Former Nigerian President Olusegun Obasanjo has criticized the current administration's handling of fuel subsidy removal, stating that the benefits of the removal have been negated by inflation. In an interview with the Financial Times, Obasanjo argued that the government should have put measures in place before removing the subsidy, rather than simply announcing its removal.

Obasanjo's comments come as Nigerians continue to protest the removal of the fuel subsidy, which has led to increased fuel prices and economic hardship. The former President emphasized that investor confidence is crucial for Nigeria's economic growth and that the country needs to transition from a transactional economy to a transformational one.

Meanwhile, President Bola Tinubu has defended the decision to remove the fuel subsidy, calling it "painful but necessary" for the country's economic development. However, the latest statistics from the National Bureau of Statistics show that core inflation has risen to an all-time high of 34.19% and 40.87% in June 2024, casting doubt on the effectiveness of the policy.

Obasanjo's remarks have sparked debate about the government's economic policies and their impact on ordinary Nigerians. As the protests continue, it remains to be seen how the government will address the concerns of its citizens and find a solution to the country's economic woes.