exchange and the third is dealing with a 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.
“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 attitude 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 doubt, and security
being 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 of incentivizing domestic and foreign
investment. There must be honesty and transparency in government dealings and
contracts and 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.”
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