"It is shock therapy”: Obasanjo lambasted Tinubu over economic hardship in Nigeria

• Olusegun Obasanjo has tackled President Bola Ahmed Tinubu’s administration over economic hardship in Nigeria
• The former Nigerian president alleged that Tinubu is operating tired old recipes from the IMF and World Cup
• Obasanjo asked if President Tinubu's administration wanted to shock Nigerians to death with his economic policies.

Legit.ng journalist Adekunle Dada has over 5 years of experience covering metro and government policy

Former president Olusegun Obasanjo has accused President Bola Ahmed Tinubu’s administration of following tired old recipes from the International Monetary Fund (IMF) and World Bank.

Obasanjo said the recipe called “structural adjustment” is not needed because Nigeria has no structure.

Obasanjo accused Tinubu of following tired old recipes from IMF and World Bank. Photo credit: Goodluck Jonathan/Asiwaju Bola Ahmed Tinubu
Source: Facebook

He said:

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“Structural adjustment”, that term is loathed in Nigeria, and much of Africa, where it is associated with foreign-imposed austerity. “What are we adjusting when we have no structure?”

As reported by the Financial Times, Obasanjo asked if Tinubu wanted to shock Nigerians to death.

“You say it is shock therapy,” says Obasanjo, who is extremely critical about both the logic and execution of Tinubu’s programme. “What is the shock? You want to shock your people to death.”

The former president questions the decision of Tinubu’s government to devalue the naira given how many manufacturers need to import the bulk of their inputs, negating the positive impact of a weak naira.

“What is the purpose of devaluing your currency?” “Is it to sell more of the oil that we have?”

Obasanjo added that not everyone is convinced that the return to monetary and fiscal orthodoxy, even if it can be maintained, will be enough.

Legit.ng recalls that Obasanjo visited the First Lady, Senator Oluremi Tinubu at the president’s Ikoyi residence in Ikoyi, Lagos on Monday 17th June.

Obasanjo facilitated with Mrs Tinubu on the celebration of Eid al-Adha, also known as the Feast of Sacrifice.

Senate urges Tinubu to address food scarcity

Meanwhile, Legit.ng reported that the Tinubu-led federal government has been urged to combat hunger caused by food scarcity in the country.

Members of the Nigerian Senate said Tinubu's government cannot take people for granted for too long anymore.

The federal lawmakers said it was time that the government take every possible action to address the crisis.

Source: Legit.ng