Former Labour Party presidential candidate, Peter Obi, has stated that President Bola Tinubu's decision to remove fuel subsidy was correct but criticized the implementation process, describing it as "haphazard."
Speaking during an interview with Arise Television on Monday, Obi affirmed that he would have taken the same action if elected president, noting that the subsidy regime was characterized by "criminality."
"I've consistently maintained that I would have removed the fuel subsidy. If you go to my manifesto, it's there—steps I would have taken to do it in an organized manner," Obi stated.
Implementation Concerns
The former Anambra State governor emphasized that while the policy direction was appropriate, the execution left much to be desired. "There is nothing wrong in the removal of subsidy; what is wrong is the haphazard way in which it was announced and implemented," he explained.
President Tinubu had announced the end of the fuel subsidy regime during his presidential inauguration in 2023, a move that sparked widespread criticism from Nigerians who argued that proper cushioning measures should have been established before such a significant economic policy change.
Obi further criticized the current administration's utilization of funds saved from the subsidy removal, stating that the financial benefits were not being channeled toward critical development areas.
"The savings from subsidy removal from the Tinubu administration are not being reflected in critical areas of human development, such as education, health, and poverty alleviation," he noted.
Alternative Approach
According to Obi, his manifesto contained detailed steps for implementing subsidy removal in a "structured and organised manner" that would have minimized the economic shock experienced by Nigerians.
The comments come amid ongoing debates about the economic policies of the current administration and their impact on the average Nigerian, particularly as the country continues to grapple with high inflation rates and cost of living challenges.
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