…Says cabals undermining ?angote’s $20bn refinery
In a dramatic turn of events, former President Olusegun Obasanjo has publicly criticised the current administration of President Bola Tinubu, accusing it of reintroducing the fuel subsidy that was removed in June 2023.
In a recent interview with London’s Financial Times, Obasanjo stated that the fuel subsidy removal, which was a key policy decision by the Tinubu government, has effectively been reversed due to the impact of rising inflation on the cost of living.
According to him, “There’s a lot of work that needs to be done. Not just to wake up one morning and say you removed the subsidy. Because of inflation, the subsidy that we have removed is not gone. It has come back”.
The former president’s scathing remarks suggest that the Tinubu administration’s efforts to eliminate the long-standing fuel subsidy program have been undermined by the country’s economic realities.
Obasanjo criticised the government’s approach, stating that they should have put necessary measures in place before attempting to remove the subsidy, which has been a major burden on the national budget for years.
This latest development comes as a significant blow to the Tinubu administration, which had touted the fuel subsidy removal as a necessary step towards economic reforms and the efficient allocation of resources.
Obasanjo also revealed that cabals in Nigeria’s oil and gas industry will continue to frustrate the $20 billion ?angote Refinery because it is benefiting from refined petrol import. His comments came in the wake of allegations by Aliko ?angote, the President of the ?angote Group, that some ‘mafias’ were making efforts to frustrate the largest refinery in Africa.
Recall that it was reported on Monday that the multi-billion dollar refinery and other domestic refineries have not yet bought crude oil in naira, despite President Bola Tinubu’s instructions to the Nigerian National Petroleum Company Limited.
In the Financial Times interview, the former President highlighted that the ?angote Refinery should serve as an inspiration for both Nigerians and foreigners.
According to him, those “selling refined products for Nigeria” feel that they will lose the lucrative opportunities. He said, “Aliko’s investment in a refinery, if it goes well, should encourage both Nigerians and non-Nigerians to invest in Nigeria.
“If those who are selling or supplying refined products for Nigeria feel that they will lose the lucrative opportunity, they will also make every effort to get him frustrated”, Obasanjo added.
Obasanjo further stated that Nigeria made a grave error by relying solely on oil, neglecting gas and agriculture.
“I believe we made a very, very deadly mistake. We put all our eggs in one basket of oil. We even ignored gas. We were flaring gas, which is a very important commodity. We ignored agriculture, which should have been the centrepiece of our economic development”, he further stated.
