Olusegun Obasanjo Slams Bola Tinubu’s ‘Hasty’ Fuel Subsidy Removal, Warns of Looming Crisis

Former Nigerian President Olusegun Obasanjo has criticized the approach of President Bola Tinubu’s administration in removing the fuel subsidy, cautioning that it will exacerbate the suffering of ordinary Nigerians.

In an interview with the Financial Times, Obasanjo expressed concerns that the government’s hasty implementation of the policy will worsen the economic hardship faced by citizens.

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He emphasized that the administration should have focused on mitigating the adverse effects of the subsidy removal, rather than rushing to enforce the policy. Obasanjo’s comments come as Nigerians brace for the impact of the subsidy removal, which is expected to lead to increased fuel prices and higher living costs.

He said:

“There’s a lot of work that needs to be done. Not just wake up one morning and say you removed the subsidy. Because of inflation, the subsidy that we have removed is not gone. It has come back,” he stressed.

The former President stressed the need for investor confidence in Nigeria, advocating for a shift from a transactional economy to a transformational one. “You have to go from transactional economy to transformational economy.”