Former Nigeria’s President Olusegun Obasanjo has lent his voice over the unrest among the youths across the nation, warning that Nigeria may be on the brink of a crisis.
This comes after the ongoing nationwide protests led by the youth under the #Endbadgovernance theme, with hunger and economic hardship as drivers.
During an interview, Obasanjo attributed the current situation to unemployment among youths, insisting that Nigeria’s economy could have been stronger if it had not depended solely on crude oil production, labeling such as a “deadly mistake.”
“Our youth are restless, and their restlessness stems from a lack of skills, empowerment, and employment. We are all sitting on a powder keg, and my hope is that we will take the necessary actions before it’s too late.
“We made a grave error by putting all our resources into oil. We had another valuable resource, gas, which we were flaring instead of utilizing.
“We overlooked agriculture, which could have been the cornerstone of our investment strategy,” He cautioned.
The former president also criticized the Nigerian National Petroleum Company Limited (NNPCL), international and national oil companies for failing to increase oil production to meet the country’s needs.
He added that he once tried to convince Shell to manage the refineries, but they declined, citing rampant corruption in the sector.
“When I was president, I invited Shell to take equity and manage our refineries, but they refused, stating that the refineries were poorly maintained. We brought in amateurs instead of professionals, and there was too much corruption in the maintenance process. They didn’t want to get involved in such a situation,” he explained.
On the issue of fuel subsidy, Obasanjo stated that President Bola Tinubu’s approach to removing fuel subsidies wasn’t properly implemented, stressing that the potential hardships should’ve been considered.
“There’s a lot of work that needs to be done. You can’t just wake up one morning and declare the removal of subsidies. Due to inflation, the impact of the subsidy removal hasn’t disappeared; it has returned.
“We must transition from a transactional economy to a transformational economy.” He emphasized.
saharandaily