Former President Olusegun Obasanjo declared that failure of the last administration to listen to his advice on the prevailing economic crisis result to the recession the country is facing today.
Obasanjo said instead of listening to his advice, President Goodluck Jonathan approved lifting the ban on importation of products like toothpick, which he said could have been taken over by local industries without encumbrances.
He said this while speaking at the official opening of the National Council on Finance and Economic Development (NACOFED) yesterday in Abeokuta.
Obasanjo advised the government on what to do if the government is interested in getting the country out of recession quickly.
“The three options are: we have to spend less, we must endeavor to earn and then the last one is to borrow, and this if we must, we do it fast and now.
Obasanjo, who was the Father of the Day at the opening session, said he had warned the former President on the impending recession in November 26, 2014 When he joined others to celebrate the birthday of retired Justice Akanbi.
“I reminded the government that we were spending more than we were earning, that very soon, the country would not be able to fund the budget… Unfortunately, the government then refused to listen to my advice,” he said.
Obasanjo shocked the gathering when he recalled how it was discovered that the ban on the importation of toothpick was reversed by the Jonathan administration, saying he had visited Jonathan in Abuja to ask why he lifted the ban on toothpick and Jonathan said he did not read before he approved.
He however noted that though no nation can say no to the IMF, he cautioned against doing the bidding of the World Bank and International Monetary Fund (IMF).