Former President Olusegun Obasanjo says Fuel Subsidy removal and the Forex rate policies introduced by the President Bola Ahmed Tinubu administration were necessary steps for the survival and growth of the Economy.
He however said the wrong implementations of the policies were hurting the economy and Nigerians.
Mr Obasanjo spoke at a colloquium with thee theme: Nigeria’s Development: Navigating the Way Out of the Current Economic Crisis and Insecurity, delivered at the Paul Aje Colloquium (tPAC) at the weekend in Abuja.
The speech by the former president is his first public position on the one year of President Tinubu’s administration.
He suggested ways out of the situation, including a 25-year development agenda.
He said: “Today, the government has taken three decisions, two of which are necessary but wrongly implemented and have led to impoverishment of the economy and of Nigerians.
Mr Obasanjo also took a swipe at those against his position on the refurbished Port Harcourt Refinery in Rivers State, describing them as “sycophants and spin doctors”.
He said such people failed to remember that the attempt that was made in 2007 to partly privatise the refineries was under his watch, after a thorough study of the situation, hence his knowledge and better understanding of the situation before making his decision late last year.
On the way out of the present economic pains, the former President recommended a 25-year socio-economic development plan.
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