Abuja, Nigeria – The All Progressives Congress (APC) welcomed former President Olusegun Obasanjo’s endorsement of President Bola Tinubu’s removal of fuel subsidies and the harmonization of foreign exchange (FX) rates, despite Obasanjo’s criticisms of some of Tinubu’s other policies.
In a statement on Monday, the ruling party acknowledged that while these tough economic measures were essential to realigning Nigeria’s economy, their implementation has had immediate harsh effects. The APC emphasized that the Tinubu administration is actively working to mitigate these impacts on the populace.
Obasanjo’s Critique
Obasanjo, in a statement on Sunday, acknowledged the necessity of these policies but criticized their execution. He argued that the implementation has been flawed, leading to economic hardship and deterring foreign investors from Nigeria. According to Obasanjo, the current administration has failed to instil confidence and trust among investors, which is crucial for economic growth.
“Today, the government has taken three decisions, two of which are necessary but wrongly implemented and have led to the impoverization of the economy and of Nigerians. These are removal of subsidies, closing the gap between the black market and official rates of exchange, and the third is dealing with a military coup in Niger Republic,” Obasanjo said.
APC’s Response
In response, APC spokesman Felix Morka issued a statement highlighting Obasanjo’s agreement on the necessity of fuel subsidy removal and FX rate harmonization. The APC asserted that these policies, despite their initial adverse effects, are fundamental for Nigeria’s long-term economic health.
“Obasanjo rightly agreed that the policy of fuel subsidy removal and harmonization of the FX rates are very good policies. Government is now taking the step to right the impact of the two major policies which although healthy and necessary have impacted on the citizens,” Morka stated.
The APC reiterated that while the policies have had immediate adverse effects, the Tinubu-led administration is committed to addressing these challenges and cushioning the impact on Nigerians. The party expressed confidence that these reforms will ultimately stabilize the economy and attract foreign investment.
