Obasanjo

By Abdullahi Mukhtar Algasgaini

In a heartfelt tribute, President Bola Tinubu has honored former President Olusegun Obasanjo on his 88th birthday, celebrating the elder statesman’s remarkable contributions to Nigeria’s development and his enduring role in the nation’s history.

President Tinubu reflected on Obasanjo’s pivotal moments in Nigeria’s journey, from receiving the instrument of surrender that ended the civil war in 1970 to leading the country as both a military head of state and a civilian president.

He praised Obasanjo’s selfless commitment to national unity, peace, and progress, as well as his critical reforms that shaped the lives of many Nigerians.

Beyond his time in office, Tinubu acknowledged Obasanjo’s continued influence as a global peace advocate and conflict resolution expert, highlighting his dedication to Pan-Africanism and good governance.

He also noted Obasanjo’s occasional controversial interventions, which have often served as a check on leadership and shaped public policies.President Tinubu expressed gratitude for Obasanjo’s immense contributions to Nigeria and Africa, praying for his continued strength and wisdom.

On behalf of the Nigerian government and its people, he extended warm congratulations to the former president, wishing him a happy 88th birthday.

“May the nation and Africa continue to benefit from your wisdom and knowledge,” He concluded.

By Uzair Adam

Former President Olusegun Obasanjo has shared the strategies he employed to secure significant debt relief for Nigeria during his administration from 1999 to 2007.

Among these strategies was the establishment of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC).

Obasanjo explained that upon taking office, Nigeria was burdened by a debt of about $36 billion, with annual servicing costs of $3.5 billion, while the nation’s reserves were just $3.7 billion.

He reiterated the need for debt relief, expressing concern over the economic toll of continuously paying interest and penalties without reducing the principal debt.

In discussions with international lenders, Obasanjo presented a transparent plan, promising that funds saved from debt forgiveness would be used for development.

The creation of the ICPC and EFCC demonstrated his administration’s commitment to fighting corruption and increasing accountability.

These efforts helped convince creditors of Nigeria’s readiness for reform, leading to eventual debt forgiveness.

Reflecting on Nigeria’s current state, Obasanjo expressed disappointment over perceived declines in ethical leadership and economic planning, warning that without genuine reforms, further debt relief may remain unattainable.

He added that responsible governance is important to avoid a repeat of past financial struggles.

By Uzair Adam

Former President Olusegun Obasanjo has criticized the manner in which President Bola Tinubu’s administration removed the fuel subsidy in 2023.

In an interview with the Financial Times, Obasanjo argued that the government should have implemented certain measures before taking such a drastic step.

Obasanjo emphasized that the sudden removal of the subsidy led to a significant rise in petrol prices, from about N200 to over N600 per litre.

He noted that the subsidy, which was declared “gone” by Tinubu during his inaugural address on May 29, 2023, has now effectively been reintroduced due to inflation.

“There’s a lot of work that needs to be done. Not just wake up one morning and say you removed the subsidy. Because of inflation, the subsidy that we have removed is not gone. It has come back,” Obasanjo stated.

He further highlighted the need for investor confidence in Nigeria, stating, “You have to go from a transactional economy to a transformational economy.”

The Daily Reality reports that among the demands of the ongoing nationwide protest is the reinstatement of the fuel subsidy.

However, in a recent broadcast, President Tinubu dismissed the possibility of bringing back the subsidy.

He described the decision to remove it as painful but essential, stating that it had been a “noose around the economic jugular of our nation” and had stifled economic growth and progress.

By Ahmad Deedat Zakari

Nigeria’s former president, Olusegun Obasanjo, has denied any involvement in the $6bn hydropower contract awarded to Sunrise Power and Transmission Ltd in 2003.

Obasanjo challenged Olu Agunloye, the former minister of power and steel, to tell Nigerians where he derived the authority to award a $6 billion contract to Sunrise Power and Transmission Ltd in respect of the Mambila Hydropower Project in 2003.

Sunrise Power is currently in arbitration with Nigeria at the International Chamber of Commerce (ICC), Paris, France, over an alleged breach of contract by the federal government.

In the first arbitration, Sunrise is asking for a compensation of $2.3 billion, claiming it had spent millions of dollars on financial and legal consultants before the contract was jettisoned.

In the second one, the company is asking for a $400 million settlement being the terms of the agreement it entered with the federal government in 2020 to end the arbitration.

Nigeria is fighting the claims on the grounds that Agunloye, who suspiciously awarded the contract one week to the end of his tenure as power minister in 2003, acted illegally.

In an interview with The Cable during the weekend, Obasanjo denied authorising Agunloye to commit Nigeria to the $6 billion “build, operate and transfer” contract.

“When I was president, no minister had the power to approve more than N25 million without express presidential consent. It was impossible for Agunloye to commit my government to a $6 billion project without my permission and I did not give him any permission,” Obasanjo disclosed in the interview with The Cable.

Obasanjo challenged Agunloye to explain where he got the power and authority.

“If a commission of inquiry is set up today to investigate the matter, I am ready to testify. I do not even need to testify because all the records are there. I never approved it,” Obasanjo said.

“When he presented his memo to the federal executive council (on May 21, 2003), I was surprised because he had previously discussed it with me and I had told him to jettison the idea, that I had other ideas on how the power sector would be restructured and funded.

“I told him as much at the council meeting and directed him to step down the memo. I find it surprising that Agunloye is now claiming he acted on behalf of Nigeria. If I knew he issued such a letter to Sunrise, I would have sacked him as minister during my second term. He would not have spent a day longer in office.”

The former president also said Leno Adesanya, the promoter of Sunrise Power, ran away from Nigeria when he was president.

“I would have jailed him if he was in the country because of the things I knew about him. After I left office, he returned and I saw him. I told him that he was lucky I was no longer president. Otherwise, I would have jailed him,” He told The Cable.