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.
He said: “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?”
“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.
It will be recalled that Obasanjo visited the First Lady, Senator Oluremi Tinubu at the president’s Ikoyi residence in Ikoyi, Lagos on Monday 17th June.