Former President Olusegun Obasanjo has criticized President Bola Tinubu’s approach to removing the fuel subsidy, urging the government to consider the resulting hardships and find ways to alleviate them. In an interview with Financial Times, Obasanjo argued that the subsidy removal has led to inflation and failed to address underlying economic issues.
He emphasized the need for investor confidence and a shift from a transactional to a transformational economy. He expressed skepticism about promises to fix Nigerian refineries, noting that such assurances have been made repeatedly without results. He highlighted that the persistent problems with government refineries remain unresolved and have worsened over time.
He also raised concerns about the rising restiveness among unemployed youth, describing Nigeria as “sitting on a keg of gunpowder.” He warned that without addressing youth unemployment and providing skills and empowerment, the country faces a significant risk.