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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.”
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Army acquires 43 drones, wings 46 Turkey-trained personnel
The Federal Government has bolstered the Nigerian Army’s operational capacity with the acquisition of 43 Bayraktar TB2 drones, primarily for deployment in the North-West theatre of operations.
The Commander of the Nigerian Army Space Command, Brig. Gen. U.G. Ogeleka, disclosed this on Tuesday during the winging ceremony of 46 personnel trained in the operation and maintenance of the drones.
The initiative, codenamed Project Guardian, aims to strengthen military operations against insurgency and other security challenges in the region.
“Between May and September 2022, a team of 35 officers and 11 soldiers from the Nigerian Army’s routinely piloted aircraft system regiments underwent specialised training in Turkey on the operation and maintenance of the Bayraktar TB2 drones,” Ogeleka said. “The training crew included multi-piloted aircraft pilots, mission operators, avionics, and mechanical engineers and technicians.”
Out of the 46 trained personnel, 14 are multi-piloted aircraft pilots, seven are mission operators, and 23 are engineers and technicians.
Ogeleka presented 22 of the trained personnel for the winging ceremony, noting that the others are actively engaged in operational duties.
The Chief of Army Staff, Lt. Gen. Olufemi Oluyede, praised the acquisition of the drones and the training of personnel as significant steps toward enhancing the army’s professionalism and combat readiness.
“The winging of these 22 officers and soldiers as pilots and certified maintenance engineers is a morale booster for others in service,” Oluyede said. “It confirms their readiness to operate and maintain the Turkish Bayraktar TB2 drones in our inventory.”
Oluyede further revealed plans to procure additional unmanned aerial systems in the coming year to strengthen military operations across all theatres in the country.
The drones will play a critical role in addressing security challenges in the North-West, a region plagued by banditry and insurgency.
Their advanced surveillance and strike capabilities are expected to significantly enhance the Nigerian Army’s operational effectiveness.
This development underscores the government’s commitment to leveraging technology to improve national security and highlights the Nigerian Army’s drive to modernize its arsenal and build capacity within its ranks.
With more unmanned aerial systems set for acquisition, the military’s ability to conduct precise, real-time surveillance and combat operations is poised for substantial improvement.
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Ondo Assembly mulls 10-year jail term for land grabbers
The Ondo State House of Assembly is considering a bill that proposes harsh penalties for land grabbers, including up to 10 years imprisonment for forceful entry or illegal takeover of properties.
Governor Lucky Aiyedatiwa has further reinforced the fight against land grabbing by signing an Executive Order to prohibit such activities.
The order aims to end forceful entry, illegal occupation of landed properties, and fraudulent or violent conduct related to land in the state.
To strengthen enforcement, the governor has established a Task Force to protect property rights, uphold the rule of law, and ensure a secure environment for property owners and residents.
The proposed bill also includes severe penalties of up to 21 years imprisonment for selling family land without the consent of the family head or secretary.
Hon Moyinolorun Ogunwumiju, the lawmaker representing Ondo West Constituency 1, who sponsored the bill, spoke during a public hearing on the bill
Hon Ogunwumiju assured stakeholders that the bill would improve land administration, protect landowners, attract investors, and foster peace and development in the state.
He explained that the bill sought to regulate land dealings, protect landowners and buyers, penalise encroachers, and criminalise unregistered agents.
Ogunwumiju said the bill proposed penalties of up to 10 years’ imprisonment for forceful entry or takeover of properties and up to 21 years for selling family land without the consent of the family head or secretary.
Speaker of the Assembly, Hon Olamide Oladiji, urged committee members and stakeholders to ensure the bill served the interests of the people.
He said the bill would maintain order in the state and impose necessary sanctions on offenders.
“Land grabbers pose a significant threat to property acquisition. Their activities ranging from trespassing, forceful occupation, and illegal sales of properties to multiple buyers must be confronted decisively.”
Majority Leader and Chairman of the House Committee on Rules and Business, Oluwole Ogunmolasuyi, said the bill, would benefit the society at large
Ondo Commissioner for Justice and Attorney General, Kayode Ajulo said the bill would enhance land administration and complement the executive order signed by Governor Aiyedatiwa.
Stakeholders including traditional rulers called for full implementation of the bill when signed into law.
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FG earmarks N250bn for Lagos-Abuja rail project in 2025 budget
The federal government has made an allocation of N250 billion in the 2025 budget for the Lagos–Abuja mass transit rail project.
This budgetary investment is part of a broader plan to revitalize Nigeria’s infrastructure and stimulate economic growth.
The government’s focus on infrastructure development is rooted in the belief that it is a cornerstone of long-term economic planning.
By investing in critical infrastructure such as roads, railways, energy, healthcare, and education, the administration aims to create a conducive environment for both domestic and foreign investment.
The Lagos-Abuja rail project, in particular, is expected to have a transformative impact on the Nigerian economy.
By improving transportation connectivity between two major economic hubs, the project will facilitate the movement of goods and people, reduce logistics costs, and stimulate economic activity.
Additionally, the project is expected to create numerous jobs, both directly and indirectly, contributing to the country’s overall employment rate.
The government’s infrastructure investments are also aimed at addressing regional disparities.
By connecting different parts of the country through improved transportation networks, the administration hopes to stimulate economic growth in underserved regions, reduce poverty, and promote equitable development.
The 2025 budget signals the government’s commitment to transforming Nigeria’s infrastructure landscape.
By investing in critical projects like the Lagos-Abuja rail line, the administration aims to lay the foundation for a more prosperous and connected Nigeria.
However, the success of these initiatives will depend on effective planning, efficient implementation, and transparent governance.
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