I would have removed fuel subsidy gradually if elected- Obi

The presidential candidate of the Labour Party in the 2023 elections, Peter Obi, has stated that he would have removed the petrol subsidy and floated the naira gradually if elected president.

In an interview with Arise Television on Monday, Obi emphasised that he supports the policies but that the implementation by the current administration was poorly managed.

Obi said, “I have consistently maintained that I would have removed the fuel subsidy. If you go to my manifesto, it is there, along with the steps I would have taken in an organised manner. There is nothing wrong with the removal of fuel subsidy. What is wrong is the haphazard way in which it was announced and implemented.”

Obi described the petrol subsidy system as rife with “criminality and corruption” and insisted that it was essential to end it.

“Since we were told that we removed it because we do not want to borrow, and that the funds would allow for investments in critical infrastructure. In all of this, I would have done the same thing in an organised manner,” he concluded.

On the issue of the naira, Obi said he supports floating the currency but stressed the need for groundwork, particularly in boosting domestic production.

“There is nothing wrong with floating and devaluing your currency. You do this when you have productivity,” he said.

Obi added that his administration would have focused on strengthening the agriculture and manufacturing sectors before moving to float the naira.