Labour Party presidential candidate in the 2023 elections, Peter Obi, has said that while he supports the removal of petrol subsidy and the floating of the naira, the Bola Tinubu administration implemented both policies in a haphazard and poorly managed manner.
Speaking in an interview with Arise Television on Monday, Obi stated that he had included both reforms in his campaign manifesto but would have approached them more strategically to avoid the economic shocks currently affecting Nigerians.
“I have consistently maintained that I would have removed the fuel subsidy. If you go to my manifesto, it is there, along with the steps I would have taken in an organised manner,” Obi said.
The former Anambra State governor argued that there was nothing inherently wrong with ending the subsidy, describing the system as being riddled with “criminality and corruption.” However, he questioned the lack of clear reinvestment of the savings derived from the removal.
“Since we were told that we removed it because we do not want to borrow, and that the funds would allow for investments in critical infrastructure… billions saved. Where is it? Where has it been invested?” he queried.
Obi pointed out that key sectors such as education, healthcare, and poverty alleviation have seen no visible improvement since the policy was enacted.
On the naira floatation, Obi said he agreed in principle with the currency policy but criticised its timing and the absence of supporting domestic productivity.
“There is nothing wrong with floating and devaluing your currency. You do this when you have productivity,” he said, adding that his own approach would have focused on strengthening agriculture and manufacturing before implementing a float.
“In all of this, I would have done the same thing in an organised manner,” he emphasised.
President Tinubu announced the end of the petrol subsidy during his May 29, 2023 inauguration speech. The immediate effect saw fuel prices spike from N190 to over N500 per litre, with subsequent increases pushing the price beyond N850 today.
Obi’s comments reflect growing concern among Nigerians about the economic fallout from the abrupt implementation of reforms and the perceived lack of cushioning measures for the vulnerable population.
