APC Welcomes Obasanjo’s Endorsement of Tinubu’s Fuel Subsidy and FX Rate Policies

The ruling All Progressives Congress (APC) has welcomed former President Olusegun Obasanjo’s endorsement of President Bola Tinubu’s removal of the fuel subsidy and harmonization of foreign exchange (FX) rates.

In response to Obasanjo’s recent criticism of some of Tinubu’s policies, the APC acknowledged that while the necessary measures have immediate harsh effects, the Tinubu-led Federal Government has taken steps to mitigate these impacts.

InfoStride News reports that Obasanjo, in a statement on Sunday, remarked that some of Tinubu’s key policies, including the removal of the fuel subsidy and FX rate harmonization, were necessary but poorly implemented.

He noted that these policies have adversely affected the Nigerian economy and deterred foreign 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 stated.

“Today, the government has taken three decisions, two of which are necessary but wrongly implemented and have led to the impoverishment of the economy and of Nigerians.

These are the 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,” he added.

In a statement issued by APC spokesman Felix Morka, the party concurred with Obasanjo’s assessment of the policies’ necessity.

“Obasanjo rightly agreed that the policy of fuel subsidy removal and harmonization of the FX rates are very good policies.

The government is now taking steps to address the impacts of these major policies, which, although healthy and necessary, have affected the citizens,” Morka said.