By Peter Dansu Labour Party’s presidential candidate in the 2023 elections, Peter Obi, says he would have taken similar bold economic step...
By Peter Dansu
Labour Party’s presidential candidate in the 2023 elections, Peter Obi, says he would have taken similar bold economic steps as President Bola Tinubu — including removing the fuel subsidy and floating the naira — but insists he would have done so in a “more organised and productive” way.
Speaking during an interview on Arise News, the former Anambra State governor made it clear he supports the removal of fuel subsidy and exchange rate reform in principle. However, he strongly criticised the Tinubu administration’s approach, which he described as hasty, chaotic, and lacking in foresight.
“I have consistently maintained that I would have removed the fuel subsidy,” Obi said. “But I would have done it in an organised way. The way it was handled lacked structure.”
Obi acknowledged the corruption-riddled nature of the subsidy regime but stressed that ending it should have come with a clear strategy for reinvestment in sectors critical to national development.
“Everyone knew the subsidy was not sustainable, but once removed, there should have been a transparent plan — investing the savings in education, healthcare, and public transportation. That’s how you build trust and deliver real value to the people,” he said.
The former governor lamented what he called the absence of any visible reinvestment from the billions said to have been saved since the subsidy was scrapped.
“If we’ve saved all this money, where is it? Where has it been invested? In what sector? Nigerians deserve to know,” Obi demanded.
Turning to the naira, Obi said floating the currency without addressing the country’s weak production base has only deepened economic hardship.
“There’s nothing wrong with devaluation or floating your currency,” he said. “But you don’t do it in a vacuum. It must be backed by increased production, exports, and investment. Otherwise, all you’re doing is making life harder for your citizens.”
He argued that the naira’s sharp decline in value, without a corresponding rise in local output or exports, has led to skyrocketing inflation and rising living costs.
“If your currency weakens and you have nothing to sell to the world, the result is predictable — more suffering, more poverty,” Obi warned.
He maintained that economic reforms of this scale require deliberate planning, broad consultations, and a well-communicated national strategy.
“You sit down with stakeholders, work out a realistic pricing structure, and agree on how savings will be used,” he said. “That’s how countries that have removed subsidies successfully did it. Not through overnight announcements, but through strategic, inclusive execution.”
Obi’s comments come amid growing frustration among Nigerians over soaring fuel prices, the cost of food, and a steadily rising cost of living. While President Tinubu has continued to defend his policies, urging Nigerians to endure current hardships for future gains, critics say the government's economic choices have made everyday life increasingly difficult.
Obi, however, believes there’s still a chance to fix things — but only if leadership is thoughtful, transparent, and puts people at the centre of decision-making.
No comments