Obasanjo | The Guardian Nigeria – Nigeria and World — Nigeria — The Guardian Nigeria – Nigeria and World “/>
Former Nigerian President Olusegun Obasanjo recently shared his perspective on the economic policies of President Muhammadu Buhari, shedding light on his concerns about the economic direction of the country. Obasanjo, who served as Nigeria’ s president from 1999 to 2007, expressed his reservations about President Buhari’ s understanding of economics and his perceived recklessness in managing the nation’ s economy, TheCable reports.
In a candid interview, Obasanjo remarked, ” I knew Buhari didn’ t understand economics, but I didn’ t know he was so reckless. ” This statement reflects his deep- rooted apprehensions about the economic decisions made during Buhari’ s tenure.
Obasanjo, a former military ruler and a two- term democratically elected president, is known for his economic reforms during his presidency, which helped stabilize Nigeria’ s economy and attract foreign investments. He voiced concerns that Buhari’ s policies lacked the nuance and expertise needed to navigate the complex economic challenges facing the nation.
One of the key issues at the heart of this debate is Nigeria’ s heavy dependence on oil revenues. Obasanjo emphasized the need for diversification to reduce the country’ s vulnerability to fluctuations in global oil prices. He expressed disappointment that under President Buhari’ s leadership, there appeared to be insufficient progress towards economic diversification.
Furthermore, Obasanjo highlighted the importance of fiscal responsibility and prudent management of resources. He cited concerns about the rising national debt, which had escalated during Buhari’ s tenure. Nigeria’ s debt burden had raised alarm bells, and Obasanjo questioned whether the borrowed funds were being utilized efficiently for sustainable development.
Another pressing issue discussed was the state of Nigeria’ s currency, the Naira. Obasanjo expressed concern about its depreciation and the impact on the average citizen’ s purchasing power. He called for a comprehensive approach to stabilize the Naira and ensure that inflation rates were controlled.
Obasanjo’ s remarks reflect his genuine concern for Nigeria’ s economic well- being. He acknowledged that President Buhari’ s administration faced numerous economic challenges, but he believed that a more strategic and prudent approach was needed to address them effectively.
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