The All Progressives Congress (APC) has welcomed former President Olusegun Obasanjo’s endorsement of President Bola Tinubu’s decision to remove fuel subsidies and harmonise foreign exchange rates, despite Obasanjo’s criticism of certain policies.
Responding to Obasanjo’s recent remarks, the APC acknowledged that the necessary yet tough policies implemented by the Tinubu administration would have immediate, harsh effects but emphasised that steps are being taken to mitigate these impacts.
Obasanjo, in a statement on Sunday, noted that while some of Tinubu’s policies were essential, they had been poorly executed, resulting in adverse effects on the Nigerian economy. He specifically pointed out that the removal of fuel subsidies and the harmonization of exchange rates were deterring foreign investors.
“The present administration has not found the right way to handle the economy to engender confidence and trust for investors to start trooping in,” Obasanjo stated. He added, “Today, the government has taken three decisions, two of which are necessary but wrongly implemented and have led to the impoverishment of the economy and of Nigerians. These are the removal of subsidies, closing the gap between the black market and official rates of exchange, and dealing with a military coup in Niger Republic.”
In response, APC spokesman Felix Morka acknowledged that while Obasanjo rightly supported the policies of fuel subsidy removal and FX rate harmonisation, the government is actively working to address their negative impacts on citizens.
“Obasanjo rightly agreed that the policy of fuel subsidy removal and harmonisation of the FX rates are very good policies,” Morka stated. “The government is now taking steps to right the impact of the two major policies, which, although healthy and necessary, have impacted the citizens.”
