The Labour Party‘s presidential candidate for the 2023 elections, Peter Obi, has reiterated his stance on eliminating fuel subsidies, criticising the current administration for a disorganised and poorly executed process.
In a recent conversation with Arise News on Monday, Obi tackled the rising critiques regarding his economic viewpoint and his role as an opposition leader, clarifying what he describes as his methodical approach to policy reforms, especially in contrast to President Bola Tinubu’s strategies.
Obi stressed the importance of planning, transparency, and a gradual approach when asked how he would have handled the removal of subsidies and currency floating differently.
“I have consistently maintained that I would have removed the fuel subsidy,” Obi said, pointing to his campaign manifesto. “If you go to my manifesto, it’s there. Steps I would have taken to do it in an organised manner. There was nothing wrong in the removal of subsidy. What is wrong is the haphazard way in which it was announced and implemented. Everybody knows that the subsidy regime was a solution of criminality. There was a lot of corruption, which they needed to out. Do it in an organised manner.”
Regarding the naira, Obi further highlighted the necessity of enhancing local production prior to implementing such monetary measures.
“There’s nothing wrong with floating your currency. There’s nothing wrong in even devaluing your currency. But you do this when you have productivity. What devaluation or floating does is that your currency becomes, in terms of value, low.
“You attract investments. Your products become more marketable. But where we are unproductive, you have nothing to sell. So it’s a double whammy. So in all this, I would have done the same thing in an organised manner.”
