Obi: I would have removed the subsidy for the fuel, naira floated, but in an organized way

The presidential candidate of the 2023 of the Labor Party, Peter Obi, said that he would remove the subsidy for the fuel and flooded the Naira if elected President, but with a more structured and focused approach on people.

Speaking during an interview on Arise Television Monday, Obi said that while supporting the policies implemented by the administration of President Bola Tinubu, the execution was lacking in planning and transparency.

Obi, a former governor of the state of anambra, underlined that the end of the subsidy regime was necessary due to the corruption deeply rooted to it.

However, he criticized the government led by Tinubu for not having channeled the savings from the removal in critical sectors of the economy.

“I constantly argued that I would remove the subsidy for the fuel. If I went to my manifesto, it is clearly declared together with the steps I would have taken, systematically and organizedly,” said Obi.

“There is nothing wrong with removing the fuel subsidy. What is wrong is the random and sudden way in which it was done. The people have not been carried out and promised benefits must yet be seen.”

Obi asked the government’s inability to invest the alleged billions saved in sectors such as education, health care and reduction of poverty.

“Since we were told that the subsidy has been removed to save money for critical infrastructures, the Nigerians have the right to ask: where is the money? What has improved? Our schools or hospitals have seen some transformation? Have we raised people from poverty?”

He added that while Naira was floating it was a necessary move, this decision must be supported by a strong local production base, especially in agriculture and production.

“There is nothing wrong with floating your currency. But a currency does not flow when nothing is produced.

A productive economy cushions the shock of the ribbage devaluation. In all this, I would have done the same things-the subsidy and float the naira-ma I would have done it differently, with adequate planning and public buy-in. “

Obi also stressed that he would involve the interested parties to determine a fair price formula for fuel to cushion the impact on the Nigerians.

President Tinubu had announced the end of the fuel subsidy regime on May 29, 2023, during his inauguration.

The move triggered a strong increase in the price of the petrol pump, from N190 to over N500 per liter, with the subsequent excursions that push it above N850.

The administration also implemented a floating policy in currency, allowing the market forces to determine the Naira exchange rate, a move that has unleashed inflation and worse the living conditions for many Nigerians.

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