Obasanjo Condemns Tinubu’s ‘Hasty’ Fuel Subsidy Removal, Warns of Looming Crisis

Former President Olusegun Obasanjo has criticized the manner in which President Bola Tinubu’s administration removed the fuel subsidy, cautioning that it will exacerbate hardships for ordinary Nigerians. Speaking to the Financial Times, Obasanjo argued that the government should have focused on mitigating the impacts of the subsidy removal rather than implementing the policy abruptly.

“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 said.

Obasanjo emphasized the need for a shift from a transactional economy to a transformational one to boost investor confidence in Nigeria. He also expressed grave concern over the growing restiveness among Nigerian youths, who are facing high unemployment and lack of skills.

“Our youth are restive. And they are restive because they have no skill. They have no empowerment. They have no employment. We are all sitting on a keg of gunpowder. And my prayer is that we will do the right thing before it’s too late,” he warned.

Furthermore, Obasanjo voiced concerns about the Dangote Refinery, alleging that powerful cabals in the oil and gas sector are working to undermine the project. He suggested that these interests, threatened by the refinery’s potential to reduce the need for imported refined petrol, are seeking to frustrate its progress.

“Aliko’s investment in a refinery, if it goes well, should encourage both Nigerians and non-Nigerians to invest in Nigeria. If those who are selling or supplying refined products for Nigeria feel that they will lose the lucrative opportunity, they will also make every effort to get him frustrated,” Obasanjo stated.