Former President Olusegun Obasanjo has issued a scathing critique of President Bola Tinubu’s economic policies, particularly targeting the removal of fuel subsidies and the unification of exchange rates. 

In a statement issued by his media aide, Kehinde Akinyemi, on Sunday, Obasanjo evaluated the current administration’s performance over the past year, arguing that these policies have significantly harmed the Nigerian economy and driven away foreign investors.

He pointed out that the implementation of these policies was flawed, leading to economic impoverishment. 

“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 subsidy, closing the gap between the black market and official rates of exchange, and the third is dealing with a military coup in Niger Republic,” he stated.

He further argued that the current administration has not yet found the right approach to manage the economy in a way that inspires confidence and trust among investors. “The present Administration has not found the right way to handle the economy to engender confidence and trust for investors to start trooping in,” Obasanjo said.

Obasanjo’s criticism comes amid a notable exodus of multinational companies from Nigeria. Companies like Shoprite, which sold its Nigerian operations, and Mr. Price, which exited the market entirely, underscore the growing challenges of doing business in the country. Others, such as ExxonMobil, have scaled back their operations significantly, citing the unfriendly business environment and policy inconsistencies. These departures are described as symptomatic of the broader issues plaguing Nigeria’s investment climate.

Highlighting the exodus of investors, Obasanjo cited the example of Total Energy opting to invest $6 billion in Angola instead of Nigeria. He lamented that foreign investors, who are well aware of Nigeria’s economic challenges, are now avoiding the country. 

“If the existing investors are disinvesting and going out of our country, how do we persuade new investors to rush in?” he asked.

Tinubu’s Global Investment Hunt

In an effort to attract foreign investment, President Tinubu has been globetrotting, meeting with potential investors and world leaders. However, these efforts have yet to yield positive results. Despite his trips to major economic hubs such as the United States, Europe, and the Middle East, Nigeria’s poor economic policies and unfriendly business environment continue to deter investors.

Against this backdrop, Obasanjo emphasized the need for transformational leadership, which he believes is essential for economic recovery and growth. 

“We need to change from transactional leadership in government to transformational and genuine servant leadership. With change by us, the investors will give us the benefit of doubt, and security being taken care of on a sustainable long-term basis, they will start to test the water,” he said.

The former president stressed that consistency and continuity in policy are crucial for ensuring stability and predictability, which in turn incentivize both domestic and foreign investment. 

“Tinkering with the exchange rate is not the answer to the economic problems,” Obasanjo asserted. “The answer is consistency and continuity in policy to ensure stability and predictability. That way, we will be sure of incentivizing domestic and foreign investment.”

The former military head of state called for honesty and transparency in government dealings, particularly regarding contracts and economic policies. 

“There must be honesty and transparency in government dealings and contracts and not lying with deception about these issues. When the government is seen as pursuing the right policy, the private sector will go for production and productivity,” he noted.

Obasanjo also underscored the importance of integrity and honesty of purpose in economic management. He expressed optimism that with the right policies and a unified effort, Nigeria can overcome its economic challenges. 

“With the right economic policies, attributes of integrity, and honesty of purpose, all should be well with all hands on deck and the government becoming a catalyst for development, growth, and progress,” he concluded.

The Way Forward

Obasanjo’s critique comes at a time when Nigeria is grappling with significant economic challenges, including sky-high inflation, a depreciating currency, and a lack of investor confidence. His remarks highlight the need for a strategic and transparent approach to economic policy-making to restore stability and foster growth.

Many believe his detailed assessment serves as a call to action for the Tinubu administration to reevaluate its economic strategies and adopt a more consistent and transparent approach. The goal, according to Obasanjo, should be to create an environment conducive to investment and economic growth, driven by transformational leadership.

A huge accomplishment for the resumes: “The Nigerian Senate has passed the National Anthem Bill 2024, which seeks to replace the current national anthem, ‘Arise O Compatriots’, with the old anthem used after independence in 1960, ‘Nigeria We Hail Thee’.” Yes, during the *th Assembly, we worked hard to restore Nigeria’s old National Anthem.

Good People, our problem is not what we sing or what we say, it is what is in our minds and hearts.  Today, there is a clear broken link in the minds of many young people. Fixing that is the new national anthem they want to understand and memorize!

Can my village still hire a Hausa man to teach us Mathematics as they did when I was in the village? I doubt it because many will disqualify him before he shows up for the interview. And your village will do the same. These days villages want to produce the vice chancellors in universities located in their domains, irrespective of the readiness of their sons and daughters for the jobs!

But who knows…click and learn the new Anthem, it can help Naira shoot up and reduce the price of fuel! What a new song can do! Good Luck Nigeria.

Senate Passes Bill to Restore Nigeria’s Old National Anthem

The Nigerian Senate has passed the National Anthem Bill 2024, which seeks to replace the current national anthem, ‘Arise O Compatriots’, with the old anthem used after independence in 1960, ‘Nigeria We Hail Thee’.

The bill, which passed its third reading on Tuesday, now awaits concurrence and ultimately President Bola Tinubu’s assent before it becomes law.

The bill garnered substantial attention and debate in both chambers of the National Assembly. The Senate passed the bill after considering a detailed report presented by the chairman of the judiciary committee, Tahir Monguno. Despite the Attorney General of the Federation, Lateef Fagbemi, expressing the need for wider consultation, the committee and lawmakers were resolute in their decision.

“The proposed bill is important,” Monguno stated, noting the sentiment shared by many senators. The bill’s swift passage through the Senate, following its accelerated approval by the House of Representatives just days earlier, indicates a strong legislative will to revert to the old anthem.

A Symbol of Unity and Nostalgia

Senate leader Opeyemi Bamidele, who represented Senate President Godswill Akpabio at the public hearing, highlighted the emotional and historical significance of the old anthem.

“Upon rendition, it inspired deep patriotism among Nigerians. Those who lived through that era recognise its crucial role in our nation’s history, evoking nostalgia and fond memories of our early years,” Bamidele remarked.

Victor Umeh, senator representing Anambra Central, argued passionately for the old anthem’s return. He emphasized that the anthem ‘Nigeria We Hail Thee’ better symbolizes unity, peace, and prosperity for the nation.

Criticisms of the Current Anthem

During the debates, several senators criticized the current anthem for its perceived lack of inclusivity and motivational impact. Jimoh Ibrahim (APC-Ondo) questioned the phrasing, “Arise, O compatriot,” pointing out its exclusivity. “What about non-compatriots? How do we convert them to become compatriots? That is why I said this language is elusive,” Ibrahim argued.

Victor Umeh supported this critique, noting that the old anthem had all the “ingredients of a nation” and was inherently more motivational. Diket Plang (APC-Plateau) echoed these sentiments, stating that unity and brotherhood, as fostered by the old anthem, are crucial for national cohesion.

The New National Prayer

Another significant aspect of the bill is the designation of the second stanza of the current anthem as the national prayer. Bamidele explained that this move aims to retain a piece of the existing anthem that has resonated deeply with Nigerians, providing a bridge between the old and the new (or rather, old) anthem.

The old anthem, ‘Nigeria We Hail Thee’, was adopted at independence in 1960 and is remembered fondly by many Nigerians who see it as a true reflection of the country’s aspirations at the time. By reinstating this anthem, lawmakers believe they are tapping into a period of Nigerian history marked by hope and a strong sense of national identity.

Public Criticism and Controversy

Despite the legislative support, the bill has faced significant criticism from the public. Many Nigerians have expressed their discontent, arguing that the National Assembly should prioritize more pressing issues such as the economy, security, and social welfare.

On social media and various platforms, critics have pointed out that the country is grappling with high inflation, unemployment, and a deteriorating security situation. They argue that changing the national anthem does not address these urgent problems and reflects a misallocation of legislative priorities.

The National Anthem Bill 2024 now awaits the President’s assent to become law. If signed, Nigeria will revert to an anthem that many believe captures the essence of the nation’s unity and pride more effectively than the current anthem.

However, the debate surrounding this bill highlights a broader issue about national identity, patriotism, and Nigerian unity.