Peter Obi, the Labour Party’s presidential candidate in the 2023 elections, stated he would have removed the fuel subsidy and floated the naira, but in a “more organised and productive” manner, distinguishing his approach from what he called the Tinubu administration’s chaotic execution.
In an interview on Arise News, Obi, a former Anambra State governor, asserted that while fuel subsidy removal was necessary, President Bola Tinubu’s implementation lacked foresight, clarity, and transparency, ultimately failing to improve Nigerians’ lives.
“I have consistently maintained that I would have removed the fuel subsidy,” Obi stated.
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“But I would have done it in an organised way. The way it was handled lacked structure.”
He noted that while subsidy was known for corruption, its removal should have been followed by a clear plan for reinvesting the purported savings into critical sectors.
Obi claimed his campaign manifesto included a detailed plan for subsidy elimination and cushioning its effects on vulnerable citizens.
He expressed concern over the absence of visible reinvestment from the billions supposedly saved, asking, “If we’ve saved all this money, where is it? Where has it been invested? In education? In healthcare? In transport? Nigerians deserve to know.”
He also challenged the government’s rationale for floating the naira without addressing Nigeria’s lack of domestic production.
“There’s nothing wrong with devaluation or currency floating,” he said. “But you don’t do it in a vacuum. You need to be producing. Devaluation works when your economy is productive — when you have something to export and can attract investment.”
According to Obi, the naira’s sharp depreciation without a corresponding increase in exports or local output has worsened inflation and the cost of living, warning, “If your currency weakens and you have nothing to sell, you just make things harder for the people.”
The former presidential hopeful argued that such economic decisions should have been preceded by nationwide consultations, fiscal discipline, and a transparent national development plan.
“You sit with operators and agree on a pricing structure. You map out where the savings will go. That’s how to win public trust,”
Obi added. “Countries that have successfully removed subsidies didn’t just announce it overnight. They followed a clear strategy.”
Obi’s remarks come amidst growing Nigerian frustration over soaring costs of fuel, food, and essential services.
While Tinubu has urged patience for future gains, critics contend government policies are daily plunging Nigerians into hardship.
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