By Olawale Lamina
A group known as The Democratic Front-TDF, has carpeted former President Olusegun Obasanjo’s assessment of the Tinubu-led administration, specifically on the policies relating to subsidy removal and foreign exchange outlook in the country, arguing that claims by the former belly his acclaimed knowledge of the workings and dynamics of Nigeria’s economy.
In a statement over the weekend, the group noted that while the ex- President acknowledged that although the two economic policies are necessary, its implementation was wrong, it stated that, “Our attention has again been drawn to former President Olusegun Obasanjo’s comment on the implementation of President Bola Tinubu’s economic policies on subsidy withdrawal and the unification of forex rates…….
“But it is very interesting to note that there was nothing acerbic in Obasanjo’s statement, which is a departure from what he always dishes out to his successors in office. Instead, he subtly commended Tinubu for his very bold moves to reposition the Nigerian economy. Other administrations did not enjoy the level of pass mark Obasanjo gave Tinubu, despite being opposed to the president in the run-up to the last general election.
The group added that, Obasanjo, rather than applauding President Tinubu wholly for his policies chose to embark on what it described as “a double speak” in his comments.
“You cannot commend the introduction of some policies in one breath, and then make assertions about its implementation that are a far cry from the facts on the ground. It is like appreciating and reprobating at the same time. Why were these not done when he was president?
“The former President’s argument that the twin policies ought not to have been implemented at the same time is not only untenable, but it also demeans his acclaimed knowledge of the workings and dynamics of the Nigerian economy.
“The payment of petroleum subsidy and foreign exchange rates are intertwined and interrelated. Fluctuations in the forex rates, oftentimes, create difficulties in determining variations on the actual amount of subsidy the federal government pays on imported fuels.”
TDF was quick to observed that, in the life of the former president’s administration, it was a known fact that, “the regime topped the chat of petroleum price hikes in Nigeria with a record of nine increases in pump prices, without achieving any remarkable success in the management of the petroleum subsidy.”
The group then took the former president down the memory lane by pointing out that, “the gains of subsidy withdrawal by Tinubu cannot be adequately consolidated and efficiently managed without the twin effect of appropriate deployment of effective monetary policies. This is the wisdom for having both policies implemented at the same time,” adding that, “When Obasanjo decided to institutionalize petroleum subsidy in the economy as Nigeria’s Head of State in 1977, not many Nigerians envisaged the negative multi-dimensional implication of converting a temporary economic intervention into a permanent state policy.”
The Democratic Front noted regrettably too that, “after over 49 years of a wasteful economic expedition under a stinkingly corrupt subsidy regime, the nation was compelled to make a U-turn from petroleum subsidy under the courageous and purposeful leadership of our current President on 29th May 2023. A move that Obasanjo himself aptly described as “necessary.”
According to the group, the former President should have at least “commended the economic policies of the Tinubu-led administration, for finding the rare courage to remove the monstrous petroleum subsidy regime, which his predecessors (including Obasanjo himself) could not dare, rather than resort to mischief making over the implementation of the key policies of the present administration’s economic policies. The former president should not have resorted to uncharitable comments demeaning of an elder statesman of Obasanjo’s status.”
In its own assessment, the TDF acknowledged that Tinubu’s policies have started giving life to the local economy as well as attracting a number of portfolios and Foreign Direct Investments, FDIs into the economy, as it noted that, “The economy has also boosted investors’ confidence in the ecosystem with overwhelming foreign remittances, including a lot of international accolades and commendations from the United Nations and global financial institutions .
The Democratic Front therefore called on former president Obasanjo to enjoy his retirement and wish the current administration of President Bola Ahmed Tinubu success “in the herculean task of repositioning the economy for the well-being and prosperity of all Nigerians, irrespective of class or creed.”
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