Obasanjo also described the Buhari administration as ineffective and incompetent.
He said the ruling All Progressives Congress-led government is just reinforcing its failure.
"The first lesson I learnt in my military training is never reinforce failure; what we have now is failure. Never you reinforce failure, let failure be failure," Obasanjo said.
The former president stated this on Monday, April 2, 2018, when he received members of the New Nigeria group at the Olusegun Obasanjo Presidential Library in Abeokuta, the Ogun State capital.
Obasanjo added that the ineffectiveness and incompetence of the Buhari government is the reason businesses are not thriving and the living conditions of Nigerians have become worse.
He said, "The truth is this, when you have an ineffective and incompetent government, we are all victims and don't let anybody deceive you.
"Those of you who are in business, your business could have been better today if we have a competent and effective and performing government."
On January 23, 2018, Obasanjo in a 13-page letter criticised Buhari's performance and called for a new movement to rescue the country from its challenges.
In the letter titled 'The way out, a clarion call for coalition for Nigeria movement'; Obasanjo also advised the President not to seek re-election in 2019 because he has failed the people.