The 2023 presidential candidate of the Labour Party, Mr. Peter Obi, has declared that he would have removed fuel subsidy and floated the naira if elected president, but with a more structured and people-focused approach.
Speaking during an interview on Arise Television on Monday, Obi stated that while he supported the policies implemented by President Bola Tinubu’s administration, the execution lacked planning and transparency.
Obi, a former governor of Anambra State, stressed that ending the subsidy regime was necessary due to the deep-rooted corruption associated with it.
However, he criticised the Tinubu-led government for failing to channel the savings from the removal into critical sectors of the economy.
“I have consistently maintained that I would have removed the fuel subsidy. If you go to my manifesto, it is clearly stated along with the steps I would have taken—systematically and in an organised manner,” Obi said.
“There is nothing wrong with removing fuel subsidy. What is wrong is the haphazard and abrupt manner in which it was done. The people were not carried along, and the promised benefits have yet to be seen.”
Obi queried the government’s failure to invest the supposed billions saved into sectors like education, healthcare, and poverty alleviation.
“Since we were told the subsidy was removed to save money for critical infrastructure, Nigerians have a right to ask: Where is the money? What has improved? Have our schools or hospitals seen any transformation? Have we lifted people out of poverty?”
He added that while floating the naira was a necessary move, such a decision must be backed by a strong local production base, especially in agriculture and manufacturing.
“There is nothing wrong with floating your currency. But you don’t float a currency when you’re not producing anything.
A productive economy cushions the shocks of currency devaluation. In all of this, I would have done the same things—remove subsidy and float the naira—but I would have done them differently, with proper planning and public buy-in.”
Obi further emphasised that he would have engaged stakeholders to determine a fair pricing formula for fuel to cushion the impact on Nigerians.
President Tinubu had announced the end of the fuel subsidy regime on May 29, 2023, during his inauguration.
The move triggered a sharp increase in the pump price of petrol—from N190 to over N500 per litre, with subsequent hikes pushing it above N850.
The administration also implemented a currency float policy, allowing market forces to determine the exchange rate of the naira, a move that has sparked inflation and worsened living conditions for many Nigerians.
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