Peter Obi supports fuel subsidy removal and naira float but slams President Tinubu’s approach as chaotic, warning of worsening hardship and no visible investment in key sectors.
Former Labour Party (LP) presidential candidate Peter Obi has criticised the implementation of key economic reforms by President Bola Tinubu, saying he would have removed the fuel subsidy and floated the naira if elected, but in a more “organised and gradual” fashion.
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Speaking on Arise Television on Monday, the former Anambra State governor maintained that while he supported the end of the subsidy regime, the manner in which it was executed was deeply flawed.
“I have consistently maintained that I would have removed the fuel subsidy,” Obi said.
“If you go to my manifesto, it is there and the steps I would have taken in an organised manner.”
Obi acknowledged that the subsidy system had long been plagued by “criminality and corruption” and needed to be dismantled.
However, he condemned what he described as a haphazard rollout by the Tinubu administration.
“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 stated.
He went on to question the utilisation of savings from the subsidy removal, citing a lack of tangible improvements in critical sectors such as education, healthcare, and poverty reduction.
“Since we were told that we removed it because we don’t want to borrow and that the funds will allow for investments in critical infrastructure… Where is it? Where is it invested in critical areas of development? Have any of these three improved? No,” Obi argued.
The 63-year-old also criticised the floating of the naira, a policy introduced to let market forces determine the currency’s value.
While supporting the principle behind the move, he warned that such reforms should only be implemented in the context of strong economic productivity.
“There is nothing wrong in floating and devaluing your currency. You do this when you have productivity. In all of this, I would have done the same thing in an organised manner,” he said.
Since President Tinubu’s announcement on 29 May 2023 ending the fuel subsidy, the cost of petrol has surged from ₦190 to over ₦850 per litre, intensifying economic hardship for millions of Nigerians.
The naira has also experienced sharp depreciation following the adoption of the floating exchange rate.
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Obi’s remarks come amid mounting public frustration over inflation, rising fuel prices, and a perceived lack of improvement in the nation’s core sectors despite the promised benefits of subsidy savings and currency reforms
