The Labour Party presidential candidate in the 2023 general election, Peter Obi, has said that while he supports the removal of fuel subsidy and the floating of the naira, he would have implemented both policies in a gradual and more structured manner if elected president.
Speaking during an interview with Arise Television on Monday, the former governor of Anambra State criticised the current administration’s approach, describing it as hasty and poorly coordinated.
“I have consistently maintained that I would have removed the fuel subsidy,” Obi said.
“If you go to my manifesto, it is there, along with the steps I would have taken in an organised manner. There is nothing wrong with the removal of fuel subsidy. What is wrong is the haphazard way in which it was announced and implemented.”
Obi argued that the subsidy regime was fraught with “criminality and corruption” and needed to be dismantled. However, he questioned the transparency and impact of the savings 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 in critical areas of development?” he asked.
“Everybody knows the critical areas of development: education, health, and pulling people out of poverty. Have any of these three improved? No.”
On the floating of the naira, Obi expressed support for the policy in principle but stressed the need for robust economic fundamentals, especially increased local production.
“There is nothing wrong with floating and devaluing your currency. You do this when you have productivity,” he said, adding that his administration would have prioritised strengthening the agriculture and manufacturing sectors before implementing the currency float.
“In all of this, I would have done the same thing in an organised manner,” he concluded.
President Bola Ahmed Tinubu announced the removal of fuel subsidy during his inauguration on May 29, 2023 — a move that triggered an immediate spike in fuel prices from ₦190 to ₦500 per litre, with current prices now exceeding ₦850 per litre nationwide.
