Peter Obi: I Would Have Removed Subsidy and Floated Naira — But Gradually and Organised
Labour Party’s Peter Obi says he supports subsidy removal and naira floatation, but criticises Tinubu's approach as haphazard. He highlights corruption in the subsidy system and questions the use of savings from its removal.
Peter Obi: I Support Subsidy Removal and Naira Float — But Tinubu's Approach Was Chaotic
Peter Obi, presidential candidate of the Labour Party in the 2023 general elections, has weighed in on the controversial removal of petrol subsidy and the floating of the naira by the current administration, stating that while he supports both moves, the implementation was “haphazard and poorly managed.”
Obi: “I Would Have Done It, But Organised”
Speaking on Arise Television on Monday, 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 organised manner.”
Obi labelled the fuel subsidy scheme as a "criminal and corrupt system" and stressed the need for its abolition, but condemned how the Bola Tinubu-led government rushed the process.
Where Are the Billions Saved?
Obi challenged the Federal Government’s use of the savings from subsidy removal, asking:
“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… Where has it been invested?”
He went further to ask if there’s been any tangible improvement in:
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Education
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Healthcare
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Poverty alleviation
“Have any of these three improved? No,” he said.
On the Naira Float: “You Float With Productivity”
The former Anambra State governor also weighed in on the floating of the naira, another controversial policy that has seen the currency depreciate sharply.
Obi said:
“There is nothing wrong with floating and devaluing your currency. You do this when you have productivity.”
He argued that domestic production, particularly in agriculture and manufacturing, must be revamped first before taking such bold monetary decisions.
Fuel Price Hike After Tinubu’s Declaration
Recall that President Bola Tinubu announced the removal of the petrol subsidy on May 29, 2023, during his inauguration. The move led to an instant hike in fuel prices:
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From ₦190/litre to over ₦500/litre
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Now exceeding ₦850/litre in many areas
The policy has drawn mixed reactions, with critics like Obi warning that poor implementation hurts the masses the most.
Conclusion: “Organised Change Is Better”
Peter Obi concluded by reaffirming his support for economic reform — but only when it’s strategically planned and people-centred.
“In all of this, I would have done the same thing in an organised manner,” he said.
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