Presidential candidate of the Labour Party in the 2023 elections, Peter Obi, has restated his position on the removal of fuel subsidy, criticising the current administration for what he described as a haphazard and poorly managed implementation.
In a recent interview with ARISE NEWS, Obi addressed growing concerns and criticisms surrounding his economic stance and opposition role, clarifying what he calls his “organised” approach to policy reform—particularly in comparison to President Bola Tinubu’s methods.
“I have consistently maintained that I would have removed the fuel subsidy,” Obi said, pointing to his campaign manifesto. “If you go to my manifesto, it’s there. Steps I would have taken to do it in an organised manner. There was nothing wrong in the removal of subsidy. What is wrong is the haphazard way in which it was announced and implemented. Everybody knows that the subsidy regime was a solution of criminality. There was a lot of corruption, which they needed to out. Do it in an organised manner.”
He added, “And since you’re doing it for savings, we’re told we’re doing it because we don’t want to continue to borrow, to continue the subsidy. And the removal of it will be able to have available funds to be invested in critical areas of development. With all these things, billions saved, where is it? Where is it invested in those critical areas of development?”
Obi, who has maintained a strong base through his Obidient Movement despite factional rifts within the Labour Party, also weighed in on the controversial floating of the naira. “There’s nothing wrong with floating your currency. There’s nothing wrong in even devaluing your currency. But you do this when you have productivity. What devaluation or floating does is that your currency becomes, in terms of value, low. You attract investment. Your products become more marketable. But where we are unproductive, you have nothing to sell. So it’s a double whammy. So in all this, I would have done the same thing in an organised manner.”
Pressed on how he would have managed both subsidy removal and currency floatation differently, Obi insisted on planning, transparency and gradual implementation.
“The subsidy removes the criminality that’s associated with it, which is over 50% of it. Be able to sit down with the operators there and come up with a pricing that will be agreed. And then, whatever we’re able to save from it, have a specific place we’re investing it.
“We will need to have a national planning where all the resources will be put in. It is not just something you say, oh, we are sharing it the way we used to share every other money. No, because that’s not what you said. You said, we will be able to put it in critical areas of development. That was your promise. So we’ve removed it. People want to see where these funds are invested. It’s a very clear thing. We’re not the only country who’s done that before. Countries after countries go with national plan.”
On the naira, Obi further emphasised boosting local production before taking such monetary steps. “I would have focused on making sure that we ramp up production, the agriculture, the manufacturing, and everything, and do it gradually.”