Former President Olusegun Obasanjo said the removal of fuel subsidy by the Federal Government in 2023 was badly handled.
He said the Federal Government should have put in place some measures before embracing the policy.
Obasanjo made the declarations in an interview with the Financial Times, Obasanjo faulted the manner in which the subsidy was removed by the government.
He said the due to the bad handling of the policy, the subsidy has “come back” due to the inflation rate.
“There’s a lot of work that needs to be done. Not just 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,” Obasanjo said.
He called for investor confidence in Nigeria, saying, “You have to go from a transactional economy to a transformational economy.”
President Bola Tinubu announced subsidy removal on May 29, 2023, during his inaugural speech
The removal of the subsidy subsequently caused increase in the price of petrol from N197 per liter to the current price of over N600.
