The ruling All Progressives Congress, APC, said it was good that ex-President Olusegun Obasanjo hailed the removal of fuel subsidy and harmonization of the FX rates by President Bola Tinubu.
The ruling party said this while reacting to Obasanjo’s recent criticism of some of Tinubu’s policies.
While noting that the tough policies needed to put the nation on track would undoubtedly have some immediate harsh effects, it said the Tinubu-led Federal Government had taken steps to mitigate such impacts.
DAILY POST reports that Obasanjo had in a statement on Sunday said some of Tinubu’s key policies were necessary but wrongly implemented.
He particularly stressed that Tinubu’s policies on fuel subsidy removal and exchange rates had adversely affected the Nigerian economy.
According to Obasanjo, the effects of the policies are pushing foreign investors away from Nigeria.
He argued that “the present administration has not found the right way to handle the economy to engender confidence and trust for investors to start trooping in”.
“Today, the government has taken three decisions, two of which are necessary but wrongly implemented and have led to the impoverization of the economy and of Nigerians. These are removal of subsidies, closing the gap between the black market and official rates of exchange and the third is dealing with a military coup in Niger Republic,” Obasanjo added.
However, the APC said that the policies were necessary, as rightly stated by the former President.
A statement issued by APC spokesman, Felix Morka, said, “Obasanjo rightly agreed that the policy of fuel subsidy removal and harmonisation of the FX rates are very good policies.
“Government is now taking the step to right the impact of the two major policies which although healthy and necessary have impacted on the citizens.”