Peter Obi, former Labour Party presidential candidate, has once again criticised the way President Bola Tinubu removed fuel subsidy and floated the naira. Speaking on ARISE News, Obi said he supports both reforms but believes the Tinubu administration rushed the process and created more hardship for Nigerians.
“I’ve always said I would remove the fuel subsidy,” Obi said, pointing to his 2023 campaign manifesto. “But I would have done it in a more organised way. The way it was handled caused confusion and pain.”
“Subsidy Was Corrupt, But Removal Was Poorly Done”
Obi described Nigeria’s fuel subsidy as wasteful and corrupt, adding that it needed to go. However, he stressed that the government should have removed it step-by-step, with proper plans to support citizens and invest savings.
“They said removing subsidy would save money. So where’s the money now? What have they invested it in? Nigerians deserve to know,” Obi said.
Tinubu’s Side of the Story
Fuel Prices Will Gradually Drop, Says President Tinubu During his May 29, 2023 inauguration, President Tinubu boldly declared that “Fuel subsidy is gone”, aiming to ease the financial burden on the country. In 2022 alone, Nigeria spent ₦4.3 trillion on subsidy payments, and another ₦3.36 trillion was set aside for the first half of 2023.
While past governments tried and failed to end the subsidy due to protests and political backlash, Tinubu pushed forward. His team argued that the move would free up money for infrastructure and other public needs.
Obi’s Message: Reforms Need Structure
Peter Obi agrees that these reforms were necessary but believes the lack of planning has hurt ordinary Nigerians. He urged the government to rethink its strategy, focus on production, and invest savings transparently.
“If we do the right things the right way, Nigerians will benefit. But we must stop acting without a clear plan,” he concluded.
