The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has explained how he would have handled the removal of fuel subsidy if he had been elected president, insisting that the policy itself was not the problem but the manner in which it was implemented.
Obi made the remarks during an interview with broadcaster Rufai Oseni, where he clarified his position on the controversial removal of the petroleum subsidy by President Bola Ahmed Tinubu's administration.
According to Obi, he had always supported the removal of the fuel subsidy but would have adopted a more structured and consultative approach before implementing the policy.
“I didn’t criticize Tinubu for removing the subsidy. I said I would have removed it, but in an organized manner. I wouldn’t have announced it at my inauguration,” Obi said.
He explained that his first step would have been to engage key stakeholders in the petroleum industry to determine the actual cost of the subsidy and identify areas of abuse within the system.
“I would have first sat down with operators in the industry because we know there is a lot of criminality around the subsidy,” he stated.
Obi added that beyond removing the subsidy, his administration would have simultaneously addressed issues surrounding foreign exchange deregulation while intensifying efforts to tackle corruption.
“I would remove it to determine the exact amount being spent on subsidy and also address the issue of exchange rate deregulation. But in doing these things, the most important thing is to fight corruption head-on,” he said.
The former Anambra State governor also questioned the outcome of the subsidy removal under the current administration, arguing that Nigerians were yet to experience the expected economic benefits.
“Since the subsidy was removed, what has been the impact on the average Nigerian? We have even borrowed more money than we used to when subsidy was still in place,” Obi stated.
President Bola Tinubu announced the removal of fuel subsidy during his inauguration on May 29, 2023, a decision that triggered a sharp increase in petrol prices and significantly raised the cost of transportation and living across the country.
While the Federal Government has maintained that the policy was necessary to reduce fiscal pressure and redirect resources to critical sectors of the economy, critics have continued to question its implementation and the pace of accompanying economic reforms.