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Obasanjo queries implementation of subsidy removal, exchange rate unification
Former President Olusegun Obasanjo has taken a swipe at President Bola Tinubu’s implementation of the fuel subsidy removal and the unification of the exchange rate.
He said while they are necessary, their implementation was faulty. In a Sunday statement, Obasanjo’s spokesman Kehinde Akinyemi said his principal made the comment at a colloquium: “Nigeria’s Development: Navigating the Way Out of the Current Economic Crisis and Insecurity” at the Paul Aje Colloquium (tPAC) in Abuja on Saturday.
“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 a military coup in Niger Republic,” he 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.”
Obasanjo also took a swipe at those 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.
On what could be described as his position on 365 days of President Tinubu’s administration, the former president also posited ways out of the situation in the country, including a 25-year development agenda.
He said: “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.
Obasanjo added: “Total Energy has gone to invest $6 billion 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 will be 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 becomes a catalyst for development, growth, and progress.
The eldestatesman 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 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. Change is possible but it must begin with the leadership”.
The former president’s reaction to the refinery issue was coming barely six months after a claim that the refinery would begin operation in January. He noted that to get out of the current situation of the country, the government and the governed needed to look at the past and the present, and asked: How do we get here?
“Looking at the topic of today’s occasion, the question I would ask is, how do we navigate our way out of these crises and pave the path towards a more secure and prosperous Nigeria? I believe the answer to this requires a multi-faceted approach that addresses the root causes of these challenges,” he said. “The central questions are: where were we? And how did we get to where we are today?”
Obasanjo said, “Firstly, we must know where we are coming from. Our economy has consistently suffered from poor policies, lack of long-term sustainable policies, discontinuity, adhocry, and corruption firmed on personal greed, avarice, incompetence, lack of knowledge and understanding, and lack of patriotism.
“For instance, the statement and proposed actions given forty-five years ago to stop fuel scarcity are the same statement and action being touted today. I recall when I made the statement that the refineries would not work, the sycophants and spin doctors of this current administration went out to castigate me as not being a petroleum engineer and that I did not know what I was talking about.
“They forgot that the attempt that was made in 2007 to partly privatise the refineries was made by me after a thorough study of the situation. But the decision was reversed by my successor and the 750 million dollars paid was refunded.”
Senator Natasha Akpoti-Uduaghan on Thursday hailed the Independent National Electoral Commission (INEC) for rejecting a petition to recall her as the lawmaker representing Kogi Central Senatorial District.
The lawmaker, who was a guest on Channels Television’s Politics Today, said the electoral umpire should have thrown out the petition long before it did on April 3, 2025.
“I’m a lawyer. I’m a senator and I understand how Nigeria works. For me, the most important thing is this recall process has been stalled.
“I give kudos and credit to INEC even though I believe they should have thrown it away from the get-go.
“I think it was void ab initio because there is no law in the Electoral Act that says a petition should be discarded just because there is no address but again, what if the address is false?”
The Peoples Democratic Party (PDP) chieftain argued that most of the addresses provided in the petition for her recall were false because most houses in her district weren’t labelled.
Even though INEC did count 208,000 signatures, I bet you if they had gone into the verification stage, they would have struggled to even have 500 people come out to attest to signing that,” she added.
…hosts Delegation Of Rivers NASS Caucus
The Administrator of Rivers State, Vice Admiral (Rtd) Ibok Ete Ekwe Ibas, has said that an appropriation bill for 2025 is being articulated to provide for critical development concerns in healthcare delivery, education, agriculture and infrastructure.
Vice Admiral (Rtd) Ibas also said that the anticipated budget will cater to creating more employment opportunities for Rivers people and advance delivery of technology in critical facets of public life.
The administrator gave the hint when he hosted the delegation of Rivers State caucus at the National Assembly, led by Dr Barinada Mpigi, the Senator representing Rivers South-East District, at Government House in Port Harcourt on Thursday.
Those on the delegation included Senator Allwell Onyesoh, the minority leader of the House of Representatives, Rep. Kingsley Chinda, Hon Dumnamene Dekor, Hon Solomon Bob, Hon Cyril Godwin Hart,
Hon Blessing Amadi, Hon. Felix Nwaeke, Hon Kelechi Nwogu, and Hon Victor Obuzor
Ibas said he has been resolute, since assumption of office, to restore law and order, and with support from the security agencies, an environment has been created where Rivers residents feel valued and safer.
The Administrator stated that the commitment is to make Rivers a model of peace in the comity of States, with a stable economy and citizens courageous to pursue their livelihood without fear or molestation.
“In addition to our peace building efforts, we are also focused on the economic stability and development of Rivers State.
“Since the Supreme Court verdict on the state’s budget, we have acted swiftly and decided to put together a new budget that reflects our commitment to healthcare, education, social services, and continued infrastructural development.
“We have worked diligently to ensure that the process is transparent, inclusive, and most importantly expedited. Our goal is to ensure that we do not lose any more time in making the necessary investments that will improve the lives of citizens.”
Vice Admiral (Rtd) Ibas stated: “The budget which is been finalized focuses on creating job opportunities and investing in key sectors such as agriculture, infrastructure, and technology.
“We understand the urgency of this initiative, and we are committed to ensuring that they are implemented without delay.”
The Administrator noted that to get the task done, the support of the legislators will be required as key representatives of Rivers State in the National Assembly.
He sued for their assistance in securing the necessary resources and legislative backing that would bring the initiative of his administration to fruition.
“Your partnership is critical to success in ensuring that Rivers State remains on the path of progress and enduring peace for future generations.”
He explained that in the face of the challenges that beset Rivers, which led to the State of emergency declared by President Bola Tinubu, dialogue, community engagement and reconciliation were deplored to build trust among the citizenry.
He noted that the people of Rivers State have shown incredible resilience and patience in the efforts taken so far to restore the State back to the path of peace and respect for the law.
Vice Admiral (Rtd) Ibas assured that his administration remains committed to achieving enduring peace for the state.
He said: “Beyond security, we have prioritised community engagements as a central part of our strategy. Dialogue, reconciliation, and inclusivity have been key to building trust among our people.
“We are determined to strengthen the bond of unity in Rivers State and to foster an environment where every citizen feels valued, heard, and respected. Together, we are making strides in ensuring that peace becomes a permanent feature of our state.”
Responding, Senator Barinada Mpigi, representing Rivers South-East District, said they are dedicated representatives of Rivers people at the National Assembly and resolved to support all efforts that will bring development to the State.
While commending the administrator for the modest successes he had achieved so far, Senator Mpigi pledged the support and cooperation of the legislators to ensure the return of the state on the path of law and order.
Vice President Kashim Shettima has departed Abuja for Dakar, Senegal for official assignment.
The VP is expected to represent President Bola Ahmed Tinubu at the West African nation’s 65th Independence Anniversary celebrations.
Senegal marks its Independence Day on April 4 each year, commemorating its liberation from French colonial rule in 1960.
The annual celebration is a significant event featuring national parades, cultural displays, and ceremonies highlighting the country’s achievements and unity.
A statement issued on Thursday by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, said Shettima’s participation followed an official invitation from Senegalese President, Bassirou Diomaye Faye.
This underscored the strong diplomatic and economic ties between Nigeria and Senegal.
The two nations share longstanding relations, particularly within the Economic Community of West African States (ECOWAS), fostering cooperation on regional security, trade, and development initiatives.
The event is expected to reaffirm Senegal’s commitment to democratic governance and regional cooperation.
Vice President Shettima is scheduled to return to Nigeria immediately after the one-day celebrations, continuing his engagements in national development and diplomatic outreach.
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