Former president Olusegun Obasanjo has shared his thought on the government of the immediate past president, Muhammadu Buhari, and the state of the economy.
Nigeria is currently battling with 25% inflation rate and 53% unemployment rate, a situation that is widely believed to be the fallout of the mismanagement of the nation’s economy by the Buhari government.
The removal of subsidy from petrol and the unification of the exchange rate have sent the cost of living through the roof, further decimating the purchasing power of already struggling Nigerians.
Former Emir of Kano state, Muhammad Sanusi, had said Buhari destroyed the economy because of his refusal to seek out and heed the advice of experts.
He also disclosed that many people who had not done a day job in their lives became overnight billion through foreign exchange arbitrage and rent seeking.
For his part, Obasanjo said he knew Buhari was not sound economically but he did not think he would be reckless to the point of grounding 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.”