Labour Party presidential candidate in the 2023 elections, Peter Obi, has stated that he would have removed the petrol subsidy and floated the naira if elected president but would have done so in a more gradual and organized fashion.
Speaking during an interview with Arise Television on Monday, the former Anambra State governor acknowledged his support for the economic reforms being pursued by the current administration but criticized the manner in which they were executed.
Obi said, “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 organized 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.”
He described the subsidy system as one plagued by “criminality and corruption,” asserting that its removal was necessary. However, he raised concerns over what has been done with the savings generated from the policy.
“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 issue of currency policy, Obi expressed support for floating the naira but underscored the importance of first strengthening domestic production.
“There is nothing wrong with floating and devaluing your currency. You do this when you have productivity,” he said.
Obi stated that his administration would have prioritized the growth of the agricultural and manufacturing sectors before implementing any currency float.
“In all of this, I would have done the same thing in an organized manner,” he concluded.
President Bola Tinubu announced the end of the petrol subsidy during his inauguration on May 29, 2023. The move triggered an immediate hike in fuel prices, which rose from N190 to over N500 per litre and have since surpassed N850.
