Former Labour Party presidential candidate Peter Obi says he would have removed Nigeria’s petrol subsidy and floated the naira if elected president but in a more “organised” and “gradual” manner than the current administration.
Speaking during an interview with Arise Television on Monday, the former governor of Anambra State acknowledged the need to end the fuel subsidy, which he described as “riddled with criminality and corruption,” but criticised President Bola Tinubu’s implementation as abrupt and poorly managed.
“There is nothing wrong with the removal of fuel subsidy,” Obi said. “What is wrong is the haphazard way in which it was announced and implemented.”
He said the removal should have been carefully planned, with clear steps to protect the most vulnerable citizens, and questioned what the government has done with the billions saved since the policy took effect.
“Everybody knows critical areas of development — education, health, and pulling people out of poverty. Have any of these improved? No,” he added.
Obi also commented on the administration’s decision to float the naira, a move that has led to significant depreciation. He said such a policy is only effective when backed by strong economic productivity.
“There is nothing wrong in floating and devaluing your currency. You do this when you have productivity,” he said. “In all of this, I would have done the same thing in an organised manner.”
Since Tinubu ended the fuel subsidy in May 2023, petrol prices have jumped from N190 to over N850 per litre, and the naira has been left to market forces, causing its value to drop sharply.
Obi’s remarks add to growing public debate over the economic direction Nigeria has taken under Tinubu’s leadership.
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