CLAIM: Former President of Nigeria, Olusegun Obasanjo, also Brenthurst Foundation chair, has advised Nigerian President, Bola Tinubu to engage the government of Zimbabwe and get advice on how to address the current unprecedented level of inflation Nigeria is facing.
SOURCE: Account on X (formerly Twitter)
VERDICT: Misleading
On March 6, 2024, an account on X, formerly, Twitter, using the handle, @matigary claimed that ‘former Nigerian President, Olusegun Obasanjo has advised current Nigerian President, Bola Tinubu to engage the government of Zimbabwe and get advice on how to address the current unprecedented level of inflation that country is facing’. The post had attracted over 21, 000 views and 100 responses within 24 hours.
The post attracted mostly negative and sarcastic reactions from Zimbabweans, questioning whether Zimbabwe would be the best adviser on inflation.
@Mhofu97305678 responded, ‘How do you ask a drowning man for swimming lessons? Sarcasim (sic)? That was a massive statement to highlight who not to engage. Zanu PF and good economics are mutually exclusive.’
@tapskadzviti called it,‘The worst advise in the history (sic)’
@GarfieldGboss was equally acerbic, ‘😂😂😂😂😂😂😂 Hayas zvakaoma iweka (that’s unbelievable), the largest economy in Africa, seeking advice from the worst economy in Africa on how to stabilize and make economic growth.’
Nigerian inflation rate, according to that country’s National Bureau of Statistics, increased in January 2024 to almost 30%. Consumer inflation rose in January to 29.90% year on year from December’s 28.92%.
FactCheckZW checked if, indeed, this is the advice Obasanjo gave to Tinubu.
Punch, is one of the leading Nigerian mainstream newspapers. In an article published on 5 March 2024 and headlined: Approach Zimbabwe for solution to inflation, Obasanjo tells FG, it quotes Obasanjo as saying: ‘We have this problem of galloping inflation in the country now but do we have a country with such problems recently? Yes we do, Zimbabwe had this problem recently. Shouldn’t we ask them how they did it even if our approach will be different? Even if whatever we shall be doing will be different, we can ask questions to navigate our way out.’
Obasanjo was speaking at a youth leadership symposium, which was part of activities lined up for his 87th birthday celebrations.
The other online publications that carried the similar story are the Daily Post under the headline: ‘Hardship: Seek advice from Zimbabwe – Obasanjo tells Tinubu govt,’ The News Chronicle (Rising Inflation: Obasanjo Advises Tinubu to Seek Help from Zimbabwe) and Nigerian Canadian News (Obasanjo urges Tinubu to seek advice from Zimbabwe).
Voice of the People (VOP) television also carried the story on its broadcast but without the actual clip.
Zimbabwe experienced hyperinflation in 2008 until the Southern African country ditched its local currency for the United States Dollar and a basket of other currencies in 2009. The country in 2016 reintroduced its currency as bond notes trading at par with the USD in a move aimed at addressing cash shortages and three years later temporarily designated the Zimbabwean dollar the sole legal tender.
Zimbabwe is still using its weakening local currency alongside the USD and other currencies while its official year on year inflation rate stands at 47.6% in February 2024.
Conclusion
The claim that: ‘Former President of Nigeria, Olusegun Obasanjo, also Brenthurst Foundation chair, has advised Nigerian President, Bola Tinubu to engage the government of Zimbabwe and get advice on how to address the current unprecedented level of inflation Nigeria is facing,’ has been rated as misleading. Obasanjo is quoted as having said, ‘We have this problem of galloping inflation in the country now but do we have a country with such problems recently? Yes we do, Zimbabwe had this problem recently. Shouldn’t we ask them how they did it even if our approach will be different? Even if whatever we shall be doing will be different, we can ask questions to navigate our way out.’ This was interpreted by media houses as Obasanjo urging Tinubu to ‘seek advice’ from Zimbabwe as opposed to learning some lessons and asking questions from a country that has been dealing with ‘galloping inflation’ recently.
