You Won’t Believe What Peter Obi Says About The Billions From Fuel Subsidy CutsPeter Obi, the 2023 presidential candidate of the Labour Party, has criticized the Tinubu administration over its handling of fuel subsidy removal and the floating of the naira, questioning the lack of transparency and strategic planning.
Speaking on Arise TV’s Morning Show on Monday, Obi said while he supports both policies in principle, their implementation under President Bola Tinubu has been chaotic and poorly executed. He stressed that his approach, had he been in office, would have prioritized structured planning and transparency.
“There’s nothing wrong with removing fuel subsidies,” Obi stated. “It was riddled with corruption and lacked accountability, so yes, it had to go. But what’s troubling is the disorganized way the government went about it.”
Referencing his campaign manifesto, Obi emphasized that he had always planned to end the subsidy, but would have done so in a more coordinated and transparent manner. He argued that the policy was originally introduced to stop excessive borrowing and free up funds for national development—but those promised benefits remain unseen.
“We were told subsidy removal would save billions to be reinvested in critical sectors. So where is the money now? What has it been used for? Nigerians deserve to know,” he questioned.
Obi also took aim at the naira floatation policy, saying the government put the cart before the horse.
“There’s nothing inherently wrong with floating or devaluing your currency,” he said. “But it only works when you have a productive economy. If you have nothing to export, if your industries aren’t functioning, then you’re just compounding your problems.”
According to him, floating the naira without boosting local productivity leads to inflation, economic hardship, and no tangible benefits to the average Nigerian.
Pressed on how he would have approached things differently, Obi maintained that his administration would have focused on gradual implementation, stakeholder engagement, accountability, and economic productivity to ensure such reforms actually benefit the people.
