Former President Olusegun Obasanjo has expressed his views on the government of the immediate past president, Muhammadu Buhari, as well as the current state of the economy.
Nigeria is currently facing challenges such as a 25% inflation rate and a 53% unemployment rate, which many believe are the result of the mismanagement of the nation’s economy during Buhari’s administration.
The removal of the petrol subsidy and the unification of the exchange rate have caused the cost of living to skyrocket, further worsening the financial struggles of the Nigerian people.
Muhammad Sanusi, the former Emir of Kano State, has criticized Buhari for disregarding the advice of experts and causing economic destruction.
Sanusi also highlighted how some individuals became wealthy overnight through foreign exchange arbitrage and rent seeking without ever having worked a day in their lives.
Obasanjo, on the other hand, stated that he was aware of Buhari’s lack of economic expertise but did not expect him to be so reckless as to ground the economy.
Obasanjo bared his mind in an interview with an Online newspaper, TheCable.
He also said nobody would grant Nigeria debt relief after seeing how the economy has been mismanaged and the level of corruption in the system.
“Tinubu said the other day that it was unacceptable that he would spend 90% of revenue to service debts. I wasn’t spending 90% when I went worldwide to get debt relief. Do you think that anybody would give you debt relief today?
“Buhari was spending money recklessly. I know Buhari didn’t understand economics. I put that in my book. But that he could also be so reckless, I didn’t know. Who would you go to today and ask for a favor? Tinubu says he has trimmed the number of people attending the United Nations General Assembly. Is that news? He will meet with Justin Trudeau, and he will meet with Emmanuel Macron. That will not solve any problem.”